Boon For E-Commerce: Snapdeal Acquires Wishpicker
Boon For E-Commerce: Snapdeal Acquires Wishpicker
E-commerce firm Snapdeal has acquired technology platform Wishpicker recently. The latter provides users gift options based on intelligent recommendations and referrals.
Top Pick For Snapdeal
Snapdeal has made a major move towards quick and positive expansion and further strengthening of their online technology platform through this deal. In fact, Snapdeal co-founder Mr. Rohit Bansal has been quoted as saying, "We are investing in strengthening our technology platform and Wishpicker.com is an excellent platform with top-tier entrepreneurial, engineering talent and fits in perfectly with our vision.”
Financial details of the deal remain undisclosed. Bansal has indicated that trends for consumer behaviour growth suggest intelligent recommendations to be one of the major sources for kickstarting business volume for sellers.
Deal Number 5
This is the fifth acquisition by Snapdeal according to an official statement. Acquiring a rapidly growing technology platform such as Wishpicker will boost the online prospects of Snapdeal by leaps and bounds. Wishpicker itself was founded in the year 2013, by Apurv Bansal and Prateek Rathore, 2 IIT Delhi graduates.
This is not the first technology platform Snapdeal has snapped up. Earlier in 2014, the company had also acquired Doozton.com which is a social product discovery technology platform based on fashion and lifestyle categories.
With this deal though, Snapdeal seeks to customise user experience and drive conversions via intelligent recommendations, as per a statement issued by the company.
About Wishpicker
Wishpicker is a techno-social platform which provides users smart gifting options associated with various parameters such as relationship with the recipient. age, personality and numerous other parameters.
Users can also base gift suggestions on the likes and recreational interests of recipients on Facebook and social media sites. Wishpicker has a platform which uses machine learning to ensure recommendations become better continuously with each day. Algorithms are data driven and led by IIT data scientists from Wishpicker.
Bansal, co-founder of Snapdeal.com also said “At Snapdeal.com, our focus is to leverage technology to create life changing experiences for buyers and sellers. We are investing in strengthening our technology platform and Wishpicker.com is an excellent platform with top-tier entrepreneurial, engineering talent and fits in perfectly with our vision.”
About Snapdeal
With nearly around 30 million members and 50,000+ merchants, Snapdeal delivers products to 5000+ towns and cities in the nation. This company has witnessed amazing growth in 2013-2014 reaching 600% growth from 2013 to 2014. 60% of Snapdeal’s orders come from mobile phones. Snapdeal has also collaborated with global marquee investors such as Softbank, Black Rock, Intel Capital and Kalahari Capital and individual investors such as Ratan Tata. Headquartered in New Delhi, India, Snapdeal is the brainchild of Kunal Bahl a graduate from Wharton and IIT Delhi alumnus Rohit Bansal. This company was born in 2010 and it moves on from being a daily deals platform to an online marketplace. It currently sells over 4 million plus products. In June this year, the company announced that it had achieved a milestone of 1000 sellers on the platform gaining sales of INR 1 crore.
