Nearbuy was started in 2011 by Ankur Warikoo, Snehesh Mitra, and Ravi Shankar. The company is based in India and is funded by Paytm. Its headquarters are based in Gurgaon, Delhi and have their presence in 33 cities in India. The core of the company is technology and product-driven. They live by the motto: Work is play.
Their e-commerce website provides services connecting consumers with the largest number of local businesses in India. Their app classifies itself in the lifestyle section. It encourages consumers to explore the city, discover buzzing hotspots nearby, and choose from, and allows the freedom to choose from a wide range of categories.
The website makes it easy for the consumers to discover things to do close to them and avail exclusive deals across various categories like: Restaurants, Spas, Salons, Movie halls, Retail stores, and Amusement parks. And more.
The website boasts about taking local e-commerce where it has never been taken before. With the company's motto "This is where you belong" if you thrive on the thrill of operating in a world of firsts an it encourages consumers to explore the city, discover buzzing hotspots nearby, and choose.
Target audience of Nearbuy
Their target audience is all the people who would like to spend but also get something that is easy on their pockets. That includes college-going students, people who have just started working, foodies; and explorers who like a little discount to save up a bit of their money.
Nearbuy Marketing Strategies
The advantage of creating something that is worth sharing:
Following a simple business model, Nearbuy offers cashback deals, coupons and great discounts to its consumers and helps them save money at every step they take. These consumers are constantly on the lookout for places to go. Like restaurants, for shopping, spas, salons and a lot more with discounts, obviously.
The advantage? They know exactly their target audience and what is the segment in the market to whom they are selling their services to, understanding their needs like "what do they want?" By providing discounts to its customers. The idea of having multiple brands offering you something you value at a discounted rate just does the trick!
Social media combined with Influencer marketing:
Take a look at Nearbuy's YouTube channel. You can notice they are making the most out of it with the famous comedian, Zakir Khan featuring in their ad campaigns.
Creating an influence on people, building that link of trust. Apart from YouTube. Nearbuy also has its presence on platforms like Facebook, Instagram, LinkedIn, and Twitter.
Innovation helps any company stay on top. With the change, if the company fails to keep up with it, it fails. People are quick to forget about your product or service, let alone the name of your brand. Remember Jabong? The company could not keep up with the change.
Nearbuy talks about bringing their agile innovation – releasing standard-defining new products every year. It has also launched nbPAY, India’s first Payment-linked deals product. Also has Gift Cards as a category, offering deals on gift cards. It keeps up by bringing in new ways that might interest consumers.
Engaging Instagram Marketing:
The brand optimizes its social media presence on Instagram to create conversations among its audience. With posts wishing them for any festivals or occasions. And creating informative posts on various topics like types of forks, hair care tips for people with thick hair, the dos and don'ts of makeup, and more.
Captivating the audience with videos:
Using videos is important as the right embedded videos can increase conversions by 86%. The short, descriptive videos on YouTube captivate the audience, using the platform of YouTube with content. Nearbuy does just that.
Taking on the Digital Space:
Apart from that, it also has a strong landing page, that allows the consumers to connect easily and know more about them. Giving them a boost of having a strong digital presence.
We can conclude that Nearbuy has a smart, innovative and simple yet effective marketing strategy to drive change while helping local businesses thrive.
Top Partners of Nearbuy
The companies that Nearbuy has partnered with include top restaurant, spa, and salon brands, which includes:
KFC, Barbeque Nation, Dominos Pizza Hut, PVR, INO, Cafe Coffee Day (CCD), Smaaash, McDonald’s, Water Kingdom, Essel World, Kidzania, O2 Spa, Big Bazaar, Amazon, Myntra, Jabong and Looks Salon.
Who is the founder of Nearbuy?
Ankur Warikoo, Snehesh Mitra, Sachin Kapur, Ankur Sarawagi, Sumeet Kapur, Ravi Shankar are the founders of Nearbuy.
Why did Nearbuy fail?
Nearbuy failed to set its foot in India because deal platforms are not something Indian consumers crave for.
Who is the parent company of Nearbuy?
Paytm and Little Internet Pvt. Ltd. are the parent organizations of Nearbuy.