The coronavirus left the world on a standstill. Needless to say, Indian merchants and micro sellers got affected by it too. Google has extended a helping hand to Indian merchants and small vendors to get back in business. The new loan offered by Google will allow these sellers to be located on Google’s “NearBuy’s stores.” The Google Pay for Business app will allow sellers to avail loans from within the app itself. The new feature is in action and launched in the cities of Chennai, Delhi, Hyderabad, Mumbai, and Pune so far. Sellers in these cities can take advantage of this Google loan upon verification. Google will credit millions of dollars to Indian sellers who register on their business platform.
Google My Business app was launched in India in the second half of 2017 to help stores and other small merchants build an online presence. Till now it has been used by more than 26 million businesses in the country. India has about 60 million small and micro-sized businesses in the nation, according to government estimates.
Google wants to support micro businesses in India. Many critiqued this initiative as Google trying to leverage marketing opportunities during times of crisis. Google, however, begs to differ. It can prove to be a big relief ecosystem for Indian sellers. Who knows micro-businesses end up reaching the world and not just Indians.
Who did Google partner within India?
Google, to make this venture available to vendors, partnered with many banks. The list of these banks includes HDFC Bank, Federal Bank, ICICI Bank, and Kotak Mahindra Bank. Google might continue to add more banks on this list as the venture rolls out stronger in the public domain.
Nearby Stores Spot feature will expand its operations in more than 35 Indian cities once the operations are stronger. With the Nearby Stores Spot, sellers and shops can highlight their business hours. It includes opening and closing hours of their shops or special mentions in between. The sellers can also tell potential buyers from the app if social distancing practices are followed ( inside or outside the vicinity of their shops).
It would be interesting to note what partnership with the Indian banks would lead to ultimately. There is a rise in the shutdown of Indian private banks. In the recent turn of events, they come under the radar of duping or scamming the account holders and government. Google Corporation is exceptionally picky when they make a deal with a private firm. But for the banking sector partnerships, citizens can only look up to positive outcomes.
Google My Business profile
In the near future, Google also plans to use straight pins on their Google Maps to indicate what shops will be covered under the Nearby shops initiative. It will allow Google Business feature use to its fullest potential. Using this new feature for business, sellers and micro-business owners can attract up to 20% more customers via digital marketing.
Who else is helping micro-businesses?
Like Google, Amazon is also expanding its initiatives in India to help micro-enterprises. Amazon is in full swing to tap into all possible market capture. For Amazon to do this, it is straightforward. They acquire new leads, establish sellers, and end up making more profit on the top of their expenditure.
Apart from Amazon, Facebook also stepped up to support Indian sellers. It will extend helping hands in the form of loans or technical assistance to Indian sellers. It would be interesting to note which technology giants end up emerging as a vendor’s or a business owner’s choice. They roll the ball to some of the most powerful tools on the face of the earth that businesses can profit from in the near future.
More competition to Google payments:
Whatsapp also included a new payments feature on its application. Small businesses in India can also leverage this feature. Whatsapp has been downloaded more than a million times in India and also sees the participation business on it.
For google nearby features are still new, small businesses might not hesitate to join the bandwagon on this new platform. Google has already established itself as a trustable tech giant in the world and India. It will be promising for businesses to use more than just one feature of Google.
Google is increasingly targeting more sellers to be a part of its Nearby Stores initiative. Google Pay has an existing 75 million transaction band in the country at the moment. It means Google Pay is the second most trusted payment and transaction service provider. Paytm however, continues to be on top of the transaction and online mobile wallet service provider. The only fall back Paytm has is that it doesn’t extend any dedicated micro swelling service for business owners.
Google is still struggling to extend its market share in India. Is this Nearby venture a part of bringing marketing opportunities or is it aiming to put India on the maps, only future can tell.