Leading provider of smart payment solutions, Innoviti, today announced the launch of ENGINEERING, india first smart marketing app for local mobile resellers in Telangana and Andhra Pradesh. Guarding the interests of the mobile reseller community who have faced the onslaught of the line, particularly during the ongoing COVID-19 pandemic, GENIE is designed to bring customers back online to retail stores.
The COVID-19 pandemic has triggered a significant shift from offline to online, affecting the activities of local retailers of mobile and sustainable products. Consumers have also been affected by pay cuts, job losses, and need affordable IME plans to buy productivity tools. With GENIE, Innoviti aims to jumpstart merchant sales and drive growth by attracting more visitors, more conversions and more profits, while helping consumers access affordable EMI plans.
GENIE offers three benefits to local cell phone resellers to help them combat this impact: 1) An additional 0.5% to 1% margin on each sale of branded cell phones. This helps them increase their profits, 2) provides them with a GENIE EMI wallet that they can use to provide customer with zero cost EMI on any product. This helps them convert more sales by increasing sales, and 3) provides instant GENIE discount coupons on over 110 bank credit / debit cards that they can use to attract more customers thus increasing appointments. .
In February 2021 Thanks to GENIE, local mobile traders in Bengaluru and Mysuru increased their average monthly sales by over 23%. The product has already amassed an impressive market share of over 55% of the major high-value mobile merchants in these markets, which is expected to increase significantly as the markets open up after the COVID-19 lockdown.
12% of the main mobile retailers in Andhra Pradesh and Telangana have already pre-registered for GENIE terminals and Innoviti hopes to gain a leading market share in these markets by September 2021. Innoviti is committed to rapidly expanding GENIE on AP and Telangana, then on the other side India. The goal is to reach 100,000 local mobile resellers pan-India through Sep 2021.
Ms. Amrita Malik, Co-Founder and CBO – New Business Initiatives, Innoviti, said, “Local cell phone dealers offer the touch, feel and confidence to consumers when selecting their electronic products. They educate them, guide them. However, at the end of the day, they lose the consumer online simply because they don’t have the digital tools to create and deliver better deals. We have worked with banks and brands to provide local mobile resellers in Andhra Pradesh and Telangana with better deals than are available anywhere.
We believe that GENIE will help SMEs to boost their fortunes through the use of better technology.
Innoviti treats more US $ 10 billion payments with over 76% market share in the Enterprise merchant categories. The company now wants to bring the benefits of digital technology delivered to businesses to SMEs, providing them with a level playing field for better competition and faster and easier growth than otherwise possible.
Innoviti is supported by renowned investors, including Bessemer Venture Partners, United States, FMO, Netherlands, and Catamaran, India.