Shopo, Snapdeal-promoted C2C marketplace, on Wednesday introduced an escrow account for its platform in partnership with Freecharge, which will hold the money until the delivery of the product is confirmed by the buyer. This feature will protect the buyer against the risk of non-delivery and non-responsiveness from the seller.
Shopo was launched as a mobile app based marketplace in July 2015. On Wednesday, it launched its web version for mobile and desktop. “The refreshed user interface, our integration with Freecharge and our expansion to the web and mobile site are all steady steps towards building a platform that empowers our sellers as they grow with us,” Snadeep Komaravelly, senior vice president at Shopo said.
Snapdeal had acquired Shopo in 2013 and launched it as a zero-commission marketplace. It does not charge a commission from the sellers who are small and medium sized businesses and not large enough to get registered on e-commerce marketplaces such as Snapdeal and Flipkart.
Komaravelly pegged the average ticket size at R600 as Shopo deals in categories such as non-branded fashion accessories, home décor, mobile accessories, and handicrafts.
Komaravelly said that the monetisation potential of Shopo will be driven by the growth of sellers and product listing on the platform. From 1,00,000 sellers in April, Shopo has doubled the number of sellers on its platform to 2,00,000 in July with over 50 lakh product listings.
He added that monetisation plans for the C2C marketplace will be ready in next three months, which will primarily be through ad sales. Advertising and promotions has emerged an effective revenue stream for e-commerce companies such as Flipkart and Snapdeal which released their respective ad platforms in March and May.