Thursday, 9 July 2015

Grocery to be 2nd most transacted e-commerce segment in 1 yr: PayU

There are about 60 online grocery shopping firms and a significant number of them are using our payment gateway.
  • Representational image Agencies Getty Images
Online grocery shopping is expected to see the highest number of electronic transactions, after mobile recharge, within a year, according to data analysis by Internet-based payment facility providerPayU India.
"We are seeing many companies aggressively investing in online grocery shopping. Web portals like Big Basket, Grofers, Grocermax have cumulatively raised over US $65 million to expand their business. We expect this segment to witness 5 lakh transaction a day in 12 months from 30,000 at present," PayU India CEO and Founder Nitin Gupta told PTI.
He said industry data show that the online mobile phone recharge segment witnesses an average of 20 lakh transactions per day followed by train ticket bookings at the IRCTC website, e-commerce shopping and tours and travel booking.
"About 5% of the total transactions made in e-commerce in India on our platform are from the grocery segment. We see it rising to 35% in a year," Gupta said.
PayU's clientele list includes Goibibo, Snapdeal, Bookmyshow, Jabong, Ferns n Petals, Freecharge, Zomato, Domino's, Redbus, Rechargeitnow, Micromax and Groupon India.
He said online buying pattern and frequency are similar to those of the retail market.
"People frequently need mobile recharge. Grocery is bought in every 2-3 days. This will reflect in online shopping as well. The data is based on transactions that we are witnessing on PayU's payment gateway, PayU Money.
There are about 60 online grocery shopping firms and a significant number of them are using our payment gateway," Gupta said.
The company takes support of Ratnakar Bank to facilitate online transactions and charges 2% commission on PayU Money for every payment made.

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