PayTM prepares to compete with Amazon and Flipkart, introduces new features
Paytm is preparing to make its mark on India’s e-commerce business through its Paytm Mall online shopping store. The e-commerce company’s online retail arm is backed by China-based Alibaba Group. , and Japan’s SoftBank Group, which recently funded a cumulative $ 450 million for its business. Since its launch in February last year, Paytm Mall is trying to reach its consumer base through products and services and claims to occupy 14% of the market share. However, the field of e-commerce in the country is still dominated by the two biggest players offered by Flipkart and Amazon. Therefore, to stay in competition, Paytm has planned to introduce new features to attract more customers.
Features like no-cost EMI, extended warranty, device insurance, and easy product exchange will now be available to shoppers through all of the company’s partner stores, both online and offline. The company will offer the EMI payment option at no cost for more than 2 million items listed on the Paytm Mall site, the total value of which can be a whopping 1 billion rupees. The Easy Exchange option has been advertised for more than 6,500 ZIP codes nationwide and customers can also take advantage of device warranties and extended warranties by paying an amount starting at € 199.
Apart from that, the company partnered with Asus India, earlier this month, to become its main sales channel in India. Paytm also allocated around $ 30 million to install points of sale (POS) for all Asus points of sale across the country, through which sellers will be able to sell Asus products on both the online platform and online platforms. offline stores. The POS facility will help retailers to manage inventory using cloud technology and control all data, including stock, orders, payments, and offers. This latest contract followed another company alliance with fashion brand Red Tape, in February this year. Under the agreement, all offline outlets for Red Tape products will have Paytm Mall QR codes. This will help customers to verify Red Tape products through the Mall app and order for courier partners. Paytm deliver them in a minimum time. Customers can also physically pick up their selected products at points of sale.
With these new partnership agreements, Paytm will enable its retail partners to provide all planned facilities to their customers more efficiently. The company aims to raise at least a quarter of its total revenue from its online and offline partners by implementing these strategies.
Paytm has a special objective to update the Electronics category for its e-commerce site, as this is the decisive category to be successful in the online retail industry. With the new features rolled out, they hope to make significant progress in the Electronics and Smartphones categories, for which Amazon and Flipkart are already fighting to gain more market share.
Paytm COO Amit Sinha mentioned during the press release that Paytm aims to recreate the trust and reliability of a neighborhood store through its online platform for its customers and plans to introduce more affordable shopping options. soon. He also added: “I am confident that 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.”