Social commerce is the next big thing in India. And Paytm has decided to enter the market with the launch of MyStore on the Paytm for Business application.
But wait do you know what social commerce is?
Those who do not know, let’s quickly understand what it is.
Social commerce is the use of social networking websites such as Facebook, Instagram, WhatsApp and Twitter as a channel to sell products and services. In simple words, you become a reseller. All you have to do is share the link of the product you want to sell with your friends and earn a reseller commission. However, some platforms allow you to sell your own products as well.
Now back to our news. In a bid to tap the burgeoning social commerce segment in India, payments giant Paytm has now launched MyStore on the merchant focussed mobile application — Paytm for Business.
Using MyStore, merchants can not only upload and sell their own products on the platform but also can become resellers on the online platform. Any user registered on the Paytm for Business application can share any product, which is listed on MyStore through social media platforms such as WhatsApp, Facebook, and Instagram.
If individuals buy products from the links shared by Paytm for Business users then these users can earn reseller commissions. Moreover, buyers can also negotiate with resellers on social media platforms to buy the product at suitable prices. Resellers can also place orders on the platform on behalf of their customers.
As of now, products from categories such as fashion, jewellery, cookware and bedsheets are listed on MyStore. Although the social commerce platform is available on the Paytm for Business application, the logistics and returns policies of MyStore are currently supported by Paytm Mall.
While MyStore has only launched for merchants right now, it is expected that Paytm will launch the platform for all users which is the core proposition of the social commerce model.