CRED introduces Zero Commission CRED Store onboarding platform
Premium- CRED Store will be a zero-commission platform. Listing fees for onboarding and commissions from any sale will be waived off for all brand partners
CRED on Wednesday introduced the Zero Commission CRED Store onboarding platform. As per the company, starting today, CRED Store will be a zero-commission platform.
Listing fees for onboarding and commissions from any sale will be waived off for all brand partners. In addition, to help them grow & create higher engagement with shoppers, features like passing exclusive bank offers & benefits for members, engaging fun & social formats to shop like auctions, leaderboards etc will also be introduced to help brands get greater connect with shoppers, it said in a statement.
CRED Store is a marketplace where the top 1% brands (Indian D2C, and global) can engage with top 1% shoppers using CRED coins. “Our intent is to grow with our brand partners. With the Zero commission model, CRED will let go of its commission to design exclusive benefits & better experience for members & brand partners," it said.
Partners will work with CRED to increase the product selection on CRED Store and offer product launches for members, at member-exclusive prices. Additionally, the revamped partner onboarding platform will create a smoother and interactive experience for partners. From expression of interest to onboarding, the partners will be guided by the CRED team at every step. Considering a large number of Indian, urban D2C brands list and sell their products on store, CRED will work with partners to provide them insights that help them grow their business.
CRED members will get access to best price guarantees, exclusive products, curated offers and rewards in exchange for their CRED coins. Discovery initiatives like shopping festivals, CRED Drops events at the beginning of every month, category curations (CRED Tea Room, Coffee Store, Luxury Collection) and jackpots let members engage with the store and brands, it said.
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CRED Store, piloted in 2020, is a curated, member-exclusive selection of products and experiences at special prices that compliment your taste. In less than 24 months, the store has grown to onboard more than 600 Indian D2C and global brands and over 5000 products. Members can purchase directly on the app using a combination of their CRED coins and Cash. The store offers value to businesses by providing them access to a community whose ticket size for purchases is higher, thereby increasing their lifetime value to brands, it said.
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