Croma Increases Share of EMI Transactions Using Innoviti’s GENIE Technology

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– Witnesses multiply in zero-cost NDEs in non-traditional categories such as cameras, computer accessories, sound systems and sustainable cooking

BENGALURU, India, 20 December 2021 / PRNewswire / – Croma, india Tata Group’s leading omnichannel electronics retailer, has partnered with Innoviti Payment Solutions, bringing Innoviti’s GENIE technology to their stores enabling zero-cost EMI when purchasing any product in-store. Innoviti is india the largest provider of payment solutions for corporate merchants.

During the holiday season, GENIE’s zero-cost IMEs have enabled Croma to help consumers shop by giving them access to credit that can be redeemed in convenient IMEs without any interest charges, even on accessories and products traditionally not available on IMEs. Croma saw same-store sales growth (SSSG) ranging from 11% to 18% across all of its stores with the help of the GENIE EMI portfolio.

An analysis of transactions made at all Croma stores revealed that the Southern region recorded the highest number. 44% EMI transactions at zero cost compared to all other regions. Interestingly, GENIE’s zero-cost EMIs have also helped drive sales of products in non-traditional categories such as hard drives and computer accessories, water purifiers, air fryers, and SLR cameras. digital. The party favors segment has also seen a boom, with zero-cost EMI increasingly used in high-end coffee makers, grinders and blenders, and microwave ovens.

In addition to laptops and mobiles, high-end portable devices have seen a resurgence with zero-cost EMI GENIEs. In the notebook category, Lenovo products had higher EMI sales, followed by Dell and HP. Sales of Mac Books on zero-cost IMEs, however, did not increase. In the category of mobile phones, Samsung and OnePlus were also the most sought after brands. Xiaomi TV has been one of the biggest highlights of the holiday season in all areas. Audio devices on EMIs have also seen adoption as BOSE, Marshal, Harman, Jabra, and Saregama Caravan were purchased using the EMI offer at no cost.

GENIE technology was previously deployed by Innoviti in all Croma points of sale in more than 60 major cities India. With GENIE, Croma customers have access to a 3 and 6 month free EMI on all debit and credit cards from Croma outlets for their purchases over Rs. 3,000 on credit cards and Rs. 5,000 on debit cards on more than 2,000 products at Croma points of sale up to December 31, 2021. For example, if the customer buys a gadget for Rs. 30,000 and benefits from the EMI scheme at no cost, they will pay Rs. 5,000 every month for 6 months. During the offer period, Croma expects a 30% increase in the current average ticket size.

Innoviti uses payment technology in unconventional ways to transform payment transactions into customer acquisition and retention tools for merchants, banks and brands, bringing them together on a common platform and helping them to deliver unique customer experiences. Every business has access to 3x more loyal consumers at 1/3 the cost, accelerating sales with unmatched efficiency.

With rapid growth in its activity, the company now processes an annualized volume of 16 billion US dollars of more than 2,000 cities. Innoviti has grown rapidly over the past year, with large companies choosing Innoviti as a partner for their future growth. With a strongly segmented product strategy for each retail category, Innoviti is today a leader in corporate offline merchants in the food, fashion, healthcare and electronics categories, processing 76% of all digital payment volume that occurs there.

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“With the continuation of work from home trends and the increase in demand for ‘smart’ devices among customers, the holiday season has seen a substantial increase in sales. There was also pent-up demand for gadgets and home appliances, which peaked during the holidays.As people move towards modernizing their homes, the demand for larger televisions, a second. air conditioner, smarter refrigerator, and gaming laptops are also on the rise, leading to larger ticket purchases and thus enticing people to opt for easy financing options This is where zero-cost EMI deals from GENIE from Innoviti have helped customers, they have made it possible to buy high-end gadgets without pinching their pockets “- said Mr. Shibashish Roy, Commercial Director – E-commerce and Marketing, Croma

Mr. Hemant Taware, Commercial Director, Merchant Ecosystem Development at Innoviti Payment Solutions, said: “At Innoviti, we’re always looking for new ways to help our merchant partners get the most out of payments and improve the shopping experience. of consumers. We are happy to have brought GENIE technology to Croma stores and to help their sales efforts this holiday season. We are delighted that several Croma customers have made ambitious purchases this holiday season in productivity, entertainment and home appliance categories using Innoviti’s GENIE zero cost EMIs.

About Innoviti Payment Solutions Pvt. Ltd.:
https://www.innoviti.com

Innoviti Payment Solutions Pvt. is india the largest provider of enterprise merchant payment solutions with a 76% market share of all payments made in this segment. He was a pioneer in using technology to help businesses get more value from retail transactions than anyone else. The company processes an annualized volume of more than 16 billion US dollars merchant payments from more than 2,000 cities with a volume flow per installation that is twice the country average. Bessemer Venture Partners, United States, FMO, Netherlands and Catamaran Ventures, India are investors in the company. The company has several patents filed, two of which have been awarded. Innoviti is the winner of Mastercard’s Innovation Wizards Award, Reliance’s Most Promising Growth Consumer Finance Award, Deloitte’s Fastest Growing Companies in Asia award in 2020 and Best Digital Payment Application of the Year in the Payments Industry Awards, 2021. Innoviti is the only Indian SaaS payment company to have received the coveted SOC3 Seal of Excellence for its respect principles of confidence in matters of confidentiality, security, confidentiality and availability. , and transaction processing.

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SOURCE Payment Solutions Innoviti Pvt. Ltd.

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