Thursday, June 8, 2023

The fastest-growing market in online retail

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Business Standard reports that in order to reach customers in India’s Tier 2 cities and beyond, e-commerce companies are making massive investments.

According to the report, these businesses are providing high quality goods at competitive prices while also personalising the user experience. Meesho was established with a particular emphasis on this market, while Snapdeal | AceVector Group has introduced a value-retail brand called Stellaro for sale through intermediaries. Utkrishta Kumar (UK), CXO (Business) at Meesho, says the company’s business model is focused on promoting the widespread use of value commerce.

Snapdeal provides a personalised shopping experience by sourcing products from a carefully selected group of sellers and providing clear, concise descriptions of those products. Meesho supports eight regional languages in addition to English and Hindi, and its app size has been kept at 13.6 MB so that users with slower internet connectivity can download it without issue, according to the report.

About 80% of Meesho and Snapdeal’s users live outside of major metropolitan areas, and this demographic is driving growth not only for those two sites but also for competitors Flipkart and Amazon. According to a study by the consulting firm Redseer, the majority of online holiday shoppers in 2017 were located in Tier 2 and Tier 3 cities.

The report explains that growing smartphone usage and digital literacy are driving forces behind this demand.

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