Snapmint a Mumbai-based e-commerce and fintech startup for BNPL (Buy Now Pay Later) has announced its collaboration with leading lifestyle and home appliances brands for the expansion of their operations. The company has associated with the brands such as TheSleepCompany, Duroflex, FloMattress, SleepyCat, Titan, Atomberg, LivPure, Furbicle, Mokobara, Rasoi Shop, etc. to provide interest-free/no-cost installment payment options. Snapmint makes it easy for aspiring customers to buy on EMI.
Abhineet Sawa Co-founder of Snapmint said, “Today we have lots of D2C Brands across categories offering unique high-quality product choices to customers. 700 Mn customers are online and customer aspirations have gone up significantly. However, salaries have not gone up as much. In the mattress, and appliances, the need for installment was always there. However traditional installment methods are either too cumbersome for customers or have hidden cost components. Snapmint is providing convenient access to customers for installment purchases. Partner Brands see two benefits. One conversion uplift is derived by converting budget-constrained customers aspiring for quality products. Two with Snapmint’s affordability solution brands see order values as much as ~30-50% higher visavis other payment options on their portal. ”
Priyanka Salot, Cofounder The Sleep Company said “The Sleep Company offers customers premium SmartGRID mattresses based on our patented technology with a whopping 60% of our sales coming in from our own website. While EMI options have always been a part of our sales toolkit, our integration with Snapmint further optimized our output with conversion rates boosted by 15%. With Snapimint’s instant EMI approvals we saw increased adoption rates in remote parts of the country as well as an increased number of customers purchasing multiple mattresses in a single transaction. In fact, Snapmint EMI has become a go-to recommendation for our telesales teams for customers who want a premium comfort-tech product without a budget holding them back. “
Arindam, Founding Member, Atomberg said “We have smart and energy-efficient fans that help customers save substantially on electricity bills. But because the fans are priced around Rs 3500 each and every home has 4-5 fans, replacing/buying fans for the entire house becomes a high ticket item. This is where Snapmint is unlocking affordability with ease for Atomberg customers. Without any hassle, everyone on our D2C website can convert their purchase amount into EMIs by using Snapmint. Today, almost 15 percent of our sales from the D2C website happens via Snapmint”
These brands have witnessed a growth of 14-20% percent in their online sales post the collaboration with the BNPL offering from Snapmint. Snapmint is also among the easiest to integrate its offering with the brand partners. Snapmint payment option is live with around 100+ brands since they launched this feature late last year. Snapmint is planning to partner with ~500 brands in the coming year.
The company has recently raised $10.5 million (INR 79 Cr) in its Series A funding.