Category: Featured News

Snapdeal has released a new “brand stores” concept for mobile businesses.

India’s largest online shopping site, Snapdeal, has just announced the launch of its “brand stores” concept, which will give retailers the opportunity to create their own e- and mcommerce store on the company’s site.

This is expected to boost sales by 50 percent over the next year.

The company has set a goal of approximately $120 million (Rs 600 crore) in revenue for its current fiscal year. However, at the same time, it has high hopes for its mcommerce results, believing that about half of the purchases that will be made on the website will have been made through the mobile platform within the upcoming two years.

The Snapdeal brand store works to help many offline and local retailers to step into mcommerce.

It gives those businesses the opportunity to reach the rapidly growing number of online shoppers. According to the CEO and founder of Snapdeal.com, Kunal Bahl, “Brands will be able to decide the look and feel of their page, customise product selection, manage promotions and exclusive launches.”

Though the companies will be able to take part in the brand stores part of the website for free, according to Bahl, there will be a revenue-share model that will be based upon the sale of the goods.

Currently, there are approximately 3,000 businesses that are already taking part in the brand stores element of the Snapdeal website. The company is also in negotiations with around 2,000 more businesses, which they hope will “be onboard soon.” Bahl stated that “We plans to have 10,000 brand stores in the next 12 months.”

Snapdeal is viewing the brand stores as a concept that brings with it a very large opportunity in both e- and mcommerce. Bahl added that he believes that the concept will only continue to grow, and with it, innovations will build alongside. He stated that a number of brands, including those that are quite big, have not yet established their own online presence. Many don’t have the capability or the in-house expertise for the back end operations of such a venture, such as the payment requirements and the logistics. It is in this space that the company is hoping to make the biggest mark.

NFC technology to be part of new service from Communication Federal Credit Union

With more than 50,000 members across Oklahoma and Kansas, the Communication Federal Credit Union is looking to adopt new technology to provide better service to customers. The organization has announced its partnership with Tyfone, a mobile financial service provider. Through this partnership, the Communication Federal Credit Union will now be able to offer customers new mobile banking solutions that are based on NFC technology. This technology is expected to help streamline banking and provide consumers with a way to make transactions using their mobile devices.

Tyfone platform leverages capabilities of NFC

Tyfone has developed a multi-mode mobile banking service that leverages the strengths of NFC technology. The service includes everything that consumers have come to expect from online banking products, but also acts as a mobile wallet. A mobile wallet is an application that stores a consumer’s financial information for use by a mobile device. This information is used alongside NFC technology to facilitate payments from a mobile device. The Communication Federal Credit Union believes that the Tyfone service will help it deliver new mobile banking technology to consumers.

NFC surrounded by controversy

Though NFC technology has been getting a great deal of attention for its uses in commerce, it has also been shrouded in controversy. Security experts have warned that NFC technology is susceptible to exploitation. Normally, this would not come as a surprise considering most technologies are often targeted by hackers. NFC technology is most commonly used in commerce, however, thus creating a significant problem for consumers and potentially putting their money at risk.

Companies favor infrastructure over security measures

Mobile commerce is an industry that is growing at a rapid pace, but there have yet to be any measures taken to ensure the complete protection of a consumer’s financial information. The companies investing in NFC technology have made efforts to bolster the security of mobile payment platforms, but their efforts have been limited. Many of these companies have chosen instead to embolden the mobile commerce infrastructure in order to allow more consumers to participate in mobile payments.