Exclusive | Value proposition to consumers & partners: PAYBACK's Vijay Bobba

One of India’s largest and fastest growing multi-brand loyalty programmes in India, PAYBACK has more than 50 partners including affiliate brands participating in its network across categories – both in-store as well as online. PAYBACK is a powerful loyalty program that offers a multitude of advantages for consumers. The program is growing rapidly every year with millions of active members in the PAYBACK network. The company is rapidly cementing its position in the Indian market by tying up with more partners from different sector. PAYBACK is already a leading player in Europe.

In an important development from a futuristic perspective, PAYBACK has now joined hands with Vodafone India which will enable Vodafone consumers to redeem points for a Vodafone recharge as well as avail the Vodafone Bill Pay facility using PAYBACK points. Vodafone customers, on the other hand, will get the opportunity to be part of the exclusive PAYBACK program that enables them to earn and redeem PAYBACK points in more than 50 in-store and online partners brands of the program.

On the eve of the announcement, Adgully caught up with Vijay Bobba, CEO and Managing Director, PAYBACK India, to know more on the company’s future plans. According to Bobba, “PAYBACK is nothing but a marketing platform that can leverage insights from the customer’s behavior and ensure that there is a cost effect in a more efficient way for our partners through retention of existing customers by helping in increasing the wallet share.” Customers can collect points from a total of 340 well-known companies which they can then utilize to redeem for vouchers, rewards or donate them to aid projects.

PAYBACK has partners from different sectors - ICICI Bank, HPCL, Big Bazaar, Makemytrip, Mega Mart, UniverCell, Hometown, Food Bazaar, Ezone, Central, Brand Factory, Bookmyshow.com, Letsbuy.com and many others. Says Bobba, “all elements of what PAYBACK offers to each of its partners are nothing but tools taken advantage of to drive certain business subject.”

As to how these partnerships help leveraging PAYBACK, Bobba explained, “for us, partnerships help in providing a customer value proposition as we want our consumer to have not only a very favourable shopping experience but a rewarding experience as well. Consumers look for engagement with brands and want to get rewarded for being loyal to certain brands. For us at PAYBACK, we believe that by doing things the way you normally do and with that if you are also rewarded then no consumer will refuse.”

On explaining about how it’s beneficial for brands, he said, “these programs help brands to understand segmented customers in terms of purchasing behavior and allow them to tailor offerings which are specific to these segments. Brands are trying to enhance their segment and if you are earning profit there is no harm in nurturing a specific segment.”

PAYBACK has been growing at double digit rates annually since its launch in 2010 and is optimistic about the future growth. Avers Bobba, “we are not worried about our growth; we are adding more partners and at the same time rolling out our program across different formats. The company is present in more than 300 locations in multiple-formats and has already covered 9200 cities. I feel there is a huge growth potential. We have top players from almost every sector with us and we believe that with best partners we are on course to moving on to the next level.”

Every business faces ups and downs and when you have top brands as partners, challenges cannot be far away. Any business that is setting a trend in the market place is constantly working on new ideas. Says Bobba, “in the context of accepting something new there is always a challenge. For us it’s about providing something in the best simplest way. How long it takes for you to recover from your mistakes and adopt different things is a challenging task. I’ve learn to accept that.”

Staying relevant in the digital environment and extending your value proposition to the next level is also a critical challenge. Says Bobba, “digital is all about, whatever I want, I want it now and I want it anywhere I go. One has to address those needs meeting expectations in real time. Loads of our strategy revolves around addressing customers needs on the digital platform. The core and essence of it will not change but we have to remain relevant, in terms of customers and partners point of view. That is where you can see innovations happening.”

As a part of new initiatives, PAYBACK is working on innovations where all spent categories are covered and the experience of earning and burning would be more smooth and straight forward. They are also working on technological innovations that would go simple and easy for everyone. “We are constantly looking at categories that have gaps, we would be filling those gaps by getting partners and some of the discussions are already in.” he concluded.