About Company
Paytm is an Indian E-commerce website headquartered in Noida, India. It was launched in 2010 and is owned by One97 communication. The firm started as a mobile recharging, adding bill payment and E-commerce with products similar to businesses such as FlipkartbAmazon.com, Snapdeal. In 2015, it further added booking bus travel. Paytm also launched movie ticket booking by partnering with Cinepolis in the year 2016.
Paytm was founded by One97 communications in 2010 as a prepaid mobile recharge website. Paytm is an acronym for Pay Through Mobile. with all mobile version background like Android , Windows, Ios apps.
In 2014, the company launched Paytm Wallet, which is like a bank that we can deposit our money and we can use that money to buy any product.
Vijay Shekar Sharma is the founder of Paytm. In 2015 Ratan Tata made personal investment in it. Alibaba has also invest in Paytm. Alibaba holds 25% stake in One97 as a part of strategic agreement. In 2016 paytm borrow 300cr from ICICI Bank as a Working Capital.
Paytm Has also collabrate with IRTC with help of paytm we can now book train ticket also.we can also book bus ticket with help of paytm.
Paytm has also being title sponsor with BCCI.
Business Objective
Paytm is the consumer brand of India’s leading mobile internet company. They strive to maintain an open culture where everyone is a hands-on contributor and feels comfortable sharing ideas and opinions. Paytm team spends hours designing each new feature and obsesses about the smallest of details. Paytm approach is simple – to design something that LOVE to use ourselves. Therefore they listen and take the time to understand users and take their reactions most seriously.
The world is increasingly mobile: people want access from wherever they are, whenever they need it. At Paytm, you have the option of recharging and shopping from whenever, anywhere and are equipped with a secure online wallet called Paytm Cash.
The company is currently dealing in mobile and DTH recharge, Bill payments, Bus tickets, Data Card Recharges, E-Commerce marketplace, Payment Gateway, Paytm deals and coupons.
Strategy Adopted
Paytm use two strategies behind these discounts/cash backs
- Kill the competition – PayTm is doing very similar to what Ola cab did. Offer huge discounts and force the competitors out of business. Once they acquire major share in market they will start selling at market price or even higher price.
- Make people use their wallet service – over net banking and credit cards – Consider the e-commerce platform as a tool to fill the online wallets. All discounts and cash backs offered by Paytm are credited to users wallet as Paytm cash which can not be withdrawn. This is a little trick to make people use their wallet service again and again. This looks like a long term strategy, micro payments are around the corner and if PayTm succeeds in this game they can be a big player in micro payments earning smaller percentage of processing fees for every transaction on wallet. Something very similar to visa and master card.
Results Achieved
Paytm has won many award and achieve many things in just 5 years.
- Paytm won NDTV Digitizing India awards for Disruptive digital Innovator.
- Paytm Apps get featured in apple apps store’s Best of 2014 in Mobile /DTH Recharge shopping category.
- Paytm won gold medal for faber Best mobile wallet.
- Paytm won Best Start Up of the year in 2012.
Learning
With the help of social media, Paytm managed to reach a huge proportion of their target audience, increased brand awareness and engagement, and increased intent to buy & Sell Product through website. What’s more, a huge proportion of this success can be attributed directly to the use of social media and, above all else, YouTube.
The marketing team at Paytm understood their audience and marketed for them, not simply to them. This has eventually proved to be the most successful step taken.
With help of Paytm The local store can also sell there product through paytm. Paytm helps in there business.
However, nowadays everybody has been addicted to find sell or buy product from Paytm. Paytm has make people crazy.
Image Credits: Paytm
