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Online shopping has become a new norm. Even it is so fascinating shopping online. Because online shopping has become seamless and technology make even better.
E-commerce giants like Amazon and Flipkart are gaining a lot of users. Besides, internet penetration and adoption of smartphones are on another level.
People are obsessed with online shopping these days. Because e-commerce site provides a lot of attractive discounts.
Due, to the big companies’ supreme power, now small retail shops are suffering a setback. Because they can’t provide huge margin discounts.
So small business enterprises are facing a tough time in their sales. Even going online is not a big task nowadays. But providing discounts and cashback is impossible for small shops.
Now people are getting used to online shopping. Now online shopping has instant returns and money-back schemes as well. So, people are accessing the best customer experience.
Therefore, small companies have to deal with the situation. To, tackle the problems of small enterprises, Magicpin provides a supper tool.
From the Magipin startup, now small shops and enterprises seek opportunities to sell online and provide discounts.
So, here one will get to know the Magicpin startup story. Even now it is empowering small businesses.
Magicpin is an Indian company, provides discounts and rewards to users on shopping. In simple words, it is a social reward platform.
This startup ties up with small businesses and empowers them to give cashback and discounts. Now, any store can give discounts like any other giant e-commerce company.
Magicpin making a strategic move in partnering with small businesses.
It is from its behalf gives discounts on the products and helps the small business to grow. So, Even Magipin userbase is also increasing rapidly.
Anshoo Sharma and Brij Bhushan are the founders of Magicpin. These founders are making the business scale up and providing users with the best services.
Magicpin startup, as growing at a rapid pace. Even users are also getting high rewards and discounts on the products. Here, users can get the products from their nearby stores.
Till now, Mapgicpin startup has a presence in over 50+ cities across India. Major cities are Bangalore, Mumbai, Gurgaon, Noida, Jaipur, Chennai, and Ahmedabad.
Even the Magicpin app has now 5 million downloads. So, it is a clear indication that it has a huge user base.
It has a partnership with over 1.5 million merchants. So, the startup is empowering small businesses with supreme services.
Even now the Magicpin startup claims that has reached a Gross Merchandise Value of over $ 1 billion. So, Magicpin Startup is getting traction from the users.
Also Read: Zomato success story
Magicpin startup story
Every startup aims to bring good and positive change to society. Even it strives to drive technology into the businesses.
So, Startups are now trying to leverage technology in local businesses. To, empower them with the technology.
Even Anshoo Sharma and Brij Bushan aim at establishing a technology-driven business.
Both Anshoo Sharma and Brij Bushan were former partners who were working in the Lightspeed India and Nexus Venture Partners.
So, they had exposure to traditional businesses working and operations.
Now every business needs an online tool to increase its sales and brand recognition. Even, users too are more comfortable in exploring products online.
So, it has become a necessity for every business to come online. It was a massive task for the small retailers to come online. The major problem was not able to provide discounts on huge margins.
Hence, these are the major problems were faced by small business owners.
Ultimately, Anshoo Sharma and Brij Sharma were aware of the pothole in the small retail business. So, they build the platform Magicpin to provide a common online platform to sell online.
Also Read: Zomato Success Story
Initial stages: Magicpin Startup Story
Magicpin become the platform for all small businesses to sell their products at discounts and offers.
Here Magicpin bears all the discounts and offers. Because here, the platform tries to capture the market with a strategy of discounts.
Magicpin allows the users to share their reviews about the places which have tied up with the platform.
So, then others will be aware of the places. Many users will get coins by sharing the reviews of the place. Even coins are rewarded to the users who made a purchase in the shop as well.
Simply, the users have to upload the bill and then get the coins accordingly. From the coins, users can get many discounts and offers in any Mapicpin partnership shop.
Here Magicpin is helping other businesses to grow. Even the platform is bearing discounts and offers. So, because the users will get used to the cycle and always shop at the Magicpin.
In this way, Magipin brought new hope and business opportunity for small businesses.
If want to know how Magicpin makes money. Follow the next section ” Magicpin business model”. So, here Magicpin startup story is so inspiring and impacts a lot of entrepreneurs.
Magicpin Business model
Magicpin is a social rewarding platform. In other words, its acts like a marketplace business model.
In the marketplace business model, sellers from all the cities and states are made available their products on the platform.
Amazon and Flipkart are the best examples of the Marketplace business model. Here, Amazon of Flipkart made their platform available for the sellers.
So, that seller will get the business opportunity to boost up the sales. Finally, of each, Amazon or Flipkart will charge a certain amount of commission.
In the same way, Magicpin earns through the commissions. Here there are a lot of Challenges to the Magicpin startup.
Because Magicpin is the one who bears all the discounts that are provided by the different partner’s shops. So, the Magicpin startup is burning their cash heavily.
Magicpin Business strategy
Here, everyone will be in a confused state why Magicpin is spending crores of rupees to promote other businesses.
There is a huge business opportunity behind the actual scenario. If the users of Magipin shop from their platform with a lot of offers and discounts.
Mainly, the users will be happy. So, the users will become a loyal customers to the Magicpin. Even everyone knows happy customers will spread the deals of the Magicpin platform proudly.
Then there will be an unconventional way of marketing for the Magicpin. Here Magicpin is not wasting a single rupee in advertisements or in any kind of marketing.
Magicpin offers and discounts are the tools for their marketing in an indirect manner.
Further, more customers will urge to shop via Magicpin. Then Magicpin platform gets more prominence. As a result, every merchant will be happy to partner with Magicpin.
Ultimately, Magicpin demand will surge in an unprecedented manner. So, now Magicpin will become the market leader of the social rewarding platform.
Then Magicpin will get the power to charge more commission on the products. Even a slight variation in the discounts margin will not make a huge difference.
Consequently, Magicpin will get more revenue from the commissions. So, this is the ultimate strategy of the Magicpin startup story.
In this way, Magicpin is promoting small businesses in India. Even they are also providing services like logistics and online delivery services.
So, Magicpin is getting prominence gradually. With the rise of internet users, even the company has a huge opportunity to build a multi-billion dollar business.
Magicpin startup story will influence the entrepreneurs to build successful businesses with unique ideas.