Snapdeal partners with regional banks to strengthen presence in tier 2, 3 cities
Snapdeal, India’s leading e-commerce marketplace, has tied up with regional banks like RBL Bank, Federal Bank, and Jana Small Finance Bank to strengthen its presence in tier 2, 3 cities in the country.
The company will offer discounts to customers shopping on its platform through these banks. Snapdeal is looking to leverage the regional connect of the banks to acquire new customers and boost sales.
Snapdeal has a strong presence in tier 2, 3 cities and gets majority of its orders from these cities. With such partnerships, the company is looking to boost digital transactions on its platform.
With expansion of its customer base and strong growth in non-metro markets had helped Snapdeal narrow its losses during the fiscal year 2017-18 to Rs 613 crore ($84.7 million) from Rs 4,647 crore it had posted during 2016-17 fiscal.
Commenting on the partnerships, Snapdeal spokesperson in a statement said, “Our aim is to maximise the value for our customers each time they buy on Snapdeal. Through our existing and new partnerships, we provide multiple opportunities to customers to enhance their savings. We are delighted to see the consumers welcome these partnerships with banks.”
Snapdeal hopes to have 25 partnerships with banks, digital wallets, NBFCs, and payment networks before the end of this financial year. It is expecting more than 12 million users to avail payment discounts on its platform.
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