Messing up ecommerce is new bug in the town
It seems that ecommerce industry in India is going to face a slump in future as GST is on the way , it also providing migraines to mergers.
But first in the league, it seems will be Snapdeal, learn how it made a mess of it's business.
1. It failed to keep the books and that involves the seller payments too
The key of any business is maintaining sound financial records and also keeping track of the seller payments but it seems that inability to keep the book have accounted for the huge anticipated losses for them.
2. Internal Bugs
So many technical and non technical bugs caused the seller disputes and also data discrepancy was their and the Snapdeal's management functions also had data loss.
3. SoftBank officially writing off loss of USD 1.4 Billion
It seems that bad days are not over for Snapdeal as SoftBank officially writing off magnanimous amount of loss from both Snapdeal and Ola , USD 1.4 Billion
4.Big Bugs leads to data loss
Recently, a seller in Snapdeal, Rajdhani Cottons filed a police complaint for non receiving of payment by Snapdeal after months long disputes over the transaction data.During the meetings, the official from Snapdeal seems to say that they don't have the data and asking the sellers to present the data.This is happening with so many other sellers too.They say due to technical bug problems might persist for a year
5. Last Year Profit and this year loss
SoftBank reported a huge loss of USD 1.4 Billion and they have invested around USD 2 Billion across the multiple venture in both OLA and SNAPDEAL. But SoftBank owes Snapdeal's low performances, to the highly competitive market and it has become a trend now in India..
6. Desperate exit by the foreign investors from India
Snapdeal, is India's second largest ecommerce giant and the taking of 1 Billion loss from SoftBank, eventually leaves less hopes for India and the only survivors are Paytm and Flipkart. The rapid decline in Snapdeal's valuation and it also looks like their is no recovery in sight for them.It has also been reported that Softbank is looking for the valuation of 1 Billion from Snapdeal right now.
7.Paytm and Flipkart to boost confidence
Flipkart bought EBay's Inc corp for raising $1.4 billion, single largest till date, from the consortium of Tencent,Microsoft and eBay.Flipkart seems to be building the warchest competitors better than the competitors.
Don't lose hope...
There is so much on the way ..
This submission is done by Kartika Sharma , who is author @ Women's Web - representing the warrior in them and soon their is going to be art piece on the SOLO Travellers gang ,,,Glue yourself ..
May 12, 2017
May 12, 2017
Stories by Kartika Sharma