Introduction to Why Meesho is so Cheap?
In the busy world of online shopping, Meesho stands out as a place where you can find great deals, catching the eye of budget-conscious shoppers all over India. But have you ever wondered why Meesho is so cheap?
If you are an avid reader and want to know the answer, this article is for you. Through this article, we will delve into the reasons behind the product’s affordability of Meesho compared to other platforms and explore the factors that contribute to its competitive pricing strategy.
A Deep Dive into Meesho's Cost-Effectiveness
Why is Meesho so cheap? It’s all thanks to their unique business model where they source products directly, have a network of resellers, integrate with social media, and run efficient logistics and supply chains. Plus, their tech-savvy operations keep costs down. These strategies help Meesho offer budget-friendly products in the competitive world of online shopping.
Here is the comprehensive overview of Meesho’s business model:
Direct-to-Consumer Approach :- Meesho works differently from other platforms. They cut out the intermediary and link suppliers directly with customers. That means less costs and better prices for you! They believe everyone should have access to affordable products, so they ensure that the money they save gets passed on to you.
Focusing on Smaller Cities and Towns :- In recent years, smaller cities and towns, known as tier II and III markets, have become a substantial part of online shopping, according to a report by Unicommerce. In the fiscal year 2023, tier II and tier III cities saw a growth in order volume by 23.3% and 22.4%, respectively. While the overall share of e-commerce from these cities slightly decreased to 18.6% and 37.1% from 19.2% and 38.6% in the previous year, they still make up a significant portion of the market.
Meesho pays attention to this shift in shopping habits and puts a lot of energy into reaching these places where people are more price-conscious. With most of its customers hailing from towns like Mathura, Jhansi, and Dehradun, Meesho wants to ensure everyone can afford what they need.
As of 2023, Meesho took another step to cater to its diverse user base by adding eight new regional languages to its app. This move aimed at reaching 377 million potential users across different regions. Besides, Meesho’s marketing also reflects this regional focus, with video campaigns often produced in multiple languages.
Reseller Network :- Meesho works with numerous resellers, many of them are homemakers or small business owners. They help to promote products to their social circles. This unique selling approach saves money on traditional advertising, helping to keep prices low for customers.
Social Media Integration :- Meesho helps people who want to sell products online by using apps like WhatsApp, Facebook, and Instagram. They don’t have to spend a lot of money on advertising because they can reach customers through these apps. That helps them spend less money on running their business.
Logistics and Supply Chain Efficiency :- Meesho has created an efficient logistics network to deliver products by finding the fastest routes. It saves money on transportation. They’ve also set up a supply chain management that ensures they can offer affordability without compromising quality.
Technology-Driven Operations :- Meesho uses technology to make many parts of its business run automatically, like processing orders and helping customers. That benefits them to save money on operating the business. So, because of this technology, Meesho can save money overall.
Product Sourcing and Inventory Management :- Meesho gets products directly from the manufacturers and suppliers, which lets them negotiate lower prices. Plus, they have a system for managing their inventory that helps them save money on holding costs, making the products cheaper for customers.
Community-Driven Growth :- Meesho has grown mainly through organic, with word-of-mouth and community engagement. It connects with its community through campaigns like “#mystoremystory” and “#ArreyWaah,” this mode of progression has helped it get more customers without incurring high customer acquisition costs.
Key Factors Behind Meesho's Affordability
Product Standards :- One big reason why Meesho is cheap is that its products might not be as fancy as platforms like Amazon or Flipkart.
If you have shopped on Amazon or Flipkart, you will know traditionally, those platforms deal with high-quality products compared to Meesho. Due to the high quality of the products, they also charge a high price.
Customer-centric Pricing :- Meesho’s customers understand that the platform focuses on providing competitive prices rather than offering luxury items. Therefore, they are willing to accept products that may not be of the highest quality as long as they remain budget-friendly. This acceptance of slightly lower quality in exchange for affordability allows Meesho to continue offering cost-effective products.
Market-Driven Pricing :- Resellers are those people who know their local markets well and can choose prices that appeal to their specific customers. This market-driven approach ensures that prices are affordable and suited to the audience.
Flexibility in Pricing :- The decentralized model allows resellers to have the freedom to change prices quickly based on what’s happening in the market, such as shifts in demand and supply. This flexibility lets them stay competitive and offer affordable prices to customers, ensuring they can adapt to changing conditions and provide value to buyers.
Zero Commission Model :- At Meesho, suppliers can sell their products without paying any commission, which means they get to keep all the money they earn from sales. That encourages suppliers to offer competitive prices, making it a win-win situation for sellers and buyers.
Growth Opportunities for Suppliers :- Meesho is open to suppliers of all sizes, even those who don’t have a regular GSTIN. This inclusiveness leads to a diverse marketplace where a wide variety of affordable products are available for you to explore.
