Meesho updates seller policies to boost competitiveness
E-commerce business Meesho has launched new policies for its sellers including swifter payments with the aim of making its platform more competitive and attracting more sellers.
Meesho plans to reduce its payout cycle for sellers from 15 days to seven days, the business announced in a statement on March 8. Payments are made by e-commerce marketplaces to sellers after they sell goods on the platform and Meesho announced that it is the first e-commerce marketplace in India to offer a seven-day payment cycle.
“The ‘7-Day Payments’ feature ensures sellers are paid faster, which in turn, helps them reinvest money back into their business,” said Meesho in a statement, ET Tech reported. “Being capital efficient is crucial to their continued growth and success.”
Meesho also plans to scrap its penalties for sellers who cancel orders due to factors such as finding that a particular design or size is unavailable after a product order is placed. Meesho said it is confident that this will not affect the consumer experience.
“With the new ‘Zero Penalty’ and ‘Seven-Day Payment’ initiatives, we are confident we will be able to further accelerate the trajectory of seller acquisitions and success on Meesho,” said Meesho’s vice-president and general manager of supply growth, Lakshminarayan Swaminathan, ET Tech reported.
These new features for sellers is part of Meesho’s wider shift from operating as a social commerce business to operating as an e-commerce business. The majority of Meesho sellers are from tier 2 cities.
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