Snapdeal reduces vendor payment cycle by 40pc

Amid reports that several online sellers have sought Commerce Minister Nirmala Sitharaman's help to get their dues from Snapdeal, the e-commerce company has announced that it is reducing the vendor payment cycle by 40 percent, bringing a significant benefit for its sellers.

With the latest announcement, Snapdeal becomes the e-commerce platform that offers the fastest payment schedule in the country, as per the company.

Snapdeal’s announcement is a welcome move for the 3,00,000 sellers on its platform. Faster payments will enable them to use their working capital more efficiently and generate additional business without needing to invest additional funds.

Many sellers expressed their approval of the announcement. Sanjay Thakur, President of e-Seller Suraksha, a leading online seller forum, said, “We welcome Snapdeal’s initiative to make seller payments faster. This will go a long way in helping us plan better and do more business. Snapdeal has always worked with sellers in a true partnership mode, and this is one more example of the same.”

Arvind Verma, VP, Marketing & Sales - Red Tape, said, “Snapdeal has been a great platform for our business, helping us reach a much wider set of buyers across the country. Today’s announcement will further help enhance our overall business experience on the platform.”

The latest announcement is also expected to help India’s small and medium businesses derive maximum growth and gains out of its platform.

Snapdeal also provides comprehensive training and development opportunities to ensure that sellers understand the ever evolving essentials of online commerce.

Recently, Snapdeal announced the launch of GST Guru, a program that offers sellers an exhaustive range of resources on GST compliance. Similarly, “Unbox Success” was launched which is an interactive platform for sellers where they are encouraged to send in their queries, challenges, and successes and also offer a microsite dedicated entirely to seller learning.