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After Freecharge and Paytm, e-commerce giant Flipkart has recently introduced its own wallet called ‘Flipkart Money’, and a new advertising platform by the name ‘Brand Story Ads’.
Flipkart had previously launched a closed wallet in 2011, however following its shift to a marketplace model in April 2013, it was forced to restrict this wallet to products sold only by WS Retail, a company hived off by Flipkart to comply with India's FDI regulations on retail.
This was because closed wallets do not allow purchases from third party merchants, for which companies need a semi-closed wallet license from the RBI.
The payment mode has been launched only on Android devices, where it can be recharged with Rs 10,000 at a time and a total of Rs 25,000 can be added to it a month. It is expected to aid in quick refunds and single click payments on the platform.
Second from the kitty is its own advertisement space called Brand Story Ads. The platform is an interactive medium with content images and product guides that help brands sell their products convincingly and effectively. With 50 leading brands already on board, Brand Story Ads will surely prove crucial in creating brand awareness.
The advertising service is not only available for retailers on Flipkart but also to other non-retailing brands (third party brands) in sectors like real estate, FMCG, BFSI, auto, and telecom etc.
Flipkart is being hailed as the torch bearer of a new kind of advertising called ‘commerce advertising’. According to the company such advertising delivers a holistic view of the consumer's purchase journey post ad interactions and highlights the effectiveness of advertising campaigns.
Ravi Garikipati, Senior Vice President, Flipkart, said, “With Brand Story Ads- we are offering a platform where the brands can target and engage with largest qualified commerce audience in the country at the right time for the right intent. Thus, the propensity to click on the advertisement is only higher and stronger.”
With a registered base of more than 50 million customers, Flipkart’s double ton will go a long way in making customers’ shopping experience better and opening a new chapter in the world of mobile advertising.