Flipkart unveils online ‘No Cost EMI’ option
The E-commerce industry is one in which the players constantly need to keep improvising in order to keep the customers interest intact. Flipkart, India’s most successful startup till date, seemed to have got this strategy right on point.
Tuesday saw the e-commerce giant Flipkart unveiling a “No Cost EMI” option in order to make the online shopping experience an even more affordable and lucrative option for high-value purchases. According to information available, the new option will allow customers to make high-end purchases through the option of availing the Equated Monthly Installments (EMI) option, where the customers will not have to bear any additional cost.
For people contemplating what exactly does the new option will offer them, here it is. The “No Cost EMI” when availed gives the customers the luxury of zero processing fee, zero down payment and zero interest. Yes, you read it right! Ain’t that a win-win deal?
“This is the first step towards making shopping truly affordable for masses online and brands have shown great enthusiasm to collaborate with us. This has the potential to disrupt online shopping just like we did with Cash on Delivery a few years ago,” said Mayank Jain, head of digital and consumer financial services, Flipkart, in a statement the company issued on the occasion of the big unveil.
In order to make this offering a reality, the r-commerce giant had joined hands with Bajaj Finserv and some key brands. As of now, the feature is only available for selected products and sellers. The option comes with attractive loan tenures starting 3 months and goes up to 12 months.
According to Flipkart, with the “No Cost EMI” option, its main aim is to enable more and more people to get easy access to products that they have always aspired for.
Good move, Flipkart. Let’s see how the consumers react to your new offering.