PayNearby, branchless banking, and the digital network announced that its meta-commerce platform PayNearby Mall, has registered exceptionally low return rates, helping its partner brands optimise costs. The platform which enables easy availability of goods and services in an assisted mode at the last mile has generated a return rate of 10 per cent when the average rate typically ranges between 20-30 per cent.
In the last six months, over 25,000+ retailers have adopted the platform. In a time when compared to the urban and metro areas, where e-commerce penetration is high, PayNearby Mall registered a 46 per cent GTV in rural regions, closely tailed by semi-urban areas, with 45 per cent. This shift in consumer behaviour suggests that rural India is increasingly embracing the e-commerce revolution and is as aspirational as its urban counterpart. The most sought-after categories include grocery at 35 per cent, followed by mobile and accessories and clothes at 14 per cent and 9 per cent respectively.
PayNearby Mall’s innovative assisted meta-commerce model, which blends the convenience of digital commerce with the personal touch of PayNearby retailers, allows partner brands to optimise the costs associated with processing returns.
In areas where e-commerce adoption is low, PayNearby Mall allows partners to bring their products to neighborhood stores. Customers can walk into these nearby stores and with the help of the local retailer access products on an aggregated e-platform of 100+ partner sites, and shop easily for the products they need. The personalised approach of this unique model helps customers make the right decision and buy the right products, reducing the likelihood of returns due to impulsive buying or incorrect item selection.
Speaking on the development, Anand Kumar Bajaj, Founder, MD, and CEO of PayNearby, said, "PayNearby Mall's low return rate underscores the effectiveness of our approach. On one hand, our meta-commerce model empowers rural consumers by bringing the products they want within their reach. On the other hand, with our retailers offering the human touch in helping customers make informed decisions, our e-commerce partners are seeing reduced returns rates, optimised costs, and increased revenue.”