Paytm, the Indian digital payments giant, is looking forward through its eCommerce offshoot Paytm Mall. After receiving $450 million in funding from Alibaba and softbank, paytm mall is going to start new services for its customers. Customers can now enjoy no- cost EMI, device insurance, extended warranty and easy exchange both online and through its offline partner stores
The proliferating eCommerce company, with new additions to its portfolio, aims to drive over 25% growth in gross revenue for its partner retail stores and gain a dominating market share in smartphones, consumer electronics and appliances by the end of this fiscal, whose supremacy is currently claimed by both Amazon and flipkart.
In a press release, Paytm mall claims that its omnichannel No cost EMI service will allow over 10 million customers to buy products on EMI. The concerned service is in partnership with 13 leading banks and financial institutions for this move. Paytm mall plans to offer EMIs worth $147 million (INR 100 Cr) across 2 million products from 60 leading brands by the end of the next quarter.
Besides, they have announced to offer an Easy Exchange policy across 7000 pin codes and affordable Device insurance and warranty services, starting at INR 199, across more than 75,000 partner retail stores.
Amit Sinha, COO, Paytm Mall, said in the press statement, "We want to leverage retail technology to recreate the convenience and trust at the same scale, at which we are placing a trusted sore in our neighborhood that delivers goods to our home and is always available. We clear dues when we get money in hand and feel free to ask small favors like exchange. I am confident that we will make shopping truly affordable for the Indian masses and these services have the potential to disrupt the offline retail economy by democratizing access to technology and helping trusted retailers offer more value at the same price to million of potential customers while opening newer products to a wider audience."
Paytm Mall : Exploring new boundaries
Paytm mall started operations in february 2017 as a consumer shopping app. Alibaba invested over 200 million $ in the company, in March that year. Recently, the company raised $445 million in a funding round by softbank and Alibaba at a valuation between $1.6 billion - $2 billion to become a unicorn.
SoftBank has held early discussions to invest more, as much as $3 billion, in Paytm Mall even as it makes up its mind about selling its significant minority stake in rival Flipkart to Walmart, said two people familiar with the development.
Paytm Mall adapted Alibaba’s New Retail model by tying up with fashion brand Red Tape,in February this year,. Through this service, all the products in Red Tape physical stores are equipped with Paytm Mall QR codes, and the app will tell the customer details about the product by scanning the code. The customer can place the order instantly, and get it delivered at home in four to six hours through Paytm Mall’s courier partners, or pick up from the store itself. This new service will empower retail stores with new powers which they can not offer to their customers previously, and will prove a boom in the respective sector.
The proliferating eCommerce company, with new additions to its portfolio, aims to drive over 25% growth in gross revenue for its partner retail stores and gain a dominating market share in smartphones, consumer electronics and appliances by the end of this fiscal, whose supremacy is currently claimed by both Amazon and flipkart.
In a press release, Paytm mall claims that its omnichannel No cost EMI service will allow over 10 million customers to buy products on EMI. The concerned service is in partnership with 13 leading banks and financial institutions for this move. Paytm mall plans to offer EMIs worth $147 million (INR 100 Cr) across 2 million products from 60 leading brands by the end of the next quarter.
Besides, they have announced to offer an Easy Exchange policy across 7000 pin codes and affordable Device insurance and warranty services, starting at INR 199, across more than 75,000 partner retail stores.
Amit Sinha, COO, Paytm Mall, said in the press statement, "We want to leverage retail technology to recreate the convenience and trust at the same scale, at which we are placing a trusted sore in our neighborhood that delivers goods to our home and is always available. We clear dues when we get money in hand and feel free to ask small favors like exchange. I am confident that we will make shopping truly affordable for the Indian masses and these services have the potential to disrupt the offline retail economy by democratizing access to technology and helping trusted retailers offer more value at the same price to million of potential customers while opening newer products to a wider audience."
Paytm Mall : Exploring new boundaries
Paytm mall started operations in february 2017 as a consumer shopping app. Alibaba invested over 200 million $ in the company, in March that year. Recently, the company raised $445 million in a funding round by softbank and Alibaba at a valuation between $1.6 billion - $2 billion to become a unicorn.
SoftBank has held early discussions to invest more, as much as $3 billion, in Paytm Mall even as it makes up its mind about selling its significant minority stake in rival Flipkart to Walmart, said two people familiar with the development.
The VisionThugs team is dedicated to bring you the information of startups, politics,entertainment, lifestyle, people, argiculture and insights of global changes, as well as a glimpse over the influencers around the globe
.
No comments:
Post a Comment