Instamojo sees 5X growth in monthly paid subscribers after launch of the beta version
Bengaluru: Digital solutions provider for D2C businesses, Instamojo, has recorded 5x annual growth in enrolments of monthly paid subscribers since February 2021, the company said.
Instamojo made its entry into the e-commerce enabler space early 2021 with its digital product suite, empowering D2C brands to launch their independent online stores.
Since the launch of the beta version of the ecommerce platform in February last year, the company has seen active stores double and transacting stores grow by 3X, with maximum traction recorded from T2 & 3 cities, according to a company release.
"With small businesses owners now shifting to the digital store front, 20 percent of Instamojo’s annual revenue is contributed by revenue from the ecommerce online stores (versus 2 percent in January last year). The company currently has a merchant base of more than 2 million small business owners," it read.
In a recent e-commerce outlook study conducted by Instamojo, the platform recorded a 23 percent rise in new users logging in via phones.
The increase in internet penetration across the country has played a vital role in catalysing the digitisation of home grown D2C brands and their businesses.
"In fact, the platform recorded a 13.9 percent increase in female business owners in 2021 v/s 2020, with women now constituting 40 percent of the total online businesses on the Instamojo platform," according to the release.
Sampad Swain, CEO & Co-founder, Instamojo said: "Post the launch of the beta version of our e-commerce solutions, we received an overwhelming response from merchants. Given the positive growth of the company over the past year, we look forward to further foster the growth of DTCs and entrepreneurs online, in India."
He further added, “The pandemic continued to pose its set of challenges over the past year across verticals, however the shift in consumer behavior during this time compelling brands to rethink their business strategies to serve their customers better, had a significant impact on businesses moving online and into the DTC space. Ecommerce has been one of the fastest growing sectors and it is here to stay!”
Additionally, it is seen that 40 percent of the entrepreneurs that signed up on Instamojo in 2021 had a business profile on social media, the company said.
As more entrepreneurs and small businesses learn the benefits of selling independently online, the DTC model can be expected to catalyze business growth in the new normal.
Further, a recent poll conducted with the Instamojo seller communities found that 80 percent of them preferred selling sustainable products as compared to cheaper alternatives, the company said.
This indicates that eCommerce is not only growing but also evolving beyond transactions, it added.