Today we see users burdened with so many loyalty cards that they don't even bother to carry one. Besides, merchants are charged a premium by consultants to design the loyalty programs. Clearly Loyalty market is fragmented with so many independent loyalty programs.
This is where Delhi based startup, tagNpin comes in. “tagNpin provides loyalty program as a service to all merchants on a single platform. Merchants have complete flexibility to change the rules of loyalty program anytime/anywhere as well as the liberty to pick or change loyalty partners anytime,” said Siddharth Gupta, Founder, tagNpin.
A tagNpin user need not carry any loyalty cards and they can track all their redeemable points and purchase history on the tagnpin portal. “This is not all, we have built a complete location based discovery layer on top of our platform to enable search of products and offers based on price or points,” said Siddharth.
The product development work started around 10 months back and it went through several iterations before finalizing the product. tagNpin is a mobile based loyalty program cum social media marketing platform that has the potential to unite independent loyalty programs under one umbrella.
The Indian retail business is valued at $550 billion, out of which about 4% comprises the organized sector. A Boston Consulting Group report puts the value of the organized retail sector in India at $28 billion and has penetrated 7% of the country. Over the next decade this is expected to increase to $260 billion with a 21% penetration. The Indian e-tail market is expected to become a $12 billion business by 2016. So, tagNpin is targeting a pretty huge market that can support multiple competitors with good growth opportunities.
tagNpin has a simple pay as you go revenue model. Merchants are charged on the basis of the resources used. “We have few small clients that are testing the product in private beta. Soon we plan to open the product to ecommerce as well as retail chains through multiple marketing channels. We have around 5000 registered users as of now through our partners within a short span of time,” said Siddharth.
“We want to make starting a loyalty program as easy as signing up on Gmail for small merchants. As the Indian market matures, we plan to leverage technologies like QR code and NFC to make the service even more seamless,” said Siddharth, speaking about what tagNpin plans to do in the near future.
They are in talks and have plans in place to expand through multiple channels like direct marketing, agencies and POS solution providers. There is a huge scope for a product like tagNpin to enable associated loyalty programs under one platform. Basically, anyone who sells or enables transactions is a potential tagNpin customer.
We at YourStory.in think that tagNpin is a really promising idea and we will be keenly following their progress.
To find out more about tagNpin, visit http://www.tagnpin.com/