How many times it happens that we add items to our cart while online shopping but due to many reasons cancel it. Either we find the delivery charges high or the same product can be found on different website with fewer prices, the reasons can be many. In order to save us from this cancelling up or dropping items from the cart that we wish to buy, startups like Simpl and ePlaylater have come up with a plan of giving us an opportunity to pay within 14 days of the purchase.
“Customers add multiple products to the cart and once they are ready to check out, too many clicks are involved for them to complete the transaction choosing the payment method, the bank, entering user id and password or credit debit card no, cvv, sometimes grid numbers. It frustrates the customer,” said Roshan Sam, UX specialist at Simpl, a Mumbai-based startup.
“Merchants use our product to often delight a frustrated customer when such an event occurs. A merchant can pop up the Simpl Pay button when someone’s transaction fails,”
According to the estimates, it can be said that 70 people in every 100 customers don’t buy the product they are willing to buy. There may be many reasons, but yes payment failure is one of them.
Simpl has over 30 merchants linked including BookMyShow, Faasos, Freshmenu, Nykaa.com, Zipco, Voonik, Puprple.com etc. “Regular users of a merchant can avail this option. Our merchants have seen payment failures drop to almost zero. With card net banking, the failure rate is closer to 20%. We’ve seen cart conversions increase by well over 75%. Users on an average transact 50% more frequently after moving to Simpl as a mode of payment,” said Sam.
The spending limit in Simpl, changes according to the behavior the consumer. It ensures security with no transaction failure or wallet balance issues. Just buy and pay within 1st and 16th of every month.
Another startup in such a way is ePaylater, founded by Aurko Bhattacharya, Uday Somayajula, Akshat Saxena, Shanmuhanathan Thiagaraja and Prasannaa Muralidharan. ePaylater offers the customers a valid time of 14 days to make the payment. “Customer repeats are the biggest indicator. The average order value in some segments has gone up by 50%. The frequency of purchase has gone up by 2x,” said Akshat Saxena, cofounder, ePaylater.
ePaylater has earned $2 million. It has 20 merchants linked including PVR, Crownit, Indiamart, IndustryBuying and vareorganic. It allows the consumer with options like one click checkout, to pay after delivery and settle bills all together.
Such growing startups have given the customers more and more beneficial ways of getting ahead with purchase and selling of products. It’s not just a beneficial platform for customers, but the merchants also get the benefits as their production and selling both increases time to time.