Blinkit, the quick commerce platform, has started an equated monthly installments (EMI) option for customers, allowing them to spread payments for purchases above Rs 2,999. This new feature excludes orders containing gold and silver coins and is part of Blinkit's strategy to attract more customers and encourage larger transactions.
As consumers increasingly turn to quick commerce for grocery and household needs, the EMI option could make higher-value purchases more accessible. Experts suggest that this could lead to increased average order values, benefiting Blinkit’s growth strategy.
The platform has partnered with several banks, including HDFC, State Bank of India, ICICI, Kotak Mahindra, Axis, RBL, and Citi Bank, to facilitate EMI payments via credit cards. This initiative aligns with Blinkit's goal of scaling up operations and fostering customer loyalty in a competitive market that includes rivals like Swiggy Instamart and Zepto.
In addition to the EMI launch, Blinkit recently unveiled its Seller Hub, allowing over 200 brands to manage their presence on the platform independently. This move provides brands with tools to streamline their quick commerce operations effectively.
With a recent valuation of approximately USD 20.8 billion by HSBC, Blinkit stands as a leader in the quick commerce space, far surpassing its parent company Zomato's valuation of USD 9.2 billion. The introduction of the EMI option is expected to enhance profit margins in the challenging e-commerce landscape, catering to a growing portfolio of products, including gold and mobile phones. While initial implementation costs may arise, the potential for increased sales and customer loyalty presents a promising upside. However, as competitors may soon adopt similar offerings, Blinkit’s unique advantage may be short-lived.
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