AlfaMall is Pakistan’s 1st banking-led e-commerce marketplace, where orders are paid in advance and delivered with trust. It is also the 2nd largest pre-payment online shopping website integrated with the Bank’s financial App, utilizing the Alfa Payment Gateway, an in-house developed functionality.

Customers, whether banked or unbanked, can transact through AlfaMall using BNPL( Buy Now, Pay Later) or full payment options. To strive towards customer excellence and continual progress, the Bank has introduced several new business verticals for various customer segmentation, i.e., e-commerce accessibility to branchless banking agents, same-day delivery, B2B marketplace, and Alfa BNPL, which is accessible to all banks’ credit card customers. Customers can now avail AlfaMall’s instalment facility using any bank’s credit card.

Since its inception, AlfaMall has consistently strived to enhance our e-commerce platform by introducing innovative features. In addition to these groundbreaking innovations and record-breaking achievements, AlfaMall has also made its mark at globally recognised award-winning e-commerce events.

Benefits derived from the innovation

• BNPL services that allow customers to make purchases and pay for them in instalments over time. The financial model includes evaluating the feasibility and impact of offering BNPL services to customers, assessing potential revenue streams, risks, and benefits associated with this payment option, with availability in Islamic financing variants for customers looking for shariah-compliant services.
• The increasing use of smartphones and mobile devices presents businesses with opportunities to optimise their websites and apps for mobile commerce, reaching customers on the go. 
• Consumers’ growing awareness of environmental and social issues has created a significant market demand. This presents a unique opportunity for e-commerce businesses to adopt sustainable practices and offer eco-friendly products, meeting consumer demand and contributing to a greener future.

Cutting-Edge Technology: Software Tools Driving Innovation

Experience AlfaMall in Virtual Reality on Meta: As a critical strategy component, we recently implemented a cutting-edge virtual reality model of AlfaMall within our pioneering digital lifestyle branch at Zamzama, Karachi. By integrating virtual reality into our digital lifestyle branch, we aim to enhance customer engagement, offer a unique shopping experience, and showcase the capabilities of our brand in a dynamic and fast forward-thinking manner, positioning us at the front of the retail industry’s digital transformation. 

WhatsApp e-commerce: Transactions on AlfaMall WhatsApp will be open for all Bank Alfalah Credit Card holders; however, it is limited to being used only against the registered contact number. Business Propositions that we can achieve with these financial transactions are given below: 

• To provide better service to customer for simply shopping journey WhatsApp catalog. 
• Convenient and interactive interface. 
• Highly secured using static and dynamic verifications.

AlfaMall Link: www.alfamall.com

Platform Goals including Implementation Costs, Product Cost, Business Benefits, and Efficiency Gains.

Market Share and Growth: AlfaMall’s e-commerce market share in terms of GMV is 18% of the overall online shopping spend in Pakistan. The industry observed spending of 14,200 million in FY23, with the fashion and beauty category leading the trend, mobile and electronics ranking second, and grocery sustaining third place. 

In 2023, AlfaMall set a cumulative record of less than 2.97 billion in shopping, a significant portion of which was on the innovative Buy Now Pay Later model, accessible by all banks’ credit cards. This success is a testament to our commitment to in-house modifications.

Implementation & Creativity

AlfaMall has introduced a real-time instalment booking mechanism in Pakistan. This innovative feature eliminates the need for customers to rely on traditional methods such as calling a helpline, sending emails, or contacting a relationship manager to book an instalment. With AlfaMall, customers can now enjoy the convenience of shopping for instalments instantly, streamlining the entire process. Being a banking-led e-commerce platform, AlfaMall prioritizes the security and comfort of its customers. 

The platform ensures a secure shopping experience, instilling confidence in customers to make purchases without apprehensions. Customers can use any bank credit card to avail themselves of the easy instalment plan, further enhancing the flexibility and convenience of their shopping experience. This seamless integration of banking services and e-commerce capabilities sets AlfaMall apart as a trusted and customer-centric platform. The multiple channels include:

1. AlfaMall Website: www.alfamall.com
2. AlfaMall on App 
3. Branchless Banking Agent 
4. WhatsApp catalogue 
5. BNPL Store

Target Audience & Strategy

Regarding customer traffic, the AlfaMall website visited 1.7 million active traffic by 3.5 million eCommerce users. Out of a 1.7 million active base, the number of new users is 1.54 million, and the average session duration is 00:03:20. The bounce rate is 26%. Through an instant BNPL Digital platform, AlfaMall has assured the transformation of the conventional Installment method to the digital Buy Now Pay Later method. The digital platform has converted approx. 90% of branch and phone banking requests are to AlfaMall, whereas other methods are still accessible for booking instalments through call centres, branches, social media pages, etc. Through a Digital e-commerce marketplace, AlfaMall engaged and activated a count of 64,000 unique customers out of 96,000 online shoppers, whereas 80% of the shopping is through the BNPL Installment model. In 2023, AlfaMall generated PKR 9.8 billion of GMV with 118,944 Transactions, thus known as the 2nd largest online shopping website for Pre-payment customers and the 1st BNPL Online Shopping website in Pakistan. AlfaMall allows customers to use multiple payment methods (bank accounts, wallets, orbits loyalty points, and any bank’s credit cards).

Business insights

Our main USPs position us as a profitable marketplace and a trusted consumer partner. AlfaMall Business focuses on eCommerce, Mobile, and Fashion categories, offering instalment options to meet consumer needs. Emphasising BNPL as a new and successful model for banks’ credit card customers has helped maintain trust in online shopping across various market conditions. With improved technology and internal controls, we have achieved a low 2% cancellation rate and only a 3% average customer complaint rate, as per industry statistics. Below are essential business statistics regarding our throughput, number of active customers, and transactions. Daily Number of Transactions FY23 400 daily throughput FY23 30M 30-day active customers 50k plus order delivered within TAT 96% monthly average complaints 3% and monthly average order cancellation 2%.

Innovation Since launch?

1. Seller Center module of e-commerce: This module focuses on providing tools and insights for sellers to manage their operations effectively within the AlfaMall platform. It may include features such as inventory management, sales analytics, and other marketing tools. Merchants like you are yet another favourite utility of our merchants. 
2. Islamic BNPL for all banks’ credit cards: AlfaMall’s unique selling proposition has always been the BNPL feature. Initially, this was limited to Bank Alfalah’s own issued credit cards. However, we have now expanded this proposition to include the Islamic variant of BNPL for all banks’ credit cards, demonstrating our commitment to inclusivity and broadening the potential customer base.
3. Enhancement of New Channels (WhatsApp, BNPL Store and Branchless Banking Agents): The two channels were introduced to expand the AlfaMall business, mainly catering to the customer segments who find it more convenient to see the catalogue and buy products post chat option or get help from agents.

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