Now, HNIs can buy even yachts online

“Spend your money on the things money can buy,” contemporary Japanese writer Haruki Murakami has said. Taking cue from this are the ultra high networth individuals (HNIs) of India, and online sellers, who are cashing in on the demand from this niche segment.

Snapdeal is one such e-commerce company that sells luxury items through its website — and the latest being luxury yachts. The e-tailer has tied up with West Coast Marine Yacht Services, India’s premier luxury boat dealer, to sell luxury yachts that start at ₹20 lakh and going up to ₹1 crore. “Through this association we are further widening our assortment in the luxury segment for users seeking premium products across categories,” Tony Navin, Senior Vice-President - Electronics and Home, Snapdeal.com, said.

Luxury across categories Snapdeal already has luxury and premium products across diverse categories, including gem-studded watches, jewellery, apparels, and appliances among others. It also recently launched ‘The Designer Studio’ and acquired Exclusively.com to expand the assortment in premium fashion. With the introduction of luxury yachts, it is further strengthening its product portfolio in luxury and premium products segment. The company aims to sell around 10 such yachts within a year. The company was in discussion with West Coast Marine for the past few months to make this possible on its website, it said, adding that it is confident of making business out of such deals.

Initially, it will offer nine models, such as JJ Boats, Majesty 48 and 56, Silvercraft 31 SF, 31 CC and 31 HT.

An attractive market “India is a very attractive market for luxury yacht makers since the Indian subcontinent has a huge coastline for sea-faring activities and a hinterland networked with lakes and rivers,” said Aashim Mongia, Managing Director, West Coast Marine Yacht Services.

Luxury products and services is a $14-billion market in India, growing at 30 per cent year-on-year, according to a recent KPMG-Assocham report.

However, whether online companies such as Snapdeal will be successful in finding buyers is left to be seen, say analysts. To be successful, “They need to have a good backend services as such models did not succeed in countries like the US. And, also they should provide services like stripped down models or modified versions,” said Udit Aggarwal, Partner and sector leader – eCommerce, EY.