Innoviti's BEAM scheme to boost margins of mainline mobile dealers on products of Xiaomi
BENGALURU, India, July 26, 2021 /PRNewswire/ -- Reaffirms Innoviti's commitment to bring online customers back to retail shops using its superior technology backed by its strong partnerships with leading brands
- Innoviti Payment Solutions, leading provider of smart payment solutions today announced a pioneering scheme, Brand EMI Acceleration Mission (BEAM) on its smart marketing app, G.E.N.I.E. This novel feature enables mainline mobile dealers earn extra margins on every Brand EMI transaction on Innoviti's G.E.N.I.E range of payment terminals.
- The COVID - 19 pandemic has triggered a significant move from offline to online, affecting the businesses of mainline mobile and consumer durable dealers. With G.E.N.I.E, Innoviti has been encouraging consumers to return to their neighborhood mainline retail stores for their mobile phones and durables purchases by offering them attractive instant cashbacks using GENIE coupons in addition to all the benefits like zero-cost EMIs, etc. that online sites offer to them.
- Keeping the interests of mobile dealer community who have been facing the onslaught from online, Innoviti in partnership with leading mobile and durables brands introduced BEAM to enable them to earn more profits. In addition to fueling the dealer's growth by attracting more walk-ins for them, enabling more conversions, Innoviti is now helping merchants earn extra margins on every Brand EMI sale they do on Innoviti's GENIE terminals thereby helping them make more profits.
- BEAM enables mainline mobile dealers to get sponsored by leading mobile brands such as Xiaomi. Under this arrangement, the dealer who gets sponsored by Xiaomi can earn an extra 1% margin on every Xiaomi product they sell using Brand EMI, leading to a stronger relationship between the dealer and the brand.[1] Not only this, BEAM also enables the dealers to earn an extra 0.5% margin on the Brand EMI transaction done for products of any other mobile or durables brands that have partnered with Innoviti for this initiative.
- Innoviti uses payment technology in unconventional ways to turn payment transactions into customer acquisition and retention tools for merchants, bank, and brands, by bringing them on to a common platform, and helping them deliver unique customer experiences, such as this one. Each business gets access to 3X loyal consumers at 1/3rd the cost, accelerating sales with unmatched efficiencies.
- Innoviti had raised a Series C in 2020 to further its differentiated strategy of servicing the retail market through category and segment specific products.
Quotes:
"Mainline 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 there is a better deal available there.
Since its launch, GENIE is empowering mainline mobile dealers to successfully win back the customers they lost to Online. BEAM scheme is yet another value-add brought in partnership with leading brands to help the mainline mobile dealer earn more profits on every Brand EMI sale they make of our partner brands on their GENIE terminals.
We believe that packed with unique offerings such as BEAM, GENIE solves real-world problems of mainline dealers in a conclusive manner by offering them extra margins and unique advantages. We hope that this spirited initiative will be highly rewarding to them in the long run." - said Mr. Prasad Sonavane, Chief Revenue Office - Partnerships & Alliances.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions Pvt. Ltd. is India's largest provider of payment solutions to Enterprise merchants with a 76% market share of all payments happening in this segment. It has been a pioneer in using technology to help businesses extract better value from retail transactions than anyone else. The company processes over 10B$ of merchant payments from over 1000+ cities with a volume throughput per installation that is 2X of the country's average. Bessemer Venture Partners, USA, FMO, Netherlands and Catamaran Ventures, India are investors in the company. The company has several patents filed for with two awarded. Innoviti is the winner of Mastercard's Innovation Wizards Award, Reliance's Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award in 2020. Innoviti is the only Indian payments SaaS company to be awarded the coveted SOC3 seal of excellence for adherence to principles of trust in privacy, security, confidentiality, availability, and processing of transactions.
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