“Snapdeal: How it Became India’s Top Online Marketplace”
Snapdeal’s meteoric rise in the Indian e-commerce market is nothing short of a Cinderella story. Kunal Bahl and Rohit Bansal, the co-founders of this online marketplace, had the odds stacked against them when they launched their startup in 2010. Yet, their unwavering determination, hard work, and strategic decision-making helped them turn their dreams into reality.
Snapdeal’s success journey is a testament to the saying, “Rome wasn’t built in a day.” Bahl and Bansal took a leap of faith and ventured into uncharted territory when they launched their small online marketplace. Their initial idea of creating a daily deals site, similar to Groupon, fell flat, and they had to pivot to focus on selling products instead. This was no easy feat, but they soldiered on.
The co-founders knew that it takes two to tango, and they were in it together for the long haul. They pooled their savings, put their noses to the grindstone, and worked tirelessly to grow their business. They were in the same boat, and they rowed in the same direction, with a shared vision to make Snapdeal India’s largest online marketplace.
Their vision was to create an empire, and they did so brick by brick. They employed a multi-pronged approach, combining aggressive marketing campaigns with building trust with customers. They realized that in the highly competitive e-commerce market, they had to stand out from the crowd, and so they invested heavily in marketing. They took a page out of the playbook of some of the world’s biggest brands, roping in Bollywood celebrities like Shah Rukh Khan and Ranveer Singh to endorse their brand. This strategy hit the nail on the head and increased Snapdeal’s brand awareness.
But Snapdeal’s success was not just about hype and hoopla; it was also about substance. They were in it for the long haul and knew that building trust with their customers was essential for the success of their business. They knew that trust was like a house of cards; it could collapse in an instant if they didn’t take care of it. So, they went the extra mile to offer a 30-day return policy and a hassle-free refund process. They knew that customer satisfaction was the name of the game, and they hit the nail on the head by offering a buyer protection program that covered buyers in case they received faulty or damaged products. They knew that actions speak louder than words, and they let their actions do the talking.
Snapdeal’s success was not just a result of Bahl and Bansal’s hard work; they had an ace up their sleeve. They made strategic partnerships that gave them a much-needed boost and helped them expand even further. They knew that a bird in the hand is worth two in the bush, and they made smart decisions by partnering with global investors like eBay and SoftBank. These partnerships helped them attract more sellers to their platform and gave them access to a bigger market.
Snapdeal’s success is not just measured by the numbers; it’s measured by the milestones they have achieved. They knew that a journey of a thousand miles begins with a single step, and they took that step when they raised $50 million from eBay, becoming the first Indian e-commerce company to receive funding from a global investor. They knew that the proof of the pudding is in the eating, and they proved their mettle when Forbes ranked them as one of the top three startups in India in 2014. The same year, Deloitte recognized their efforts when they ranked them as the fastest-growing e-commerce company in India.
Snapdeal’s success story is an inspiration to entrepreneurs everywhere. It teaches us that success is not just about being in the right place at the right time; it’s about seizing the opportunity