ShopClues is an online marketplace owned by Cluse Network Pvt. Ltd. It was established in July 2011 by Sanjay Sethi, Sandeep Aggarwal and Radhika Agarwal in Silicon Valley. Located in Gurgaon, India, the company claims to have over 800,000 merchants and 38 million products on its platform, serving over 39,000 pincodes across the country.
Priced at US $ 10.3 billion in 2019, Tiger Global, Helion Ventures and Nexus Venture Partners are major investors in ShopClues. In 2020, it was acquired by Singapore-based QO10 in a deal valued at around US $ 70 million, one of the largest valuation meltdowns for Indian-based startups.
India has an internet user base of around 610 million by April 2020, about 54% of the population. This number is expected to be 692 million by the end of 2020. Despite having the second largest user base in the world. But growing, adding about 6 million new entrants every month. The industry agrees that development is at a inflection point.
In India, cash on delivery is the most preferred payment method, accounting for 75% of e-retail activities. Demand for international consumer products is growing faster than in-country supply from authorized distributors and e-commerce offerings. Long tail business strategy allows companies to make significant profits by selling small quantities of low-income items to many customers, rather than selling large volumes of small numbers of popular items.
Online shopping is a form of electronic commerce that allows consumers to purchase goods or services directly from the seller over the Internet using a web browser. Consumers search for a product of interest by going directly to the retailer’s website or among alternative vendors using a shopping search engine, which displays the availability and pricing of the same product on various e-retailers. By 2020, customers can shop online using a range of devices, including desktop computers, various computers and devices, laptops, computers, smartphones, tablets, and smart speakers.
An online shop exposes the physical analogy of buying products or services at a regular retailer or shopping center, a process known to the consumer as online shopping. When an online store is set up to enable businesses to buy from other businesses, the process is called trading from online shopping to trading. A typical online store enables the customer to browse the firm’s category of products and services, view pictures or images of products, with information about product specifications, features, and prices.
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