Blinkit, a prominent player in the fast commerce space, has introduced an Equated Monthly Installment (EMI) payment option for its customers.
Announced by Blinkit’s The CEO, Albinder Dhindsa, through a publication on unknown (formerly Twitter), this feature is designed to make higher-value purchases more affordable.
Expressing that this new payment option will help customers better manage their expenses, Dhindsa said, “We believe this will improve affordability and enable better financial planning for our customers.”
We have introduced EMI purchasing on Blinkit!
EMI options will be applicable on all orders above INR 2999 (except orders containing gold and silver coins)
We believe this will improve affordability and enable better financial planning for our customers. pic.twitter.com/htBrxnKMjk
-Albinder Dhindsa (@albinder) October 24, 2024
The EMI option is applicable on all orders above Rs 2,999, although purchases involving gold and silver coins are excluded.
The measure aims to improve customers’ financial flexibility by allowing them to spread payments over time.
EMI Partnership with Major Banks
The Zomato-owned company has partnered with leading banks including HDFC, SBI, ICICI, Axis, Kotak Mahindra, RBL and CITI Bank to offer EMI service through credit cards.
The development comes at a time when fast commerce platforms are competing fiercely for market share, and offering EMI options on high-value orders could attract more customers looking for flexible payment solutions.
With the increasing reliance on fast commerce for daily needs like groceries and household items, the addition of the EMI feature is expected to drive larger orders and improve the platform’s average order value, a key growth metric for Blinkit.
Strengthening competitive advantage in fast trading
Blinkit’s introduction of EMI aligns with the broader trend of e-commerce platforms offering flexible payment options. Competitors like Amazon and Flipkart have already been offering EMI services, particularly for high-value items like mobile phones and electronics.
By offering this feature, Blinkit aims to differentiate itself in the highly competitive fast commerce space, where players like Swiggy Instamart and Zepto are also competing for customer loyalty.
The addition of more expensive products, such as iPhones and PlayStation consoles, to Blinkit’s inventory makes the EMI option a natural extension.
Expanded Product Offerings and Business Features
In addition to introducing the EMI function, Blinkit has been expanding its range of products and services. Recently, the company launched Sellers Hub to help brands get listed on the fast commerce platform and start selling their products.
According to Sajal Gupta, chief technology officer at Blinkit, more than 200 brands have joined this initiative.
“We want to create a fast commerce seller program that is significantly better than any other, and our benchmark has always been the OG, FBA. To that end, we’ve launched the Blinkit Seller Hub (seller.blinkit.com) to make sales through Blinkit completely self-service for brands, without needing to interact with any middlemen or us (of course, we’re here if you need them). brands need it). us),” said Gupta.
“We believe we can better serve the brand community by creating technology that gives them more power and control over their rapid commercial presence. “Over 200 brands already have access to their Seller Hub and we will roll it out to more brands soon after the required document verifications.”
Additionally, Blinkit introduced a 10-minute clothing and footwear exchange and return service, available in major cities like Mumbai, Bengaluru, Hyderabad and Pune.
The service aims to solve common size and fit issues for online shoppers, further improving the Blinkit customer experience.
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