Paytm Mall will be investing $30 million to roll out a new inventory management solution — Paytm Mall PoS — across more than one lakh retail stores in the current year. The solution, unveiled by Paytm Mall on Wednesday, will allow retailers to view their sales, manage pending orders, customer billing, payments, among other things.
“In our country, up to 80% of offline retail stores do not have the necessary technology to manage their inventory and are not equipped to join the online commerce revolution. What we are offering is a software solution which can be used across laptops, desktops or mobile,” Amit Sinha, COO, Paytm Mall said.
The company will spend $30 million on technology development and education retailers about the solution, which will be available on a rental basis. In the first phase, it has tied up with Taiwanese giant Asus to install the solution at 5,000 of its stores by the end of December 2018.
Mr. Sinha said that currently 75,000 retailers sold products using the Paytm Mall platform. The firm plans to triple the number to 3 lakh retailers by December. Of these, Paytm Mall expects at least a lakh to be using its new PoS solution.
Currently, almost 25-30% of the sales of the platform are via the offline route. Mr. Sinha expects this to go up to 50-60% this year as more and more offline retailers are brought on board.
Paytm Mall had last month raised about $450 million from SoftBank Investment Holdings (U.K.) and Alibaba.com Singapore E-commerce.