As the Covid-19 pandemic continues to wreak global havoc, both social and economic, startups across the spectrum have been majorly impacted. According to a recent survey recent survey Business Today 47% of startups, SMEs don't have cash to last a month, says survey Read more , a whopping 47% of Indian startups and small and medium enterprises have said they have less than one month of cash left. 27% are already out of funds.
Navigating CRED’s existential crisis
CRED’s business model of reward points for restaurant discounts and travel vouchers won’t work in a post-pandemic world. Baby steps aren’t enough. It will need more a meaningful strategy to not let customers drift away
With a funding chest of $150 million, CRED may not run out of money soon
But credit card spending has dropped drastically and with it, the motivation to use CRED’s app
It introduced two new products, Stash and RentPay, but both are unlikely to keep users coming back
In a world changed by Covid-19, CRED must also overhaul its user incentives and rewards