Snapdeal recently sold a INR 6 crores worth house online and a real estate portal, SquareYards claims to have sold 350 units of real estate worth $40M on its e-commerce platform in less than 24 hours.
This is how it happened (details shared by the SquareYard team):
The Product: Squareyards worked with the builder to structure a very unique deal where in prospective home buyers were offered a unique chance to own a home in the heart of Delhi L Zone by paying just 0.9% of the property value per month. The offer proved to be irresistible for the customers.
The Strategy: The team christened 5th July as the No Loan Day (#NoLoanDay). In a full blown media blitzkrieg covering outdoor, print, radio and the internet, pre-registrations for this offer were invited from prospective home buyers with a clear cut communication that the booking window will open at 00:01 hours on the 5th of July.
The Platform: Squareyards brought all the project inventory online through its proprietary e-commerce platform – Scapes™, which also provided visualization through augmented 3D reality, virtual glasses etc. apart from real time inventory selection and booking through payment gateway.
The Execution: Squareyards’ Global Intelligence Cell (GIC) enabled more than ~7000+ pre registrations on website before the launch opened. Square yards then organized a series of events in Delhi where all pre-registered guests could come and experience the project in virtual 3D reality and then chose to buy the home of their choice. The concept was a huge hit with crowds thronging the experience zone by the thousands.
The Outcome: All records were shattered on a single day – 350 transactions, USD 40M GMV – resulting in a total sellout of the available inventory in a little under 19 hours. This event marks the entry of Squareyards as only the third company in India to sell homes online after housing.com and Snapdeal.