Paytm has 'New Retail'model for shopkeepers

One97 Communications owned Digital payments company Paytm has planned to launch a “New Retail” model to make shopkeepers technology enabled, logistics and marketing capabilities.

According to One97 Communications, under the new model, “consumers will soon be able to discover nearby pharmacies, groceries and other shops to place an order and get instant deliveries”.

“Paytm is also building P2P logistics with a rider network spread across the country which will be utilised for intra-city deliveries,” the company said in a statement.

“The company has already partnered with a large network of local shops, restaurants, pharmacies and groceries for accepting payments and will soon extend ‘New Retail’ services to them.”

Vijay Shekhar Sharma, founder and CEO of Paytm said that local ordering will hopefully form one third of Paytm orders and GMV (Gross Merchandise Value) by 2020.

The statement also revealed Renu Satti's appointment to lead the charge as COO of this new initative.

“In the past, she has built businesses ground up that include marketplace, movie ticketing and most recently Paytm Payments Bank. Renu Satti has already resigned from Paytm Paymnets Bank CEO position and the Bank will soon be recruiting a new CEO,” the statement said.