Paytm has been largely successful in setting new benchmarks in the mobile wallet industry. The brand is now looking to foray into the eCommerce industry to tap the huge potential it offers.
According to ET, the Alibaba-backed digital payments platform is looking to disrupt the eCommerce market with their own platform called Anasa. The brand has also roped in luxury brands like Gucci, Fendi, Furla and Burberry. A Paytm spokesperson, however, categorically stated that the company is not planning to enter the luxury space right now. Sources said Paytm is referring to Anasa as a first of its kind luxury mall on mobile which can provide “the right environment and market positioning to showcase luxury brands” to high net worth individuals or HNIs. According to Euromonitor International, the Indian luxury goods market is expected to double in 5 years. Growing from INR 163 billion in 2015, it is pegged to touch INR 390 billion by 2020. Paytm is looking to tap the huge potential of eCommerce businesses in the country. Last year, Snapdeal also acquired luxury fashion website, Exclusively.com that features products by some top notch designers. The fashion portal features the likes of JJ Valaya, Ritu Kumar and more. Paytm currently sells products under various categories like mobiles and accessories, electronics, men’s fashion, women’s fashion, baby kid’s fashion and toys, home and kitchen products on its website. Currently, it has more than 100 million users and targets to expand its user base to 500 million by 2020.
If you love shopping for luxury brands, the new eCommerce portal can be your one stop destination. From validating authenticity of the high range transactions, when you come to think of it, the problems with luxury brand shopping are numerous. However, such developments suggest that the case was very similar when online shopping was introduced in India. People were ambiguous about the services that these eCommerce companies provide. Over a period of time, the eCommerce sector has boomed & provides services they promised along with gaining the trust of Indian buyers. Paytm itself has 100 million users and targets to reach 500 million by 2020. This rate of growth indicates that Indian buyers are ready for the developments in online shopping. Other bigwigs in the online luxury shopping include Darveys and RocknShop. Both the platforms have been largely successful in catering to the eCommerce loyalists. India is still nascent in the luxury market. The eCommerce company backed by Alibaba for digital payments currently sells products under categories like mobiles and accessories, electronics, men’s fashion, women’s fashion, baby kids and toys, home and kitchen on its website. Anasa, being labeled as the ‘first of its kind luxury mall on mobile’ will offer products from luxury brands like Gucci, Burberry, Fendi, and Furla. Other well-known brands will be added soon. It will supposedly be “the right environment and market positioning to showcase luxury brands” to high net worth individuals or HNIs.