Alibaba recently unveiled new additions to its Taobao mobile application, a move many experts said suggests Alibaba wants store owners to run their online shops entirely through their smartphones. Now, fellow eCommerce platforms seem to be following in the footsteps of the Alibaba trend-setter.
Mobile wallet service PayTM, based in India, revealed Monday (April 27) its new mobile commerce mobile app M-Commerce that works on the same zero-commission business model used by Taobao. That’s no coincidence: Alibaba is a shareholder in PayTM parent company One 97.
PayTM’s new mobile tool reportedly allows online sellers to restock their own inventory and fulfill deliveries by themselves. Reports said that the company is planning to strike relationships with leading logistics suppliers to bring their services to PayTM’s online merchants.
According to the company, PayTM expects to surpass the $2 billion revenue mark, with half of that rate stemming directly from the M-commerce marketplace.
The new app emerges in the same month the company announced surpassing the 50 million mark for mobile wallet users, and the company expects to hit the 100 million mark sometime this year.
Amazon pumped $575 million into One 97 last February as the company pursued stronger eCommerce ties with India. The investment landed Alibaba with a 25 percent share in the company. Alibaba founder Jack Ma traveled to New Delhi at the end of last month to meet with India Prime Minister Narendra Modi. The two discussed the role of B2B eCommerce in the nation, reports said, with Ma acknowledging India’s role as one of the strongest eCommerce players in the world today.