Online marketplace ShopClues aims to be the fourth e-commerce firm in the country to reach $1 billion annualized gross merchandise value (GMV), spurred by festive season sales, company officials said. Also Read - ShopClues announces two-day delivery of essential services in New Delhi and GurugramAlso Read - ShopClues 'Diwali Flea Mela' sale is now live: All you need to know
“We are targeting transactions worth Rs 1,500 crore by December, buoyed by the festival sales and this will help us reach a gross merchandise value of $1 billion by early next year,” Sanjay Sethi, chief executive officer and co-founder of ShopClues, told PTI. Also Read - ShopClues raises $16 million, could break-even by Diwali: CEO
Presently Flipkart, Amazon India and Snapdeal have an annualized GMV (total value of goods sold) of over $1 billion. The Tiger Global-backed company, which has a market share of “under 10 percent”, hopes to corner 15 percent share of the online marketplace pie by early next year, Sethi said.
The marketplace, which is focused on servicing tier-II and tier-III cities, claimed traffic of over seven times compared to the previous year at this time. It is seeing highest transactions in home and kitchen and lifestyle segments, he added.
ShopClues services 30,000 postal codes and is looking to service all the sectors that are so far not being covered by the larger e-commerce players like Flipkart, Amazon and Snapdeal. It is bringing new products into the market and therefore is able to offer sharper discounts, especially in electronic goods, he said. This will help the company have 20 percent more volume sales than their competitors in categories like televisions, Sethi said.