Strategic Discounts and Promotions :- Meesho encourages regular discounts and promotions to attract more customers and help sellers increase their sales. This strategy can help lower prices because sellers can buy products in bulk at reduced costs.
Ease of Doing Business :- Meesho makes selling easy with simple product listing, lowest cost shipping, and a quick payment cycle. These make things easier and budget-friendly for sellers, which can mean lower prices for buyers.
Training and Support :- Meesho offers a learning hub for sellers to learn about online selling and improve their business skills. When sellers know more, they can run their businesses smoothly and provide better prices.
Marketing and Visibility Support :- Meesho gives tools like Meesho Ads that help its product visibility and boost sales. When sales go up, it can sometimes make prices lower because of economies of scale.
Competition :- Meesho’s prices stay low because of competition. There are many sellers on the platform, so they all have to offer reasonable prices to get customers. This tough competition makes the prices of products go down.
AI-Driven Personalization :- AI has played a big part in making Meesho affordable. The company uses a price recommendation algorithm, which looks at Meesho’s past data and suggests the best prices to sellers based on which products are selling well. This system improves understanding of products, helps find similar items, and determines the best prices to make things more affordable for sellers and buyers.
Besides, Meesho’s AI approach has been helpful for many parts of the company, like getting more users, making shopping easier, finding new products, helping sellers grow, and delivering orders. These improvements have allowed Meesho to offer reasonable prices and keep its platform affordable for everyone.
Conclusion
In conclusion, why Meesho is so cheap, we see in e-commerce that Meesho is known for its affordability, which comes from several reasons. Their unique way of doing business keeps prices low. They focus on tough competition and ensuring things are affordable rather than super fancy.
Meesho’s success in selling cheap products comes from finding a balance between quality and price. They aim for a specific group of people who want affordable products rather than high-quality. So, if you’ve ever wondered why Meesho is so cheap, it’s because of how they run their business and what their customers expect. Meesho’s dedication to offering affordable products has made a difference in online shopping.
Frequntly Asked Questions
Meesho is unique as it is India’s first social e-commerce platform that combines regular online shopping with social media. Through this, people can buy and resell products within their social networks on platforms like WhatsApp, Instagram, and Facebook without spending extra money. It helps small businesses and those who want to start their business and sell things online.
Starting a business in Meesho is an easy process. First, go to the Meesho website and sign up by filling out a registration form. You’ll need an active bank account and either a GSTIN number (for sellers with GST) or an Enrollment ID/UIN (for sellers without GST).
Once you register, you can add your products to the Meesho Supplier Panel. Make sure your product pages look good to attract customers. When your products are live, you’ll start getting orders. Meesho’s logistics partners will handle shipping and delivery of your products all over India.
You’ll receive payments into your bank account every 7 days after the order is delivered, including for Cash on Delivery orders.
Meesho combines parts of both B2B (business to business) and B2C (business to customer) models. This means that big sellers sell their products to customers directly and also to smaller resellers who then sell those items to customers.
The most popular category on Meesho is women’s clothing, which includes items like Kurtis, Kurti sets, Lehengas, Sarees, and Ethnic Wear. This category is a favorite among Meesho’s customers and highly preferred by sellers.
Selling on Meesho has its pros and cons. Advantages include it is easy to access, a simple interface for listing products, no commission fees, a tool to suggest competitive prices, a next-day dispatch feature, and a wide range across India.
Disadvantages are dealing with returns, customer service management, the risk of scams, and pressure to keep prices low while maintaining product quality due to competition and Meesho’s commission structure.
Meesho’s marketing strategy covers the basic building blocks of marketing, known as the 4Ps: Product, Price, Place, and Promotion. These are the main aspects that shape how the company connects with its intended audience and advertises its wide variety of products and services.
Meesho’s success comes from its innovative approach to online reselling. It’s become popular by offering a platform that is easy to use, affordable, and safe
According to the latest financial reports, Meesho has achieved significant progress by reducing its losses and transitioning into profitability. By the end of the financial year on March 31, 2023, Meesho managed to decrease its losses by 48% to ₹1,675 crore. Additionally, during the first half of FY24, Meesho slashed its losses by 90% to ₹141 crores and recorded a profit for the September quarter. The company has been making more money than it has spent since July 2023 and has been profitable since then.
Meesho is trending due to its rapid growth in the online shopping world. Thanks to its unique way of doing business, which mixes regular online shopping with selling stuff through social media. Whether you need casual clothes, fancy dresses, or trendy tops, Meesho has extensive options, including jeans, T-shirts, skirts, and more.
In the year 2023, Meesho reported a revenue growth of 77% to ₹5,735 crore.
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