In recent years, the global economy has been growing at an exponential rate. Much of this growth has been centered upon the rising prominence of e-commerce platforms and the business-to-consumer (B2C) business model.
E-Commerce is the process whereby buyers and sellers engage online with each other with the aim of exchanging goods or services for a mutually agreed monetized amount. The majority of the e-commerce platforms available online follow the business-to-consumer (B2C) business model, where the goods/services are exchanged directly with the target customer thereby eliminating the need for a middleman.
The gamut of e-commerce doesn’t only extend to the exchange of only physical goods – the term also covers the provisioning of services to clients in exchange for a fee and this transfer of the agreed monetized amount is completed through electronic channels.
The process flow for a typical e-commerce platform is given below:
- Potential customers browse through a catalogue of products or services listed online (normally on the website of the e-commerce retailer).
- Once a final choice has been made, the customer will check out from the e-commerce site through a payments process which is handled electronically. Security protocols are in place like the use of a SSL connection and data encryption to make sure that sensitive data (like credit card information) are not lost to outside channels.
- The retailer receives the confirmed order from the client (along with the payment details) and starts the order fulfillment process which will involve the shipment and final delivery to the shipping address (in the case of physical goods).
The benefits of e-commerce to the customer are given below:
- The buying process is faster and easier requiring no physical visits to a brick and mortar location.
- Easier to make a more informed decision by comparing multiple products according to different metrics like price, delivery time etc.
- Availability of lower prices where any cost savings are passed on by the retailer to the consumer.
From the perspective of the retailer, E-Commerce provides the following cogent benefits:
- Reduced costs of operations can be passed on to the consumer in the form of lower prices. Cost savings are made through less paperwork, minimal data entry and the fact that a physical brick and mortar location (which was customer facing) no longer needs to be maintained.
- The E-Commerce platform enables the retailer to reduce the lead time required to get the product to the customer and enables the retailer to augment supply chain dynamics.
- Enhanced product/service portfolio maintained online which can tap into a much wider customer pool which is not just localized.
Paytm is a premier Indian e-commerce platform which was setup to tap into the vast market which denotes the Indian subcontinent. In its nascent stage, Paytm started off with the provision of a mobile recharge and utility bill payment service. The platform has grown by leaps and bounds since then and provides a full spectrum of marketplace services to an ever growing customer pool.
In terms of client outreach, Paytm has a customer pool of more than 100 million users and is a wholly owned subsidiary of One97 Communications.
To bring in new customers on a daily basis, Paytm creates promotional events which run on any given day. Paytm offers today extend over a wide range of both goods and services, all aimed at saving valuable bucks for the consumer which can be put to far greater user.
Paytm Sale refers to frequent “Flash Sales” held by the e-commerce player where huge discounts are on offer for a very limited period of time. In some cases, buyers can benefit from a 70% rebate extended over a vast product portfolio covering accessories, footwear, watches etc.
Paytm Coupons are also available on the e-commerce website. These can be purchased at discounted prices and redeemed against a wide variety of channel partners (providing both goods and services).
Paytm Offers cover a wide spectrum of verticals like:
- Mobile Recharges & Bill Payments.
- Fashion, Electronics and Lifestyle Products.
- Travel Booking like Buses, Taxis etc.
- Hotel Bookings and Reservations.
- Entertainment like Movie Ticket Bookings.
- Recharging Paytm Mobile Wallet.
- Recharging Direct to Home Services.
Paytm Recharge Offers cover both prepaid mobile recharges or postpaid bill payments. A variety of different plans are on offer which presents significant savings for the end user.
Paytm Cashback is also another unique promotional drive being undertaken by this major Indian e-commerce player. As an example, a flat 70% cashback offer is in place for any customer going in for the purchase of ethnic Indian clothing. This will help drive up customer traffic since potential buyers stand to gain a significant monetized amount which could be used for other purposes.