E-commerce firm Snapdeal on Monday claimed that it has reduced its seller payment cycle by 40 per cent, offering the fastest remittance schedule in the country.
The statement comes amid reports that several online sellers have sought Commerce Minister Nirmala Sitharaman’s intervention to get their dues from Snapdeal.
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“Snapdeal’s announcement is a welcome move for the 3,00,000 sellers on its platform. Faster payments will enable them to use their working capital more efficiently and generate additional business without needing to invest additional funds,” Snapdeal said in a statement.
It further said: “For sellers who are working on the SD+ model, today’s announcement will mean a whopping 40 per cent faster payment, which is also the best in class in Indian e-commerce industry”.
Snapdeal, which is backed by SoftBank Group Corp, was in news last month for job cuts and shutting down some of its operations. According to sources, Snapdeal has laid off 500-600 employees across operations.
Snapdeal’s statement also quoted Sanjay Thakur, President of e-Seller Suraksha (an online seller forum) as saying: “This will go a long way in helping us plan better and do more business. Snapdeal has always worked with sellers in a true partnership mode and this is one more example of the same”.
Snapdeal said over the last several years, it has deeply invested in data analytics, helping sellers with research-based inputs on which products are in demand at a given time, given price, and in a given region.
This has led to not just better conversions for sellers, but has also helped them build brand loyalty.
“In recent announcements, Snapdeal has highlighted its commitment towards bringing in business efficiencies across its entire ecosystem – seller stakeholders being a critical part of the same. Today’s announcement is another step in this direction,” it added.
The Snapdeal seller team works in close collaboration with sellers, seeking ongoing feedback on policies as well as ways to enhance ease of doing business on its marketplace, it said.