Innoviti launches G.E.N.I.E, India’s first smart marketing app for local mobile retailers
- Innoviti launches G.E.N.I.E, India’s first smart marketing app for local mobile retailers to help them revive business impacted by pandemic, in Telangana and Andhra Pradesh
The Covid-19 pandemic has triggered a significant move from offline to online, affecting the businesses of local mobile and consumer durable dealers. Consumers have also been impacted with salary cuts, job losses and need affordable EMI plans to buy productivity tools. With G.E.N.I.E, Innoviti aims to revive sales for merchants & fuel growth by attracting more walk-ins for them, more conversions, and more profits, while helping consumers access affordable EMI plans.
G.E.N.I.E. provides three benefits to local mobile dealers to help them fight this impact:
1) Extra margin of 0.5% to 1% on every sale of branded mobile phones. This helps them increase profits. 2) Provides them with a G.E.N.I.E EMI Wallet that they can use to provide zero cost EMI on any product to the customer. This helps them convert more sales, increasing sales, and 3) Provides instant G.E.N.I.E discount coupons on 110+ bank credit/debit cards that they can use to attract more customers, increasing walk-ins.
In Feb 2021 using GENIE the local mobile merchants in Bengaluru and Mysore have increased their average monthly sales by over 23%. 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.
12% of top mainline mobile retailers from Andhra Pradesh & Telangana have already pre-registered for GENIE terminals and we expect to gain a leading market share in these markets by September 2021. Innoviti is committed to rapidly scaling up G.E.N.I.E. across AP & Telangana and then across India. Aim is to reach 100,000 local mobile dealers pan-India by Sep 2021.
Ms. Amrita Malik, CBO, Innoviti Payment Solutions, said, “Local mobile dealers provide the touch, feel and trust to consumers when they are selecting their electronic products. They educate them, guide them. However, at the end they lose the consumer to Online just because they don’t have the digital tools required to create and provide better offers. We have collaborated with banks and brands to empower local mobile dealers in Andhra Pradesh & Telangana with superior offers than available anywhere.
We believe GENIE will help SMBs revive their fortunes through use of better technology.”
Innoviti processes over US$ 10 Billion payments with over 76% market share in the Enterprise merchant categories. We now want to bring the benefits of digital technology provided to Enterprises to SMBs, providing them a level playing field for competing better and growing faster and easier than otherwise possible.
Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, FMO, Netherlands and Catamaran, India.