Paytm Mall, owned by Paytm E-Commerce Pvt. Ltd., has announced several new services including No Cost EMI, Device Insurance, Extended Warranty and Easy Exchange both online and through its offline partner stores. It aims to drive over 25% growth in gross revenue for its partner retail stores and gaining dominating market share in the Smartphones, Appliances & Consumer Electronics categories by the end of FY ‘18.
Most retail stores in India offer limited or no access to customer-centric benefits that could lead to a better shopping experience. Paytm Mall will bridge this gap by offering a uniform experience across its online platform as well as partner offline stores. Its omni-channel No Cost EMI service launched in partnership with 13 leading banks and financial institutions will allow over 10 Mn customers to buy their favorite products under EMI. The company is set to offer EMI’s worth Rs 1000 Cr across 2 Mn products from 60 leading brands by the end of the next quarter. It will also offer Easy Exchange across 7,000 pin codes and affordable Device Insurance & Extended Warranty services starting at Rs. 199 across 75,000+ partner retail stores. This will make commerce more inclusive and accessible to consumers across India.
Amit Sinha, COO – Paytm Mall said, “We all have a trusted store in our neighborhood that delivers goods to our home and is always available. We clear our dues when we get some money in hand and feel free to ask small favors like exchange. We want to leverage retail technology to recreate the same convenience and trust at scale and make shopping truly affordable for the Indian masses. The variety and depth of our new services will help brand authorized retailers offer this experience to millions of potential customers while opening newer products to a wider audience. I am confident these services have the potential to disrupt the offline retail economy by democratising access to technology and helping trusted retailers offer more value at the same price.”
In India, up to 80% of retail stores are not equipped with technology for billing and inventory management. For such stores, Paytm Mall recently introduced its PoS as a unified solution that enables them to manage store inventory on the cloud with complete visibility of available/required stock, pending and serviced orders, instant customer billing/payments, new offers and exclusive promotions like free extended warranty and device insurance.