After Amazon, Flipkart, Snapdeal, now Shopclues aims to become the 4th firm to reach $1 B GMV

Friday October 23, 2015 , 2 min Read

Online marketplace Shopclues aims to be the fourth e-commerce firm in the country to reach USD 1 billion annualized gross merchandise value (GMV), spurred by festive season sales, company officials said.

"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 USD 1 billion by early next year," Sanjay Sethi, chief executive officer and co-founder of Shopclues, told PTI in Mumbai.

Presently Flipkart, Amazon India and Snapdeal have an annualised GMV (total value of goods sold) of over USD 1 billion.

The Tiger Global-backed company, which has a market share of "under 10 per cent", hopes to corner 15 per cent 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 a 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.

Shopclues is bringing new products into the market and therefore is able to offer sharper discounts, especially in electronic goods, he said. This has lead the company to have 20 per cent more volume sales than their competitors in categories like televisions, Sethi said.