Tag: NItya Sharma

Business

Travel Spurs 73% Online Spending Surge in H1 2024; Gen X and Boomers Drive Growth

Jun 26, 2024 by Sujata Muguda 0 Comments #Gen X and Boomers Drive Growth, #MakeMyTrip, #New Delhi, #NItya Sharma, #Travel Spurs 73% Online Spending Surge, #Union elections

New Delhi, 26th June, 2024: A slurry of activities including the Union elections, cricketing extravaganza, summer vacations and an increase in visa-free tourist destinations in the first half of 2024 has peaked consumer spending on travel, registering a 73% growth in the first five months of 2024 as compared to the same period last year, according to Simpl’s Checkout Scan. This comes on the back of an overall 42% increase in consumer spending via Simpl’s 1-Tap Checkout across a range of categories including travel, food and beverage, services and grocery among other categories.

This growth was led by consumers from Ahmedabad, Pune, Hyderabad along with the top metros with the emerging metros registering a growth in consumer spending by 77%, 74% and 64% respectively during the first five months of this year. The spends were majorly done on travel service providers including MakeMyTrip, EaseMyTrip, Redbus, Goibibo, AbhiBus, Oyo and ZoomCar among others.

Interestingly, consumers in the age group of 51-60 and over 60 years commonly referred to as Gen X and Boomers posted 89 and 87% growth respectively, highlighting the increasing travel by middle-aged and retirees on the back of growing convenience and affordability. Travel demand was also fueled by weekends, festivities and summer vacations along with rising temperatures, leading travellers to cooler destinations.

Other categories witnessing growth in consumer spending were food and beverage, services and grocery which posted 68%, 53% and 35% growth respectively. While metros led a majority of the consumer spending, smaller cities including Thiruvananthapuram, Indore, Guwahati, Vijayawada and Lucknow posted 84%, 47% and 45% growth in spending across merchants such as Blinkit, MakeMyTrip, Zomato, Myntra, Bigbasket, Dunzo, Meesho and Nykaa.

Commenting on the trend, Nitya Sharma, Founder and Chief Executive Officer said, “The first half of 2024 has been a blockbuster year for the internet commerce economy where union elections, cricketing events and tourist destinations made visa-free played a pivotal role in significantly driving consumer spending online. This is reflective in categories such as travel, food and beverages, services and grocery that have posted robust growth in consumer spending. As merchant’s preferred checkout partner, we understand that convenience is becoming a real differentiator in e-commerce today after selection and affordability and we are excited to witness the growing adoption of our 1-Tap Checkout by millions of consumers across our exhaustive merchant universe”.

Interestingly, the single day highest order in the last five months in 2024 stood at Rs 39,000 as against Rs 25,000 in the first five months of 2023 via Simpl’s 1-Tap Checkout while the cumulative spend by a single consumer in 2024 till date stands at Rs 9.5 lakh. This stands as a testament to the growing adoption of internet commerce (e-commerce & quick commerce) for higher spending across an array of merchant categories.

Simpl’s 1-Tap Checkout, which is available across 26,000 merchants, offers the convenience of a checkout in a single tap with near zero transaction failures and is preferred by millions of consumers. This growth in user transactions has been driven by increasing adoption of Simpl by consumers and merchants across the country.

Business

D2C Merchants from Gujarat achieve up to 100% increase in conversions

Feb 9, 2024 by Sujata Muguda 0 Comments #Adil Qadri, #Ananya Maloo, #Brillare Science, #conversions, #D2C Unlocked‘Aapnu Amdavad’, #Jigar Patel, #NItya Sharma, #Protouch, #Shivam Dang, #Simpl, #Tanisha Lakhani

Ahmedabad, 9 February 2024: Building on the momentum of last year’s festive and holiday season sales, home-grown Direct-to-Consumer (D2C) merchants from Gujarat are witnessing impressive growth and have registered upto 100% increase in customer conversions in the last six months, according to Simpl – India’s foremost Checkout Network. Merchants from the state including Grabenord, Etar, Kridarsh India, Trishty and Vatki are among the brands from the state who are registering significantly higher sales due to Simpl’s Checkout solutions.

D2C unlocked

Last year’s festive and holiday season was a pivotal time for retailers worldwide, marked by a surge in consumer spending. For D2C merchants, it’s paramount to deliver a seamless checkout experience to lakhs of customers visiting their platforms, akin to large e-commerce marketplaces. Simpl through its artificial intelligence-led solutions including industry-first 1-Tap Checkout, Simpl Checkout which offers easy login and pre-filled details and addresses across thousands of D2C merchants. Other offerings from Simpl includes Checkout Suite which includes Return-to-Origin (RTO) intelligence which is a major pain point in the industry. Furthermore, Simpl’s post-purchase experience which provides order tracking and customer support functions helped customers build greater trust in the merchant.

