Bengaluru, NFAPost: The e-commerce platform, Paytm Mall has announced that it will start its eight-day long ‘Maha Shopping Festival’ sale from October 16. Over 5,500 brands will participate in it.
According to the company, the sale will include products from micro, small and medium enterprises (MSMEs), ‘Made in India’ brands, government-run emporiums along with international fashion, lifestyle, electronics and home categories brands.
Commenting on the company’s initiative, Paytm Mall COO Abhishek Rajan said this year company wants to empower thousands of MSMEs, artisans, Indian brands to leverage on its digital commerce platform as a potent distribution channel and give their consumers the best buying experience.
“We are bringing the best deals possible so that our users are not constrained by budget to celebrate and spread the festive cheer,” said Paytm Mall COO Abhishek Rajan.
The company will offer discounts worth up to 80% on mobiles and accessories, electronics, fashion, home and kitchen essentials. It will also give an additional Paytm cashback of up to 20% on all products.
This year’s Maha Shopping Festival would be bigger than ever with over 5,500 brands participating in the event. Paytm Mall would be accepting orders from all pin-codes across India and are offering free shipping on over 1.5 lakh products.
Besides discounts of up to 80% on mobile & accessories, electronics, fashion, home & kitchen essentials as well as giving an additional up to 20% Paytm cashback on all products, Paytm Mall offers an extra 10% cashback up to Rs.3000 on ICICI Bank Credit, Debit cards & EMI transactions. The company also partnered with ICICI Bank as part of ICICI’s Festive Bonanza offering cashback across all shopping products.
Over the last several months, we have seen over 2X growth in sales in categories including groceries, consumer durables, work from home essentials, grooming electronics, toys, and kidswear among others.
Paytm Mall is going through a restructuring journey and reported that it has succeeded in narrowing down its loss by 60% to ₹479 crore in 2019-20 on account of reduction in assortment size, cashback and promotions. The company had posted a loss of ₹1,171 crore in 2018-19.
“Every year we set out to deliver the best possible shopping experience to our consumers as well as a successful sale season to lakhs of sellers. This year we want to empower thousands of MSMEs, artisans, Indian brands to leverage on our digital commerce platform as a potent distribution channel and give their consumers the best buying experience. We are bringing the best deals possible so that our users are not constrained by budget to celebrate and spread the festive cheer,” said COO BHISHEK RAJAN.
“During the last fiscal year, we have streamlined business operations to improve our unit economics which has helped us in reducing losses by 60 per cent. Our efforts are to become profitable with hyperlocal outreach and initiatives which have already started giving positive results,” Paytm Mall COO Abhishek Rajan was quoted as saying in a statement.
The company’s total revenue for the reported financial year declined about 27% to ₹703 crore as compared to ₹968 crore in 2018-19. In the last fiscal year, Paytm Mall reduced logistics costs by relying on a strong third-party network of delivery firms, the statement said.
“The company over the last several months has done a deep analysis of the overall operations and zeroed in on elements including cashbacks, promotional campaigns, that were draining resources and increasing costs,” it added.