Summary
Bharatpe decided to lend some marketing muscle and became the advertising agency for small shopkeepers.
Challenge
BharatPe's goal was to win the battle of transactions and that could be only achieved when merchants would not only choose our QR scanner over others but maximize the usage daily and for higher order tickets.
Objective
In India's fintech supremacy battle, how does Bharatpe grow its share of transactions, when merchant's transactions were declining?
Strategy
While Amazon's and big malls were growing exponentially, small shopkeepers were hurting badly. Our research revealed that Small Shopkeepers were feeling smaller in front of these big merchants. While the giants had big budgets and backing to promote themselves, small merchants had none. Small shopkeepers felt that they were uncompetitive in front of these big players.
Data
While all fintech players were trying to enhance the financial muscle of small shopkeepers, but they were feeling weak against the marketing muscle of big players. Instead of throwing promos, discounts, and cashbacks, BharatPe decided to make the merchants competitive. Their inability to market and promote themselves was coming in the way of growing their customers. And hence BharatPe decided to strengthen their marketing muscle. By becoming the advertising agency of small merchants across India.
Solution
Results
BharatPe's business innovation and marketing efforts have been focused on serving the financial needs of small merchants. From its unique business model to marketing efforts to on-ground shop renovations to collaborations with NITI Aayog - it's to become the growth partner of small merchants. The results were seen from far and wide. BharatPe saw a massive rise in digital transactions outside of its top-30 cities as merchants shifted to digital payments for convenience and security. With 2.5x growth in payments and a 4x jump in revenue and a valuation of $2.9 billion, BharatPe has recorded its best-ever quarter in Q1, FY23. The results were reflected in: 1. Higher monthly transactions 2. Active merchant participation on MSMA platform 3. Merchant on-boarding
