E-commerce portal Snapdeal’s co-branded credit card with HDFC Bank has crossed over 1.5 lakh users since inception in August 2016. Being the only credit card by an ecommerce player, so far over 1 lakh Snapdeal-HDFC Bank credit cards were issued in 2017.
In December 2017 alone, the credit card clocked monthly spends worth Rs 100 crore, its highest so far. Snapdeal claims credit card users spent 2.8 times more than an average buyer on Snapdeal helping boost transaction volumes on the website. Frequency of purchases for Snapdeal card holders too shot up by 1.5 times, with the buyers moving away from cash-on-delivery for orders.
Vishal Chadha, Chief Business Officer, Snapdeal said “The aim of Snapdeal HDFC credit card is make the buying process more rewarding. Through this credit card, we have been providing offers and discounts that have never been a norm in the ecommerce sector. Snapdeal-HDFC credit card has contributed in customer loyalty and stickiness, a metric that the battered e-commerce firm has been keenly focussing on, since its acquisition talks with Flipkart fell apart.”