Snapdeal looks to evolve from e-commerce venture into technology company
Delhi-based firm Snapdeal is building its big data platform, as the company looks to evolve from an e-commerce venture into a technology company, offering a suite of products and services, reports the Economic Times.
A senior executive of the company told the Economic Times that the platform will be open to the e-commerce ecosystem, including brands, market research companies, banks and technology ventures, to provide deeper insights into the Indian consumer behavior and help them formulate brand strategies as well as develop technologies, relating to apps, payment gateways and logistics.
Ankit Khanna, Senior VP (Product Management) at Snapdeal told the Economic Times, "We have close to 25 million users and we want to make their shopping experience relevant. We have so much information, so how do we make it relevant to people outside the company?"
The development comes at a time when e-commerce, which accounts for about 1 per cent of India's $500-billion retail sector, is growing at a rapid pace, driven by a combination of larger mobile penetration, affordable devices and a wealthier middle-class. A number of global brands, such as Motorola and Diesel, have, in recent times, launched their products exclusively on India's premier e-commerce companies, such as Flipkart and Snapdeal, as an increasing number of shoppers log in to purchase products, ranging from books and electronics to apparel and apartments.
"The basic idea is what kind of insights can we draw from the data? We can help them to build products, price them appropriately, find out preferences of people shopping in tier-II and tier-III cities. The possibilities are endless," added Khanna in the report.
The company, which will not be making a formal launch of the platform, plans to roll it out by end of the current fiscal.