Pay Later, a micro-credit offering of Flipkart, has garnered a lot of attention from buyers. The e-commerce giant is planning to expand its credit offering, targeting a 2X growth over the next six months.
Flipkart Pay Later offers credit solutions to buyers on the e-commerce platform. It is a 30-day credit product that does not have an interest fee. The company claims that it offers bank-grade security without an OTP for most transactions. Additionally, it has end-to-end digital KYC, a checkout process for items priced up to Rs 10,000, and a single-click payment mechanism that makes purchasing a low-cost item easy.
At present, there are over 2.8 million customers who have adopted Flipkart Pay Later and have made over 42 million transactions on the platform to date. Owing to the growing reliance on digital payment, Flipkart Pay Later has seen a 70 percent adoption rate among customers at the time of check-out and plans to cross the 100 million transaction benchmark by the end of the year.
Ranjith Boyanapalli, Head, Fintech and Payments Group, Flipkart, said, “As a homegrown platform, enabling accessibility and affordability for customers is at the heart of all our offerings. The success of Flipkart Pay Later so far has shown the benefits that the construct is able to provide to millions of customers and made us confident of its market-readiness for much wider adoption, both on and outside Flipkart Group's platforms.”
“By expanding the offering, we want to enable the customers across the country to fulfill their shopping needs in a seamless and hassle-free manner,” he added.
Further, Flipkart Pay Later has seen an increase of over 50 percent in the number of registered users as of July 21 in comparison to the previous year. Customers have used the offering mainly for purchases across categories of beauty and general merchandise, home, and lifestyle.
WoodenStreet, a prominent home furniture and decor brand in India, has exhibited significant growth, boasting approximately a 50 percent increase in margins compared to the previous year. Founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti, the Rajasthan-based startup recently announced remarkable growth for FY22-23.
The company achieved a revenue of approximately Rs 200 crore for FY22-23 and has set an ambitious target of Rs 500 crore for FY23-24, signaling its determination to further expand its operations.
WoodenStreet has been maintaining a consistent annual growth rate of 60-65 percent in India since its inception. Notably, the company's margins surged by 50 percent compared to the previous fiscal year, and it has managed to maintain a positive EBIDTA of Rs 8 crore, highlighting its operational efficiency.
In an era dominated by digital platforms, WoodenStreet has successfully balanced its online and offline presence. The company has opened more than 45 new stores in the last 12 months.
WoodenStreet has strategically expanded its physical presence over the years, with over 90 Experience Centers throughout India and warehouses and R&D Units covering an extensive area of over 20 lakhs sq ft.
Lokendra Ranawat, CEO of WoodenStreet, stated, "As we set our goals for FY23-24, we're excited to introduce innovations to consolidate our market position further. Our commitment to investing in new stores remains unchanged, and we plan to open 300 stores in the next 24 months. Our growth story in FY22-23 is more than just an economic achievement. It's a validation of our continuous efforts to innovate, grow, and, most importantly, to serve our customers better each day."
To diversify and enhance the customer experience, WoodenStreet is introducing two new sub-verticals this year, namely Earthy Threads and Lightstreet. Lightstreet aims to revolutionize home illumination by offering functional and aesthetically pleasing designs. Earthy Threads, on the other hand, is venturing into the realm of soft furnishings, combining traditional artistry with contemporary sensibilities.
As WoodenStreet embarks on another fiscal year, it is evident that the brand is not merely pursuing numerical growth but is on a mission to redefine India's furniture and home decor landscape.
Founded in 2015, the brand presently operates over 90 experience stores across India and maintains a network of more than 350 delivery hubs, offering a vast selection of over 30,000 home furniture, decor, and home furnishing products.
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