Snapdeal shuts premium platform Exclusively
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Snapdeal has shut down Exclusively, the online platform for premium and luxury fashion goods. Snapdeal acquired Exclusively in 2015 with an aim to strengthen its fashion business and tap into the luxury and premium category. A large part of Exclusively’s business came from outside India.
Snapdeal is looking to cut costs and conserve cash in a slow funding environment. Exclusively, will cease to exist as an independent platform. It closed about 150 to 200 orders a day with an average ticket size of about Rs 12,000 to Rs 20,000. The website will be kept live for some more days but users can’t buy products; traffic will be directed to Snapdeal’s website. Just a sometime ago Exclusively launched its mobile app, revamped its existing web platform and unveiled its first advertisement.
Fashion has been an important category for e-commerce marketplaces like Snapdeal and Flipkart as it offers high margins compared with mobile phones and books and is one category where Amazon is yet to establish its dominance. Fashion is expected to overtake consumer electronics as the largest category at 35 per cent of the total online spending by 2020.