Find the hippest cafes, the greatest dim sum, the trendiest fashion boutique, health clubs, opulent spas, the best deals at grocery stores, and more by pinning a location on the map to see where the coolest people in the neighbourhood hang out. Discover the buzz in your neighbourhood via their user-generated images, videos, as well as reviews. Visit fascinating people and places to earn cashback or prizes. For local merchants in a variety of sectors, including restaurants, fashion, groceries, beauty, spas, yoga studios, gyms, and more, magicpin promotes discovery that results in sales.
Users receive “magicpin points” in exchange for their purchases, which they may use to purchase more experiences and services from magicpin partner shops. The greatest benefit of magicpin’s Cashback Program is the fact that it is applicable to EVERY business in a city and that you will always receive your magicpin points regardless of how you pay—cash, credit/debit card, or e-wallet.
Magicpin, an Indian online location intelligence platform, aims to enhance this across retail verticals such as electronics, food, apparel, and pharmaceuticals. Brij Bhushan and Naman Mawandia are co-founders of Magicpin, along with co-founder Anshoo Sharma, who serves as CEO.
About Magicpin and How it operates
Our lives are lot easier now that cellphones have been invented. One such software that assists users in locating nearby stores throughout the city is Magicpin. On the app, users may look for groceries, spas, restaurants, gyms, clothes, and beauty products. To draw clients, they also provide magic points. Through connecting users with customers, the app benefits users in various ways and grows their companies.
Users can find nearby stores to shop at and receive rewards for doing so. In areas including fashion, electronics, food, pharmacy, supermarket, entertainment, home delivery, and more, it promotes the discovery of brands and merchants. In the hyperlocal retail ecosystem, it links customers and retailers, generating value for both. Users may obtain vouchers by uploading bills.
Magicpin Company Details
| Company Name | Magicpin |
| Origin Country | India |
| Founded | 2015 |
| Founders | Anshoo Sharma, Brij Bhushan |
| CEO | Anshoo Sharma |
| Headquarters | Gurugram, Haryana, India |
| Industry | Technology, Retail |
| Key Offerings | Loyalty Program, Local Discovery, Rewards Platform |
| Number of Employees | Over 500 (as of last update) |
| Official Website | www.magicpin.in |
Business model and revenue model
Magicpin works by reading bill invoices that users upload to its back-end platform. It keeps track of the things purchased and the amount spent, enabling the system to monitor the user’s purchasing habits. The bills serve as verification for the user, enabling them to upload material in several categories like groceries, fashion, and food & drink.
Customers utilize image tales to share their local experiences, and in exchange, they receive “Magicpin points.” At Magicpin-partnered merchants, these points are then redeemable for a wide range of additional experiences and services. Through images, the user experiences are diverse throughout many fascinating areas, such as dining, beauty, nightlife, and fashion.
Magicpin – Business Model
Merchants and brands provide most of the funding for Magicpin’s business model. They make use of the platform to give their clients customized deals. For the business which Magicpin refers to them, they pay a per transaction fee in addition to recurring platform fees.
It is the magician’s responsibility to connect merchants and customers on one platform. They give their users products and services that are tailored to them. Pre-transaction fees and ongoing platform fees are collected by Magicpin from the retailers.
More than 25% of retailers’ revenue is generated by Magicpin. The traditional approach provides the remaining portion. The invoices that clients upload enable the system to monitor their purchasing habits. Customers see it as validation. That refers to areas like dining establishments, cosmetics, entertainment, clothing, etc.
Magicpin – Revenue Model
Magicpin caters to retail market segments in both B2C and B2B spaces. Magicpin has a simple revenue model. Every transaction from the retailers results in a commission charge for them.
Magicpin takes a commission from the seller for every transaction in order to generate income. Sharma estimated the commission rate to be between 10 and 12 percent, according to a September 2017 news story. Another source of income is marketing and advertising, since the business may use its customer database to promote and advertise to retailers, enabling them to better connect with consumers.
Conclusion
Magicpin is a software platform that facilitates online discovery, interaction, and transactions between users and local merchants. They are the preferred platform for businesses looking to highlight their distinctiveness and increase sales and usage through in-the-moment promos, loyalty schemes, and content updates. Users travel to these places to learn about the goings-on in their community, meet new people, and find events and vendors to visit.
Meet Suhas Harshe, a financial advisor committed to assisting people and businesses in confidently understanding and managing the complexities of the financial world. Suhas has shared his knowledge on various topics like business, investment strategies, optimizing taxes, and promoting financial well-being through articles in InvestmentDose.com
