Tata Neu is considering a slew of moves, from leveraging its supply chain capabilities for express deliveries, to consolidating data across brands to personalise the app, and adding Metaverse for commerce, key company executives said at an event in Chennai.
Pratik Pal, CEO of Tata Neu felt that the app has been “launched at the right time”. He was speaking at the ‘Rebuild 2022’ event organised by artificial intelligence (AI) company Mad Street Den (MSD) on May 28.
On the apps’ name — Neu means new in German, Pal said. “When we started the app, it was not easy to name it. We selected Neu out of 400 names.”
“First thing is, the sheer opportunity of the Indian consumption market. Everybody has got 4G, 5G is coming. There is a very rising aspirational middle class. Secondly, we found the opportunity in multiple areas. Fashion, electronics, they will explode in the next five to eight years in terms of digital transformation and will help to scale,” Pal said.
He added, “Thirdly, we have 150 million consumers together across all our brands. And 4,800 physical touch points. We have a rising consumer consumption market and we felt the time is right to harness the power.”
The conglomerate plans to bring its data from across its brands under the Tata Neu app to better target customers for its omnichannel play.
“Our first principle is to be omnichannel. There is no player right now who does offline and online the best. We will combine our offline and online experience using the many touch points that we have,” said Pal.
As of April, the month-old ‘super app’, was downloaded 6.3 million times on Google Play and has 298,000 installs on the Apple App Store since its launch, according to data from Sensor Tower. Further, the app registered 2.5 million Google Play downloads and 123,000 App Store installs, in the first 20 days of May.
Express delivery to metaverse
Speaking to Moneycontrol, Sauvik Banerjee, chief technology officer, said both metaverse and express delivery plans are in early-stages. “We will go back to our drawing boards and reimagine the metaverse because that is something different altogether. But, ultimately it has to have commerce unlike how it is now.”
While the executives did not share a specific timeline for express deliveries, Neu plans to leverage their supply chain capabilities which will be available across all its categories.
Commenting on the current market scenario like the rising inflation and other tailwinds, Pal said that Neu will not be impacted by the dwindling consumer sentiments. “Look at the addressable market. Lot of the unorganised market is becoming organised. We still have a huge addressable market in terms of internet penetration,” he noted.Commenting on competition, Pal said, “There are bigger and smaller players in every category and we also have an organised physical market. But with the number of Tata-owned brands, our starting point is very good. In the coming months and period, we will try to leverage all of that to create a better experience.”