Plan for the year for Snapdeal is Freecharge
The tech outlook for the upcoming year also include popularising the hyper-local platform ‘Janus’ and regulating the supply-chain.
“This year will see multiple launches on Snapdeal and Free-Charge side for multiple use cases for consumers and creation of a frictionless digital payments platform and acceptance of Free-Charge by merchants some of which might overlap with Snapdeal’s seller ecosystem,” said Anand Chandrasekaran, chief product officer at Snapdeal. The online marketplace acquired online recharge platform Free-Charge in April 2015 for an estimated Rs 2,400 crore.
The FreeCharge Wallet launched in September has set a target of reaching 35 million users by March 2016. Rival online marketplace Paytm dominates the mobile wallet market with 110 million users and was granted payments bank license from RBI. In an interview with Economic Times, Paytm founder Vijay Shekhar Sharma said that the wallet will see users add $500 million in 2016.
The mobile wallet market in India is expected to grow to $6.6 billion by 2020 with increase in smartphone penetration according to industry reports. “We have come up with a core innovation and have patented it for frictionless payment experience without the One Time Password (OTP). The wallet can be used across small, medium and large merchants. Peer to peer can be between consumers or to pay small and micro sized merchants,” said Chandrasekaran, adding that the services will be launched in the January to March timeframe.
“We are already testing the integration with app developers with select partners and the feedback has been quite positive,” he added. Apart from the payments space, Snapdeal will look at dealer tie-ups to popularise its online-to-offline platform, Janus. Currently limited to tie-ups in the smartphone category and real-time updates in the real estate and automobile sector, Snapdeal will look at increasing the offerings n the platform with store pick-up and guaranteed two hour deliveries, added Chandrasekaran. Online marketplaces Flipkart, Paytm and Shopclues had launched similar services in 2015 in restricted locations.
“We have nothing report on the hyperlocal delivery side as of now. Presently our premium deliveries are done through proximity of sellers to Fulfilment Centres. We have also refreshed our process for returns and refund as well as order tracking. We aim to achieve near perfect predictability in the order tracking space,” says the chief product officer.