In a bid to bring online customers back to brick-and-mortar mobile retail stores, Bengaluru-based Innoviti Payment Solutions on Tuesday launched a smart marketing app called ‘GENIE’ for the Tamil Nadu market.
The platform will help offline mobile phone retailers become much more competitive than their online counterparts by providing them with 0.5% to 1% extra margin on every sale of branded mobile phones. It will also provide GENIE EMI wallet to dealers to enable them to provide zero cost EMI to the end consumers and discount coupons of more than 110 bank credit/debit cards that the retailers can used to attract more customers and increase walk-ins.
“Local mobile dealers provide the touch, feel and trust to consumers when they are selecting their electronic products. However, at the end they lose the consumer to online platforms just because they don’t have the digital tools required to create and provide better offers,” Amrita Malik, Co-Founder & CBO - New Business Initiatives, Innoviti Payment Solutions said during a virtual press conference to announce the launch of the program in Tamil Nadu.
“We believe GENIE will help SMBs revive their fortunes through use of better technology,” she added.
Innoviti, which processes over US$10 billion worth of payments, is India’s largest provider of payment solutions with 76 per cent market share in the enterprise merchant categories. The company is backed by marquee investors including Bessemer Venture Partners, USA, FMO, Netherlands and Catamaran, India.
The company said, in February 2021, using GENIE the local mobile merchants in Bengaluru and Mysuru have increased their average monthly sales by over 23 per cent. The product has already amassed an impressive market share of over 55% of high-value mainline mobile merchants in these markets, which is pegged to significantly increase as the markets open after the Covid-19 lockdowns.
Last week, GENIE was launched in Andhra Pradesh and Telangana. “Over 6% of top mainline mobile retailers from Tamil Nadu have also pre-registered for GENIE terminals and we expect to gain a leading market share in Tamil Nadu markets by September 2021. Our aim is to reach 100,000 local mobile dealers pan-India by September 2021,” said Malik.