Info-tech

magicpin rolls out #SavetheLocal initiative to help offline retailers

Meenakshi Verma Ambwani New Delhi | Updated on April 01, 2020 Published on April 01, 2020

Offline discovery and rewards platform magicpin has launched a new initiative called #SavetheLocal to support retailers during the lockdown period, as the country battles the Covid-19 outbreak.

The platform has begun offering special vouchers to consumers that can be bought now and redeemed later, for a variety of products and services. At the same time, it is remitting this money to retailers’ accounts to help them generate some revenues during the lockdown period through this initiative.

Anshoo Sharma, Co-founder and CEO, magicpin, said, “We are all part of the same ecosystem and it is essential that the retailers survive this period of lockdown. Not many of them, especially the small and local retailers, have the cushion to survive this period, when they are earning zero revenues. So, given our reach on both the demand and supply sides, we have launched this initiative to help retailers tide over this crisis and earn some revenues to be able to manage some of their costs now.”

Users can buy these vouchers at a discount and also get further savings with magicPoints and can redeem these vouchers within 120 days to support their favourite local retailer. Sharma said this money is being transparently remitted to the retailers by the platform. The platform is hoping to leverage on the loyalty of consumers towards various offline retail merchants through this initiative.

Nearly 1,000 retailers have already joined this initiative and the platform said it is getting 300-400 new retailers on board every day. “We aim to get about 5,000 retailers on board across categories. We have also reached out to the National Restaurant Association of India to amplify this initiative,” he added.

“We don’t know when demand or consumer confidence will revive. So, we believe this initiative will also help build on the pent-up demand. We are also working on facilitating soft loans for retail partners,” Sharma said.

Published on April 01, 2020

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