Strong need for a reward currency for direct to consumer brands: e-Commerce enabler POP
e-Commerce enabler POP says it expects to expand its rewards coin user-base to 8 million by the end of next year, from 1.5 million at present led by new launches of e-commerce marketplace and payment instruments lined-up. In addition, more than 1000 brands are expected to issue and allow redemption of POP coins on their e-commerce websites by the end of 2024, it said.
“We will be launching payment instruments which will be integrated with the POP app that will accelerate earning of the coins. These will allow users to buy from over 1000 new age brands across multiple categories of fashion, beauty, food, home and electronics for all their lifestyle needs,” said Bhargav Errangi, founder and chief executive officer of POP.
Since its launch in early May this year, the company has already roped in 100 brands on its network, offering its rewards currency POPcoins and replacing traditional loyalty programs and points system.
POP’s currency can be redeemed across various brands, similar to an alternate form of payment currency during shopping.
The company said Indian Gen-Z consumers are aspirational and are constantly looking to upgrade their lifestyle. Being digital natives, they will become the primary drivers of online retail consumption in India in the next decade.
While they are open to trying new-age internet first D2C brands and often buy from multiple stand-alone brand websites, these online brand-stores have their own individual loyalty programs which are unstructured and difficult to comprehend.
“There is a which helps these customers avail benefits across their favourite brands without having to go through individual loyalty programs.
