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ShopClues to fund select innovations by merchants on its platform

  • Online
    marketplace ShopClues is in talks for “strategic investments” to
    create a full technology stack covering logistics, payments and analytics, the
    Economic Times reported.
    • Online
      marketplace ShopClues is in talks for “strategic investments” to
      create a full technology stack covering logistics, payments and analytics, the
      Economic Times reported.
    •  

    •  
    • The four­year
      old company, backed by Tiger Global, is also likely to acqui-hire merchant
      enablement
    • services as
      a part of its strategy to on­board close to 60,000 sellers over the next two
      months — a key metric, which will determine its next round of funding.
    •  
    • “We
      will look at initiatives to increase merchant loyalty and stickiness to the
      platform and services to increase digital engagement with SMEs (small and
      medium enterprises) we work with,” said ShopClues’ CBO Radhika Aggarwal,
      without directly commenting on the strategy.
    •  
    • The company
      claims to have 2.5­lakh registered merchants on its online marketplace at
      present, which is more than the number garnered by its competitors. As part of
      its aggressive strategy to sign on new sellers, the marketplace also launched
      the ‘Next Big E­preneur’ business plan competition earlier this week to promote
      innovation by sellers on its platform.
    •  
    • “The
      idea was to fund innovation by merchants, such as in hyper-local delivery, new
      category creation and innovation in payments, which was shared with us during
      routine meetings with sellers,” said Sanjay Sethi, CEO of ShopClues.
    •  
    • A corpus of
      Rs 1 crore has been set aside under the merchant advocacy initiative to fund up
      to five business ideas over the next two months, he said.
    •  
    • The
      increased focus on seller­side ecosystem has seen multiple initiatives from
      leading e-tailers, including tie­ups with financing bodies to provide working
      capital to the merchants. While Flipkart launched its F1 Stop initiative to
      create a partner network for sellers to avail themselves of services, Paytm
      launched its Go Big platform for merchants.

     

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