– Entertainment segment drove maximum transaction value from January to March 2022, followed by rentals (500%) and electronics (361%)
– Simpl believes key segments such as entertainment, electronics and essentials including foods and groceries will continue to drive transaction volumes for the rest of the year
New Delhi, May 11, 2022: Simpl, the market leader in 1-tap checkout, has recorded the highest growth of over 700 percent from the entertainment segment during the period of January -March 2022. Increase from rentals recorded the second-highest growth with 500 percent, electronics at 361 percent and e- commerce/marketplace at 300 percent during the same quarter.
Commenting on the growth trajectory, Nitya Sharma, CEO & Co-Founder, Simpl said, “We have achieved these high volumes on the back of strong consumer demand. This has encouraged us to add new verticals to our existing product portfolio attuned to evolving customer expectations, changing merchant requirements, and dynamic market scenarios. We are committed to capturing new growth opportunities through a delightful customer-merchant payments experience.”
During the January-March quarter, other segments that reflected good growth were services, followed by travel, fashion accessories, utility, and apparels. The gifting segment also performed well along with domains such as commute and beauty and wellness during this period.
Simpl believes that consumer-demand-driven domains such as entertainment, electronics, foods, groceries, pharmacy, health & wellness, and essentials will continue to drive transaction volumes in 2022. India’s leading pay later company will focus on product expansions and feature extensions along the value chain to enhance the payments experience for stakeholders.
User experience, trust, and speed continue to remain the three fundamental friction areas in e-commerce. Simpl is reimagining how online payments can be seamless and frictionless, enhancing the final consumer experience. It’s relentlessly working towards building a suite of new merchant and consumer-facing products to enable zero friction commerce experiences. Simpl has over 20,000 Merchant partners in its portfolio, including leading entertainment partners Viacom18, Gaana, Nee Stream and Sun nxt. Other key partners in the rental space include Coho, StanzaLiving, StayUncle, NestAway and WeWork. In the electronics segment, key partners consist of Boat, UniStore, OnePlus, Philips and Reliance Digital. Over the last quarter, Simpl forged new value-centric ties with several prominent brands including Abhibus-Ixigo, Supr Daily, Purplle, Superkicks, Tendercuts, Bizrise and CROCS.