Nitya Sharma, Founder and Chief Executive Officer of Simpl, commented, “The festive and holiday season last year generated immense demand for D2C merchants from the state, and it’s important to capitalise on this opportunity by providing a quick and seamless e-commerce experience to customers across the value chain, particularly at the checkout stage. With conducive government policies such as ‘Start Up India’ and ‘Mahila Coir Yojana’ propelling the entrepreneurial landscape of the state, Gujarat is witnessing a notable uptick in the number of smaller businesses going online. As merchants’ preferred checkout partner, Simpl is at the forefront of bringing state-of-the-art AI-led solutions to increase conversions and reduce returns, which are crucial for the success of any online merchant. We are excited about generating up to 100% conversions for our merchants from the state and are looking to add over 2,000 merchants over the next 2-3 years from here.”

This was shared on the sidelines of the 20th Chapter of D2C Unlocked‘Aapnu Amdavad’, a flagship community-led founders event held in Ahmedabad. The event witnessed a gathering of founders of over 100 Direct-to-Customer (D2C) brands from the state, featuring an enriching panel discussion, with Shark Tank featured founders Adil Qadri, founder of Adil Qadri – House of Premium Fragrances and Ananya Maloo, Co-Founder of Nuutjob along with Jigar Patel, Co-Founder and CEO of Brillare Science, Tanisha Lakhani, Founder, and CEO of Protouch and Shivam Dang Head of Startup Ecosystem & Partnerships Simpl.

Nityanand Sharma
Business World

Simpl Adds 1500 New Merchants via Razorpay During Lockdown

Oct 7, 2020 by Gouri Achary 0 Comments #BNPL, #NItya Sharma, #Razorpay, #Simpl

Economic uncertainty in the lockdown has seen a payment paradigm shift in e-commerce where buy now pay later (BNPL) has emerged as one of the prefered payment options. Riding high on the attractiveness of this micro-credit payment mode, Simpl has on-boarded 1500 new merchants on its network in the last three months, in partnership with Razorpay.

The partnership with Razorpay will allow Simpl to expand its service offering to a wide array of merchants. D2C (Direct to Consumer) merchants like Matte, Yoga Bar, Sleepy Owl Coffee are in the list of 1500 new merchants to join the network, bringing the total count of merchants offering Simpl up to 2500. This increase in the number of merchants is indicative of the shift in the adoption of BNPL from the consumers’ end.

Congratulating Simpl on reaching yet another milestone, Amitabh Tewary, Chief Innovation Officer of Razorpay said “There’s a very popular saying at Razorpay – Everything I do, I do for the customer. To be associated with Simpl for their 1500 new partner businesses gives us immense delight more so because of how we are together making digital payments user-friendly and accessible for customers.” He added, “With this association, I am looking forward to continuing to enable businesses with a seamless payment experience.”

Consumer sentiment has changed due to the economic slowdown with job losses and pay cuts during the global pandemic. According to reports, buyers are wary of spending money and are opting for micro-credit options. The other facet of the product that can be attributed to its increasing popularity has to do with its consumer empowerment. Consumers are embracing the idea of micro-credit for small-ticket purchases. And e-commerce players in India are looking for new financial services to attract and retain customers by offering them a micro-credit option where a consumer can buy now and pay later without having to pay any interest if paid within the agreed time.

Simpl CEO NItya Sharma confirmed the news, stating “we’re excited to be partnering with Razorpay to bring the best payment experience to our users and merchants. It is yet another step in our effort to simplify payments and build trust between our merchants and customers.”

Speaking about the rise in BNPL users in the lockdown period, Nitya further said, “At Simpl, we are seeing a 40 per cent increase in transactions for essentials, and about 40-45 per cent increase in transactions for medicines as compared to pre-COVID days. There has been an increase in cart conversions by 70 per cent for our merchants with payment failures at near-zero.”

Further, speaking about the current payment trend in eCommerce, Sharma added, “Online grocery and essential shopping is becoming the new normal with almost 30-40 per cent increase in the number of new offline to online users trying out services from online hyperlocal merchants compared to pre-lockdown months.”

Simpl allows online shoppers to indulge in shopping with a seamless payment experience. Consumers can access this facility on a merchant platform by checking out with Razorpay as the payment gateway. On the payment page, buyers can then choose Simpl as their payment option where payment can be made in just 1-tap.

Simpl plans to continue with further expansion, offering consumers and merchants a mutually beneficial payment experience. Where consumers will have access to BNPL facilities, the partnered merchant will enjoy the benefits of having a streamlined credit collection process leading to efficient cash flow.