Tata Sons chairman N Chandrasekaran said on Thursday that Tata New, the group’s ambitious digital bet, is based on an open architecture that will also allow offers from non-group companies.
The ‘super-app’ currently hosting group companies’ products and services in lifestyle, travel, hospitality, groceries, financial services has 2.1 million downloads since its launch on April 7, Tata Digital chief executive Pal told reporters, adding a “significant” increase in transactions. There were numbers that surprised group executives.
Chandrasekaran said the platform is based on an open architecture policy that will eventually be open to host offers from the non-Tata group. It starts with the group company, will add more group company offers in the next few months and finally, according to the non-group company host offer as well as customer feedback.
It should be noted that Neu is the first super-app of the aggregate, it will accept the choice of Amazon, which has offers from multiple vendors in neutral marketplaces, so offers a wide choice to consumers.
Citing group company BigBasket or grocery offers from pharmacies from 1mg, Paul initially said that the app already has a wide assortment of offers, but will also look at offers from other companies.
In response to a specific question on whether the platform will have offers from the largest carrier Indigo (which competes with group brands such as Air India, Air Asia or Vista), or Oberoi Hotel (which competes with Indian hotels), its president Mukesh Bansal Tata Digital has hinted. That it has already been discussed.
“Some of the examples you mentioned, we’re thinking very actively about them. In the end, the selection criteria will be that the consumer must get all the choices available,” he said.
Many of the group’s companies already have a digital presence, when it tried to push an e-commerce through Tata Cliq, from which lessons have been learned, according to group executives.
‘New Pass’, the platform’s loyalty program, is its biggest hook to get customers and make them shop more, Bansal said. At the pilot level, the Tata Group saw consumers buy a product or service, earn reward points, and then use the points to buy more. Paul called the awards program a “flywheel”, while Bonsal said that in the end, the idea is to look at the fact that at least half of customers accept offers from multiple brands on the platform.
It can be noted that in general, companies have had to sacrifice profits or burn cash for the sake of user engagement and hardly any e-commerce platform is profitable.
Chandrasekaran acknowledged that the group needed to invest in the app, but sought to allay fears that the financial metrics were on the radar.
The chairman of the platform’s sole investor group said, “We will definitely manage a lot of strong financial results, including profits and revenue.”
Bansal said currently making the product, driving busyness and making it most relevant to consumers is a priority for his company, although some investors have approached it. Ultimately, it will look at the presence of foreign investors, he indicated.
Chandrasekharan denied that it was too late to get the app together and made it clear that the timelines they had remembered had been adhered to when making such offers in the last two years.
Amid higher discussion of the problems faced by consumers and some criticism of its features, the group chairman said that all such feedback is welcome.
Paul explained that the app felt an error for three hours on launch date due to too much interest among users, but added that the app is now stable.
Chandrasekaran, who heads a group of more than 100 100 billion who had to acquire several companies like 1mg, BigBasket, etc. to create a bouquet of consumer offerings in the super-app, says the Indian economy is set to grow over time – doubling or tripling per capita income. , So the biggest opportunity is being given for the app.
Paul said the group’s ultimate goal is to ensure that every Indian consumer makes in-app purchases for all its needs, which will give it the amount it needs.