Innoviti’s novel #KuchBhiOnEMI Offer hits a sweet spot with Apparel Shoppers
19 December 2019
- To combat the effects of a slowing economy, retailers across multiple product categories have been increasingly experimenting with innovative consumer credit schemes to increase affordability and payment ease for prospective buyers.
- While convenient EMI shopping offers have historically been strongly entrenched in some traditional retail categories like CDIT/white goods, their utility is now increasingly also spreading to relatively non-traditional categories like apparel and lifestyle retailers. Relatively higher ticket sizes and bunching of festival season purchases is fuelling the consumer need for EMI Offers in these categories.
- Leading payments solution provider, Innoviti recently announced that its novel #KuchBhiOnEMI Consumer Offer platform is now being successfully deployed by multiple partners from non-traditional categories including many of the leading apparel retailers in particular. Unlike regular EMI promotional offers in the market which are mostly offered across a restricted list of products or brands and for specific promotional windows only, the #KuchBhiOnEMI Offers platform works on an unrestricted basis across any brand or product on shelf, subject only to individual merchant-specific conditionalities.
- Apparel and Lifestyle retailers have been at the forefront of actively counteracting the overall consumption slowdown by customizing their own tailor-made versions of the base #KuchBhiOnEMI proposition. For example, one leading lifestyle chain recently offered customers 3 & 6 month Zero-cost EMIs for any purchase above Rs.3,000/- at its over 200+ stores nationally during this festive season. Valid across credit cards from 11 major banks, the campaign yielded a nearly 57% sales growth, with a significant proportion of those EMI-driven sales coming from first time purchasers.
- Across India Innoviti processes over US$ 6.5 bn of payments annually from over 1,000+ cities, with a throughput per point of acceptance of US$ 7,000, 2X of India’s average (as per RBI data). Innoviti provides payment solutions to merchants doing digital billing, by integrating their billing and payment operations into one seamless flow.
- Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, FMO, Netherlands, SBI Venture Capital, Singapore and Catamaran, India.
Ms. Amrita Malik, Chief Business Officer, Innoviti said::
“At Innoviti, we are always looking at new ways to help our retail partners leverage their Innoviti payment systems to the fullest extent. We see innovative consumer financing offers as a key tool that we can enable for our partners to help them navigate slowing consumption trends. The #KuchBhiOnEMI program is a great example of fine-tuning payment convenience to the specific need of consumers in the current scenario.”
About Innoviti Payment Solutions Pvt. Ltd:
For more information, please visit – http://www.innoviti.com