Magicpin reports 100% annual increase in brand onboarding
Offline fashion discovery and savings platform Magicpin has reported 100% year on year increase in terms of brand on-board, as it added 1000 brands across fashion, QSR, and fine dine category.
It has also added more than 75,000 local merchants in the last 12 months, taking the total to 2,75,000 merchants and 3,000 brands till date.
80% of these merchants became transactional within the first month of onboarding and witnessed substantial growth in the same month.
As per the company, the retention rate of merchants is over 90% for a 12-month period demonstrating its long term impact of pay per conversion model.
Last 12 months also saw the hyperlocal super-app become largest seller app on ONDC (Open Network for Digital Commerce) based on the strength of its 10 million user base, SAS services of other major participants on the network and it’s Delivery as a Service (DaaS) offering for hyperlocal deliveries called Velocity launched early 2024.
“We have also become the biggest seller app on ONDC with an exceptional increase in market share across major retail markets across India, including leadership positions in major metros such as Delhi-NCR & Bengaluru in food delivery,” said Anshoo Sharma, CEO & Co-founder at Magicpin.
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