Tag: Simpl

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.

Business

Simpl introduces Early Settlement for D2C Merchants to reduce CoD settlement time by up to 90 Percent and improve daily sales by nearly 40 Percent

Jan 24, 2024 by Sujata Muguda 0 Comments #Checkout Network, #CoD, #Early Settlement, #Khanaz K.A, #Simpl

Bengaluru, January 24, 2024: Simpl – India’s foremost Checkout Network – today announced the introduction of its newest business offering ‘Early Settlement’ for Direct-to-Customer (D2C) merchants, aimed at reducing the settlement time for Cash on Delivery (CoD) orders by up to 90% and improving daily sales by nearly 40%. This assumes significance as CoD orders, which constitute nearly 60% of all online orders, typically take 15-20 days for settlement at the merchant’s end, thereby blocking cash flow and increasing merchants’ working capital requirements.

In addition to this, the new business offering from Simpl also settles prepaid orders with merchants in the shortest time possible, thereby providing/giving merchants the ability to improve their cash flow with same-day settlement of both CoD and prepaid orders. Simpl’s Early Settlement also offers settlements on all 365 days and not just on business working days, which is a first in the industry. Its fully automated settlement system ensures timely and accurate payments to merchants, helping improve their cash flows and reconciliation.

Commenting on the launch of Early Settlement, Khanaz K.A, CXO at Simpl, said, “As an organisation with a nuanced understanding of merchants’ pain points, the tardy pace of cash flow settlements from CoD transactions in India has been a persistent challenge for D2C merchants in India. This leads to ballooning of monthly unsettled cash for D2C merchants to $300 million, which leads to an increase in their working capital requirements. With Simpl’s Early Settlement, merchants will be able to reduce their CoD order settlement time by as much as 90% and improve their average daily sales by nearly 40%. In the first two months of its pilot stage, nearly two dozen D2C merchants have already adopted our newest business offering, in a testament to its efficacy in solving their cash flow concerns, which they can redeploy to further their business growth”.

Among the two dozen early adopters of Early Settlement, merchants such as Wabi Sabi, Frido and Italian Colony have witnessed a substantial upward shift in their sales, experiencing a 40% increase after expanding their Cash on Delivery (CoD) capacity. Interestingly, women’s luxury wear brand Wabi Sabi has recorded over 125% improvement in sales within a month of adopting this Early Settlement.

The onboarding process for merchants to activate ‘Early Settlement’ takes approximately 15 minutes and the technology stack has been designed to ensure error-free execution without the need for any human intervention. Once the integration is successfully completed, merchants can expect prompt and hassle-free settlements as a testament to the efficiency of our system. Simpl is also working on ensuring real-time settlements for COD transactions over the next few months, to further streamline the settlement process. With Early Settlement, Simpl is expanding its offerings for merchants after 1-Tap Checkout, Pay After Delivery and Checkout Suite to improve conversions and reduce return to origin (RTO).

With over 26,000 merchants and millions of customers choosing Simpl as their preferred checkout partner, the company has over the last several years developed and strengthened its artificial intelligence-powered technology platform, which powers consumers’ checkout journey seamlessly and helps merchants improve their business.

Business World

These leading Start-ups are helping entrepreneurs of today to strengthen their business

Oct 30, 2020 by Gouri Achary 0 Comments #Crediwatch, #entreprenuer, #HungerBox-, #PrimaDollar, #Shopmatic, #Simpl, #start-up, #Wave

Being a business visionary is an experience of accomplishment. One has numerous tasks to perform and handle on a day to day basis. They need to do an expansive investigation, collection and management for the structure that they are going to present to the new clients. They also need to screen all their records, extensively. With such a huge amount on different work on their plate, 24 hours is not enough. In that case, the adaptable applications that can help us with managing the time and enhance proficiency become essential. Here is a list of 6 Startups that can help entrepreneurs of today can avail to strengthen their business.

Crediwatch– Crediwatch is an AI-enabled platform that provides actionable insights and flexible workflows for seamless credit management and faster lending decisions. Crediwatch does this with no human intervention by deploying AI /ML and NLP tools that use scalable deep learning technologies across disparate digital footprints left by private entities (big and small). The company has partnered with respected financial institutions such as – SBI, Aditya Birla Financial Services, Karur Vysya Bank, RBL Bank, APAC Financial etc. to provide credit intelligence of more than 50 thousand businesses. The company has provided insights on 50,000+ businesses and $7 billion loan portfolio.

Simpl – Redefining the way payments are done in India, Simpl is a mobile application that provides consumers to buy now and checkout in one click with pay later functionality to build trust and provide strong buyer protection. The technology company works with merchants and financial institutions to enable a world where every monetary interaction is effortless and transparent. This helps online retailers give their consumers an exceptional checkout experience and post-transaction customer service. Within four years of going live, Simpl has evolved from mere 5-6 merchants to a network of 1000+ merchants presently. It is now focused on both large e-commerce and offline commerce merchants.

