World's first socially engineered mobile marketplace is called Teka
Teka is a rapidly growing mobile based marketplace from India, currently operating in only two metros and some nearby places, the app reached #2 google trending position in just 48 hours of its launch and has over 5000 vendors servicing 300,000 consumers everyday within its first 6 months of launch.
- (1888PressRelease) May 09, 2019 - Teka is a socially engineered marketplace app that allows smaller businesses to find a fighting chance against the big brand and mega mall invasions that is happening on the business space.
Mega Malls and Big Brands taking over and eventually eliminating smaller businesses is not a new story; however, till date no single business solution has founds it position either launching, standing or running for that matter.
Teka seems have taken on the odds and have come out with a stellar business model that even likes of PayTM founder Vjay Shekar equate with finding God (story reference: https://yourstory.com/2019/04/vjay-shekhar-sharma-paytm-india-internet-day)
The growth rate of Teka (https://teka.net.in) is completely driven by a sense of community and social sharing. You can only have access to Teka, if someone is inviting you. This is a model that allows to incentivize the community and more the people are inviting, better the discounts and cashback reward points they are able to enjoy whilst purchasing.
Teka Co-Founder and CEO Mr. Vamshi Kishore says that "Our's is a simple model of connecting with people and asking to purchase from their local shops at same discounted prices as any big malls. People can save on fuel, time and also on standing in queues, while gaining same discounts and the cherry on the cake is the cashback systems, we give 100% of the rewards for encashment at the spot itself. So customers are happy, vendors are happy and local businesses are saved, this is the nature of what we are doing"
Without complicating the deals and offers, the business seems to be doing well on its own and is growing via invitation across some suburbs very rapidly.
The analytics they say, shows 98% of the purchases are from men in ages above 30 years; this and 73% of the purchases are around daily consumables and groceries.
Grocery services has so far not been successful for several businesses, except for logistics heavy businesses such as the Grofers - https://grofers.com/ or inventory driven BigBasket - https://www.bigbasket.com/
It remains to be seen as to how the Teka Marketplace will grow and sustain.
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