Tiêu đề Amazon Ace_Winning One Pager.pdf ✅

1 Team Name: ACE (Accountable, Creative, Efficient) Date: 18 th 1 Aug, 2022 2 EXECUTIVE SUMMARY 3 “You know it, you have it, you use it” - This summarizes the target solution identified after analyzing the key challenges facing 4 Amazon Pay in expansion of Online Merchant transactions. The problem identified is the awareness about features offered 5 by Amazon Pay among the prospective customers and the habit of using competitor’s products. The devised strategy to 6 approach this problem is a blend of experiential marketing and incorporation of new features in the application. The proposed 7 solutions are based on data collected through market survey conducted and several secondary resources, and have been 8 evaluated through a short term as well as long term perspective. 9 10 1. OBJECTIVE 11 To aid Amazon increase Amazon Pay’s market share in UPI transactions under Online Merchant payments category, making 12 it digital India’s go-to partner for online transactions and to determine the customer segments to be targeted. 13 14 2. SCOPE 15 The study focuses on identifying the gaps in marketing and customer experience, with the scope limited to operations in 16 India. The suggestions and implementation of short term and long-term measures are aimed at increasing the payment leg 17 of online merchant applications. 18 19 3. METHODOLOGY 20 The hypothesis is that in order to increase the market share under Online Merchant payments category, the solution is based 21 on both primary as well as secondary research. In primary research, a market survey was conducted considering respondents 22 representing various demographic segments - age, income and city (metro/non-metro). This research helped to determine 23 the customer pain points while using Amazon pay. Secondary research was used to analyze the current market scenario of 24 UPI led transactions relative to competitors. 25 26 4. RECOMMENDATIONS 27 4.1 Strategy 28 With digitisation, the volume of UPI transactions in India has increased to Rs. 84.17 trillion in FY’22, while the share of Amazon 29 Pay is just 1.3 % (Source: NCPI). According to the data collected from respondents, 45% were already registered for Amazon 30 Pay feature and were aware of its broad functions. However, only 9.52% were aware of the specific features offered by 31 Amazon. Further, another gap that needs to be bridged is the habituality of users developed with other payment apps, that 32 is preventing them to use Amazon Pay as the primary mode of UPI transactions. This can be achieved through incorporation 33 of incentives to initiate the shift and marketing the benefits of the product. 34 35 4.2 Execution 36 With the recent rise in digital payment landscape, the early adopters are the people aged 18-40. They form the working 37 population and are ready to explore new avenues. Moreover, the population with income greater than 3 LPA, forms the major 38 customer segment for Amazon app, hence, it would form the primary target segment. To further accelerate the customer’s 39 journey down the funnel, the following suggestive measures can be implemented: 40 41 4.2.1 Kiosk Set-up 42 Shopping complexes and malls have a footfall and higher frequency of visit by the target demographic segments, with 92% 43 of the visitors belonging to the target income group. Hence, the goal of setting up kiosks in shopping malls is to serve two
2 Date: 18 th 44 Aug, 2022 45 purposes - user attraction and retention. The idea is to set up Amazon Pay kiosk, essentially, a digital stand that allows users 46 to interact with a touch screen and play engaging and rewarding games, at multiple hotspots. 47 The charge for entering the games at kiosk would be minimal (e.g., Re. 1). However, this would be paid only using a QR code, 48 that would direct the customer to Amazon Pay’s application. This would be the primary CTA for a registered user with a low 49 transaction rate. The game would then result in Amazon Pay rewards, cashbacks and offers. This would enhance user 50 retention. It will offer an experience of Amazon Pay’s services and acquaint the user with the application. 51 52 4.2.2 Integration with Amazon Wishlist 53 Based on primary research, 26% of the respondents don’t prefer to use the Amazon Pay feature due to lack of awareness, 54 comfort developed with using competitors' applications, and the lack of assured rewards. 55 Amazon can launch a special reward system in which notifications will be sent to everyone who has something in their Wishlist 56 saying, “Make 10 transactions using Amazon Pay in the next week and get assured rewards”. 