Himanshu Chakrawarty, CEO, Snapdeal Marketplace
Himanshu Chakrawarti, CEO, Snapdeal Marketplace shares the exclusive interaction below. Business outlook How the e-commerce brand continues to embrace such sellers and expand its offline retail presence in tier 2 and 3 cities to introduce more “value-driven” and affordable brands. Is there a focus on
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What is the focus of Snapdeal 2.0?
With our Snapdeal 2.0 strategy, we are constantly learning from our past mistakes and analyzing where opportunities exist in the market and how we can take advantage of them. Over the past two and a half years, we have shifted our focus to building customer trust by eliminating nearly 75 percent of our sellers' assortments based on quality.
Our focus has shifted to value-driven brands, allowing us to offer products that are affordable for Tier 2 and beyond. We want to create an e-commerce platform that is easily accessible and affordable to the masses. Therefore, around 90% of the products sold on our platform are priced below Rs 1,000. We are also committed to the end-user experience by continuously improving components of our service to our users, such as the presence of local languages within our apps.
Snapdeal was one of the earliest companies to work with ONDC. How does this collaboration align with Snapdeal 2.0 strategy?
As ONDC continues to grow, its reach is immense. Our collaboration with the network began when the network began commercializing. It was very beneficial to the buyer and seller experience. In fact, we encourage sellers to list on his ONDC so that they can reach a wider audience beyond Tier 1 in India and compete in this competitive era. We are currently active on both the buyer side and the seller side and are working on an assortment of other seller partners, but this is something that is visible and on the seller side, it is not publicly visible to other buyers. means the Company's response.
Your overall losses have decreased, but have your sales revenue also significantly decreased?
Our sales revenue decreased as we continue to reposition our brand and remove approximately 75 percent of our assortments that did not meet the standard benchmarks we set. This resulted in a drop in sales as a large portion of the SKUs were removed. We are on a realistic path to profitability, which should be reflected in the next quarter.
We already have 1,200 brands on board and plan to add another 800 brands over the next six months to balance our revenue. He has also opened two offline retail stores for his D2C ethnic wear brand Rangita from Stellaro Brands in Visakhapatnam and Kakinada in Andhra Pradesh. The company plans to expand its offline presence in other parts of India in the future.
It has been a long time since Snapdeal withdrew DRHP. Do you have any plans to list your company? Or are you only looking at Unicommerce?
Therefore, the company had decided to go public in 2022, but due to the unfavorable market environment at the time and the ongoing Russia-Ukraine war, it was necessary to exit DHRP by the end of 2022. But our main journey at the moment is all about growth. If we have a positive attitude toward public markets, we evaluate both private and public options. Meanwhile, his Unicommerce in AceVector has already applied for his DRHP and he is currently awaiting final approval from SEBI regarding the listing process.
