In the span of 3 months Shopo managed to double its seller base from 1 lakh sellers in April to 2 lakh in July! The customer-to-customer online marketplace is backed by Snapdeal and encourages small and medium scale businesses to sell online through its zero commission medium. The goal is to reach as far as 1 million online sellers by 2017 and the ecommerce platform seems to be inching closer.
Shopo now showcases 50 lakh plus product listings on account of its expanding seller base. The average ticket size is Rs. 600 since the marketplace mainly deals with non-branded handicrafts, fashion accessories, mobile accessories and home décor. Snadeep Komaravelly, senior vice president at Shopo claims the potential of this ecommerce platform will be driven by its growing seller base.
Partnering with Freecharge for escrow protection
Shopo is slowly winning the hearts of online sellers and now it’s time to build an online buyer base big enough to meet their supply. To strengthen its user base Shopo plans on improving its online shopping experience.
On Wednesday, the online retail platform announced it will maintain an escrow account for its platform in partnership with Freecharge. An escrow account maintains consumer money safely until the consumer himself confirms the delivery of his order. With the help of this feature the buyer is protected from risks like unresponsive sellers and product non-delivery.
Shopo also launched a desktop and mobile version of its marketplace on Wednesday.
“The refreshed user interface, our integration with Freecharge and our expansion to the web and mobile site are all steady steps towards building a platform that empowers our sellers as they grow with us,” Snadeep said.
Is Shopo making any money?
Shopo is a zero commission online marketplace. So how does it make any money? Snadeep mentioned it will take the online marketplace three months to have its monetization strategy in place. What we know so far is the platform wants to indulge in advertising and promotions to make some money.
Currently advertising and promotions brings in a steady stream of revenue for ecommerce platforms Snapdeal and Flipkart and Shopo plans to replicate the same for itself.
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