Snapdeal recently revealed interesting statistics around its zero cost EMI offering, launched in December 2016.
The offering has stuck a chord with India’s upwardly mobile consumers, and sales through zero cost EMIs have registered a 100% month on month growth, and is now a significant contributor to Snapdeal’s overall sales in mobiles and electronics.
Region wise, the maximum orders for zero cost EMIs were received from the North region, while metros and Tier II cities led in the demand overall.
Launched in December 2016 in partnership with all major credit card issuing banks, the zero cost EMI option offers Snapdeal consumers another convenient and affordable way to meet their needs. The consumers don’t have to pay any interests or down payments and neither are burdened by any hidden costs.
Commenting on the trends, Vishal Chadha, Senior Vice President, Business said, “The limited access to easy credit coupled with the rising aspiration of India’s increasingly savvy consumers, makes the zero cost EMI one of the most reasonable and convenient options available in the market today. While currently only 1% of all e-commerce transactions are done through the EMI route, this number will grow exponentially as the market continues to expand.”