D2C brands see 15-20% conversion upside with Snapmint EMIs
MUMBAI, India, June 17, 2022 /PRNewswire/ — Snapmint, a Mumbai-based e-commerce and fintech startup for BNPL (Buy Now Pay Later) has announced its collaboration with leading lifestyle and home appliances brands for the expansion of their operations. The company has associated with brands such as TheSleepCompany, Duroflex, FloMattress, SleepyCat, Titan, Atomberg, LivPure, Furbicle, Mokobara, Rasoi Shop etc., to provide interest-free/no-cost installment payment options. Snapmint makes it easy for aspiring customers to buy on EMI.
Abhineet Sawa, Co-founder of Snapmint, said, “Today, we have lots of D2C Brands across categories offering unique high–quality product choices to customers. 700 Mn customers are online and customer aspirations have gone up significantly. However, salaries have not gone up as much. In the mattress, appliances, need for installment was always there. However, traditional installment methods are either too cumbersome for customers or have hidden cost components. Snapmint is providing convenient access to customers for installment purchases. Partner brands see two benefits. One, conversion uplift derived by converting budget constrained customers aspiring for quality products. Two, with Snapmint’s affordability solution, brands see order values as much as ~30-50% higher vis-a-vis other payment options on their portal.”
Priyanka Salot, Cofounder The Sleep Company, said, “The Sleep Company offers customers premium SmartGRID mattresses based on our patented technology with a whopping 60% of our sales coming in from our own website. While EMI options have always been a part of our sales toolkit, our integration with Snapmint further optimised our output with conversion rates boosted by 15%. With Snapmint’s instant EMI approvals, we saw increased adoption rates in remote parts of the country as well as an increased number of customers purchasing multiple mattresses in a single transaction. In fact, Snapmint EMI has become a go-to recommendation for our tele-sales teams for customers who want a premium comfort-tech product without a budget holding them back.”
Arindam, Founding Member, Atomberg, said, “We have smart and energy efficient fans that help customers save substantially on electricity bills. But because the fans are priced around Rs 3,500 each and every home has 4-5 fans, replacing/buying fans for the entire house becomes a high ticket item. This is where Snapmint is unlocking affordability with ease for Atomberg customers. Without any hassle, everyone on our D2C website can convert their purchase amount into EMIs by using Snapmint. Today, almost 15 percent of our sales from the D2C website happens via Snapmint.”
These brands have witnessed a growth of 14-20% percent in their online sales post the collaboration with the BNPL offering from Snapmint. Snapmint is also among the easiest to integrate its offering with the brand partners. Snapmint payment option is live with around 100+ brands since they launched this feature late last year. Snapmint is planning to partner with ~500 brands in the coming year.
The company has recently raised $10.5 million (INR 79 Cr) in its Series A funding.
Founded by IIT Bombay batchmates, Nalin Agrawal, Anil Gelra, Abhineet Sawa and Rahul Agarwal in 2017, Snapmint, a BNPL (Buy Now Pay Later) platform offers options by democratizing access to credit. Snapmint makes shopping on installments possible without credit cards – to help customers afford more. Shoppers buy Mobiles, Electronics, and many other items using a simple 5-minute online process. Most products on Snapmint are available at No-cost EMIs for 3-month plans and shoppers can choose their products and EMI plans. Snapmint’s entire process is online and takes no more than 10 seconds to process. Because no physical documents are required to get EMI plans for purchase, it is a paperless and hassle-free experience. Snapmint partners with India’s brands (merchant partners) with a seamless proposition that empowers merchant partners to increase both sales in terms of numbers, and their total customer base.
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