Online U.S Retail Fashion Clothing E-Commerce Shopping Statistics 2018 PayTM Prepares to Compete With Amazon and Flipkart, Rolls Out New Features

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PayTM Prepares to Compete With Amazon and Flipkart, Rolls Out New Features

Paytm is gearing up to make its mark in the Indian e-commerce business through its online shopping store Paytm Mall. The e-commerce company’s online retail arm is backed by China’s Alibaba Group and Japan’s SoftBank Group, which recently raised $450 million in funding for the venture. Since its launch in February last year, Paytm Mall has been trying to reach out to its customer base through products and services and claims to hold 14% of the market share. However, the e-commerce space in the country is still dominated by the two big players Flipkart and Amazon. So, to maintain the competition Paytm has planned to introduce new features to attract more customers.

Features like No-Cost EMI, Extended Warranty, Device Insurance and Easy Transfer of the products will now be available to buyers through all the company’s partner stores, both online and offline. The company is offering No-Cost EMI payment option for more than 2 million items listed on the Paytm Mall website, the total value of which may be 1000 crores. The Easy Exchange option has been announced for more than 6500 zip codes across the country and customers can also benefit from Device Warranty and Extended Warranties by paying an amount starting from €199.

Apart from that, the company earlier this month entered into a partnership with Asus India to become the main sales channel in India. Paytm has also earmarked around $30 million for setting up Point of Sales (POS) for all Asus stores across the country, through which dealers will be able to sell Asus products both on the online platform and at offline stores. The POS facility will help retailers manage inventory using Cloud Technology, and act on all data including stock, orders, payments and offers. This latest deal follows the company’s other tie-up with fashion brand Red Tape, in February this year. As per the agreement, all offline outlets of Red Tape products will have Paytm Mall QR codes. This will help customers browse and order Red Tape products through the Mall app so that the items are delivered in minimum time by Paytm’s offshore partners. Customers can also physically collect their selected products from the stores.

With these new partnership agreements Paytm will enable its retail partners to effectively provide all targeted facilities to their customers. The company aims to collect at least a quarter of its total revenue from its offline and online partners by implementing these strategies.

Paytm specifically aims to upgrade the Electronics Category for its e-commerce website, as this category is crucial to succeed in the online shopping industry. With the new features out, they are expected to make significant progress in the Electronics and Smartphone categories, for which Amazon and Flipkart are already fighting to gain more market share.

Paytm’s Chief Operating Officer, Amit Sinha, said in a press release that, Paytm aims to recreate the trust and confidence of a neighborhood store for its customers through its online platform and plans to introduce more affordable shopping options soon. do He also added, “I believe these services have the potential to disrupt the offline retail economy by democratizing access to technology and helping trusted retailers offer more value for the same price.”

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