instamojo — from laggard to leader
This is the hypothetical story of the leader in todays on demand payments platform.From selling online to receiving payments…every commerce or trading platform hinges their success on finally getting the cash.This sensitive yet critical feature of any commercial dealing is a lifeline to commerce.To enable this feature to every small medium or large merchants or sellers in a 2 minute time frame is indeed laudable.This is the story of instamojo, today India’ s largest on demand payments and ecommerce platform.
But this leadership position did not come overnight nor was it a moment of “eureka” for this group.IT started way back in 2012 when this venture was another “me too” product trying to seel goods online and take a cut for this transaction.but e-commerce is not a easy business and finding its voice in a market cluttered with big players was not easy for this group…Trying to cover the market from small to medium to large merchants needed cash burn and also a great engineering and business development Team.Now all of this could be got with the funding they received..but the product still did not catch the fancy of the users.
Hence circumstances forced this group to regroup, re-strategise, relaunch and relook at its road map quite often.with multiple changes over the years it has now got its footing in a space which users can identify as unique and as value proposition.A very quick and easy to launch payment platform.Whether small or big a very reliable and quick to access payment option between the buyer and seller for any merchant is a very good proposition for all parties, and one does not mind sharing a small 2% of the transaction for getting this value.So that is where instamojo is today.
However if i were to recommend anything for this product in the next few months it would be one feature…with millions of indians going online and many transactions getting online.why not give a unique and valuable feature to the small merchants who can then use this platform to make settlements to the amounts of Rs. 200, 300 or 500.As a new feature instamojo could make transactions of upto Rs 1000/ — free of the commission and only after a merchant crosses RS. 1000/ — value of transaction can instamojo charge its 2.5% commission.This will bring a huge base of small merchants into their kitty and with more eye balls and users newer features can be launched and there will be larger economies of scale.
below have included 2 product roadmaps of this product,1 past and 1 future.Thanks.
