Paytm’s Hi5 – A new dimension for social shopping.
This phase of digital transformation has a special reference to the word 'shopping,' and this is the area where so many Internet companies dominate the world. The intense competition between e-commerce companies offers us a wide range of user engagement programs to get the customer to their website. We've seen Amazon Prime 's campaign to attract customers not only to its current shopping site, but also to experience its verticals, and we've seen a number of similar subscription programs with a strong focus on user engagement. But this time, Paytm has come up with a different program called "Paytm's Hi5" for its Paytm mall platform, with the tagline "Shop with friends to save big!"
Paytm's Hi5 is a new shopping concept introduced by Paytm with the insights of social shopping and chain marketing. Social shopping is an e-commerce method where like-minded shoppers engage in technology platform to mimic the social interactions found in physical malls, while Chain marketing encourages consumers to refer the same product for others to benefit lump-sum discounts.
Paytm’s Hi5 offers its users a different catalog of products with huge discounts (up to 97%) with a mandatory policy of inviting your friends to purchase the same product by sharing a link. This program allows users to get involved with this platform and helps the platform to attract a new use base.
Paytm has been successful in the digital payment department, but there is still a lack of growth in the e-commerce platform. Hope this program, which has hybrid insights into Social Shopping and Chain Marketing, will also help Paytm increase its domination in e-Commerce segment.