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Within a week of its launch, Tata Neu super app has recorded 2.2 million app downloads as well as 2.1 million app enrolments. The volume of transactions have been equally high, said Pratik Pal, CEO, Tata Digital.
The company is also optimistic on building its financial services vertical which will be closely linked to Neu Pass and Neu Coins. The app currently offers easy loans and will eventually venture into micro-financing, micro-insurance, buy now pay later and more.
“We are fortunate to have a brand that has a lot of trust. We have created several platforms across fashion, grocery, financial services to name a few. Tata Neu brings all of this under a single platform, bringing a lot of supremacy to the group. Our breadth of possibilities with this app includes product commerce, service commerce and especially financial services,’ said N Chandrasekaran, Chairman, Tata Sons said at the launch of Tata Neu app.
In-app brands
Tata Neu’s in-app brands include BigBasket, 1mg, IHCL Hotels, Qmin, Starbucks, Croma, Tata CliQ, Westside and Air Asia. The app is yet to list Vistara, Air India and Curefit’s services.
He added, “Our value proposition is to simplify life of Indian consumers, who are also highly aspirational. This launch is just the first phase of the app, we will keep on upgrading over the next one or two years. Neu Pass is our value proposition, we will continue to enhance the offering with new delivery models and upgrades. We have a lot of ideas and we are working on a number of categories and services. We are also innovating on the technology and will launch an AI driven personal assistant for consumers.”
The app is using an open architecture, Chandrasekaran said. This will let apps and offerings from both Tata’s stable and outside companies run on the app; while Neu Pass, too, can be extended beyond Tata brands.
Neu Pass is Tata Neu’s loyalty programme, offering rewards which can be redeemed across brands hosted on the app. Neu Pass includes NeuCoins, which can be exchanged for equal amount of INR. Members can earn about 5 per cent NeuCoins or more each they shop.
Pal said, “Tata Neu is a unique service combining the company’s physical footprint with online presence.”
According to Mukesh Bansal, President, Tata Digital, almost 10 per cent of users from standalone Tata Neu brands like BigBasket had migrated to Tata Neu initially, and that this increased to 30 per cent during the pilot phase. This is expected to go up to 50 per cent of users migrating to Tata Neu over the next few months.
“We are early in our journey. Right now, the focus is on building outstanding experience and fine tuning the product. Our strongest hook in the app is going to be the Neu Pass loyalty programme,” Bansal said.
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