57 The aim here is that once a user starts using the Amazon Pay feature, he/she will realize the number of different features 58 that Amazon Pay is providing on its platform. This will help people get aware of its features and maybe help them switch from 59 their current payment facilitator. Further, altering these features and rolling out similar events will help users stay integrated 60 on the app much longer which may result in permanent user capture. 61 62 4.2.3 Relocating Amazon Pay Feature 63 Around 12% of the respondents don't use Amazon pay because they aren't aware about it. Additionally, around 77% of the 64 respondents are habitual of the payments app that they are already using. To cater to both of these problems, Amazon lens 65 should be shifted to the middle of the bottom line which appears when one opens the Amazon app as can be seen in the first 66 wireframe). UPI app users are habitual of opening the payments app, pressing on the QR button in the middle of the screen 67 and make the payment. In order to shift to Amazon pay, this point of parity must be fulfilled. (Appendix 4) 68 69 The second image shows the appearance after the Amazon lens button is clicked on. The first page that would open will be 70 of Amazon pay. But it would also have the option of searching a product through photo or looking for reviews through 71 barcode. The rationale behind the same is that Amazon pay is getting highlighted through the importance being given on the 72 bottom line which is the first thing that is seen by a customer when Amazon app is opened. But we also need to ensure that 73 any button that appears on the line has to be associated with Amazon shopping. Hence, the other two options have been 74 provided. (Appendix 4) 75 76 4.2.4 Online merchant app integration 77 Nearly 75 % of the bookings of BookMyshow is done through website version booking which has Amazon pay as payment 78 option. But the app does not have this feature. Amazon can collaborate with the online merchant to install amazon pay as 79 their payment option. 80 81 4.3 Long-term Perspective 82 The marketing strategies suggested in the previous section are focussed on increase in Amazon Pay’s market share in online 83 merchant transactions through onboarding users already registered on Amazon. However, as a long-term goal, the company 84 can target increasing the market share through non-registered users and tap into a different market segment. 85 86 4.4 Financials 87 According to the cost benefit analysis of the kiosk set-up, by spending an amount close to Rs. 5.65 lacs for metro cities and 88 Rs. 5.13 lacs per month for non-metro cities (Appendix 1), would attract approximately 37000 visitors (Appendix 2). Hence, 89 the financial feasibility of this option is established.
3 Date: 18 th 90 Aug, 2022 91 APPENDIX 92 Appendix 1: Estimated cost of Kiosk set-up Figures in INR Metro Cities Non-Metro Cities Average price of 1 standing digital Kiosk 45,000 45,000 Average rent of space in a mall 600 per sq per month 150 per sq per month Average Salary per Kiosk attendant per month 10,000 6,000 93 Figures in INR Metro Cities Non-Metro Cities Price of 10 Kiosks 4,50,000 4,50,000 Area Required in Mall (5x5 feet) 600*25 = 15000 150*25 = 3750 Total Salary of 10 such attendents 1,00,000 60,000 565000 513750 94 95 Appendix 2: Estimated number of visitors Decision: To set up 10 Kiosk all around the mall at important hotspots in order to capture maximum footfall. Assuming the mall timings to be from 10:00 AM – 10:00 PM i.e., 12 hours. Dividing these 12 hours into 3 categories i.e., High Footfall, Medium Footfall and Low Footfall. Footfall In-Time Out-Time Total Duration High 5:00 PM 10:00 PM 5 hours Medium 1:00 PM 5:00 PM 4 hours Low 10:00 AM 1:00 PM 3 hours Assumptions: Duration of visit per visitor = 5 minutes Assuming the following footfall each hour depending upon the 3 categories we divided above – Footfall Average people per Kiosk per hour Total people visiting each day High 12 People 12*5=60 Medium 10 People 10*4=40 Low 8 People 8*3=24 Total visitors on 1 Kiosk per day 60+40+24=124 Total number of people visiting the mall / using the Amazon Pay app per day = 124*10=1240
4 Date: 18 th 96 Aug, 2022 97 Appendix 3: Estimated number of visitors All data in %age Most Frequently used 2nd Most Frequently used 3rd Most Frequently used 4th Most Frequently used Least Frequently used Amazon pay 3 8 38 8 43 100 Paytm 32 29 14 7 18 100 PhonePe 13 18 26 13 30 100 Google pay 47 29 14 2 8 100 BHIM 6 4 29 21 40 100 98 99 Appendix 4: Relocation of Amazon Pay feature 100 on Amazon App 101 102 103 3% 16% 46% 35% Reason for using the app Amazon ICICI credit card Brand name Discounts on Amazon retail app Rewards and cashbacks Appendix 5: Reason for using the app 77% 2% 11% 10% Reason for not using the app Habitual of current payment app that you are using Lack of security in all online payment apps Appendix 6: Reason for not using the app