Top News

Paytm set to join hyperlocal bandwagon

  • Electronics
    payments company and marketplace Paytm, run by One97 Communications Ltd, is all
    set to roll out its hyperlocal business within the next 10 days and expects
    more than half of its sales to come from this channel by the end of 2016, a
    senior company executive said, according to the
    Mint.
    • Electronics
      payments company and marketplace Paytm, run by One97 Communications Ltd, is all
      set to roll out its hyperlocal business within the next 10 days and expects
      more than half of its sales to come from this channel by the end of 2016, a
      senior company executive said, according to the
      Mint.
    •  
    • Image result for paytm
    •  
    • The
      hyperlocal offering, to be part of the company’s Paytm mobile wallet, will
      initially focus on food ordering, table bookings, cinema tickets, and deal in
      the neighbourhood in partnership with multiple firms, including BookMyShow, PVR
      and Zomato,  among others, said Vijay
      Shekhar Sharma, founder and chief executive officer of Paytm.
    •  
    • As hyperlocal
      becomes the next big thing after the investment frenzy in the e-commerce
      sector, both businesses and investors are seeking to grab a chunk of that
      market.
    •  
    • Japan’s
      SoftBank Corp, together with Russian entrepreneur and venture capitalist Yuri
      Milner, reportedly said it was looking to invest close to $120 million in
      Gurgaon-based hyperlocal delivery start-up Grofers.
    •  
    • Even large
      online retailers do not want to miss the hyperlocal rush. Earlier this month,
      Flipkart launched hyperlocal delivery service ‘Nearby’ that offers everything
      from medicines to groceries from stores around users. Snapdeal also bought a
      minority stake in hyperlocal grocery firm PepperTap, run by Nuvo Logistics.
    •  
    • “In the near
      future, I believe everything will be driven by local delivery… whether it is
      grocery or electronics, everything will be fulfilled by local stores around
      you,” said Sharma.
    •  
    • Paytm has
      already launched an initiative called Fastest Expert Delivery (FED) in
      partnership with The Mobile Store to deliver mobile phones within two hours.
    •  
    • “With
      shopping increasingly happening on mobile phones, consumers are expecting
      everything to be delivered instantly just like they get cabs and order food on
      their phones. We believe India will discover a new level of commerce for itself
      and an online to offline (O2O) approach will be a key driver for growth for our
      platform,” Sharma added.
    •  
    • Paytm, which
      ventured into e-commerce in May 2014, said its hyperlocal business is expected
      to generate an annualized GMV (gross merchandise value, or cost of goods and
      services sold) of $4-5 billion in the next two years. The company plans to
      invest close to $100 million over two years towards marketing and getting
      merchants on board, according to Sharma.

     

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close