PrimaDollar- PrimaDollar is the leading FinTech player in global trade finance, offering a simpler, quicker and lower-cost trade finance product, needed by exporters and importers globally. With clients already in over 30 countries, PrimaDollar trade finance product is set to become a mainstream option for mid- and large-cap companies, allowing exporters to ship promptly and importers to pay later. Prima Dollar aims to bridge the timing gap involved in international trade.

HungerBox– HungerBox is a leading institutional food tech company which digitizes cafeterias and provides a platform for food vendors to expand their reach. Till date, they have onboarded close to 2400 vendors. With COVID in the picture micro-entrepreneurs have been affected and may possibly need support to stay in the business. Companies like HungerBox give that opportunity to work in an ecosystem and provide the necessary support.

Shopmatic – Shopmatic is a Singapore-based technology firm that provides e-commerce solutions to small businesses and individual entrepreneurs. Launched in 2014 with an objective to empower millions of aspiring entrepreneurs with a digital footprint, the company recently partnered with Singapore-based retail management solutions company Octopus to disrupt the retail market in Asia-Pacific with a suite of services to address the gaps that exist for offline businesses in going online. The synergy is helping local retailers implement an efficient Omnichannel retail management system post establishing their business online.

Equipped with a holistic online and offline ecosystem, these local retail stores are now able to manage their customers, reduce operational costs, synchronize inventory, onboard new customers, and offer loyalty points, etc. Such facilities, supplemented by real-time visibility of sales and staff performance, are enabling retailers to enhance their efficiency and scale up their retail business further. Through such a value proposition, Shopmatic is facilitating an efficient omnichannel ecosystem for Kirana stores across the country, thus digitally empowering them.

Wave- In the event that overseeing invoices is at the apex extensive tasks, entrepreneurs can make it more intriguing with Wave application. This cloud programming and application help business pioneers to make and send altered solicitations, record the salary and costs, send amicable suggestions to other people, filter receipts, get a notice on instalment, etc. Entrepreneurs can even acknowledge card instalment with this application.

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.

Apps
Business World

5 indigenous payment apps to celebrate the spirit of Independence Day and its sales!

Aug 13, 2020 by Gouri Achary 0 Comments #Citrus Pay, #FreeCharge, #Independence Day, #MobiQuik, #payment apps, #Simpl, #Xpay

This 73rd Independence Day, celebrate the Indian spirit to the fullest, All while making the most out of the great Independence Day Sale! The week leading up to Independence day is full of tempting offers and unbelievable deals, and any reason is a good enough reason to save some money! So this Independence Day, celebrate Indianness in the truest sense by turning ‘vocal for local’ with these 5 e- payment apps that all have Indian origins, and are widely accepted on popular platforms. There could be no better time to celebrate togetherness and progression than now, to encourage and support local businesses and ventures and help them reach newer heights while also saving some big bucks!

Simpl

Simpl is an app that provides consumers to buy now and checkout in one click with pay later functionality to build trust and provide strong buyer protection. Simpl works with merchants and financial institutions to enable a world where every monetary interaction is effortless and transparent. Through Simpl, you can but things now and the accumulated bill later. As a leader in the ‘Pay later’ space, the platform is working in collaboration with some top merchants across categories – Dunzo, BigBasket, 1mg, Licious, Furlenco, etc.

Xpay

Blockchain-based platform XPay. Life offers an array of digital payment services, including touch screen ATP kiosk, web, mobile app, POS device and others. The platform caters to both B2B as well as B2C segment. The company providing the highest level of transparency during transactions. It has partnered with leading banks to further expand its reach. XPay.Life has completed 1 Lakh transactions worth INR 5 Cr, since its beta version launch in 2019. The company offers services across 18+ cities in India with 50K plus pin code locations. In the last ten months, it also claims to have achieved 100% month-on-month growth. People can pay for their Electricity, Mobile prepaid & postpaid services, DTH, Broadband, LPG, Loan EMI, etc. through the Xpay Life App and web version. The platform has 253 billers across Tier 1 & 2 towns and wide reach to 50000+ pin codes in Tier 3 and Tier 4 cities across India.

MobiQuik

The MobiKwik wallet can be used across a host of payments services, including bill recharges, utility bill payments, cab bookings, ticket bookings, payments for groceries, as well as payments to online digital and offline retail stores. MobiKwik bridges the digital divide between consumers and companies via swift recharges and bill payments at no extra cost for its online transactions. Be it prepaid, postpaid, DTH, data card, electricity, life insurance, landlines, gas, water, broadband, cable, municipality or Metro payments and traffic challans, MobiKwik is best for one and all. The app also offers instant money transfer to family and friends with ease.

FreeCharge

Freecharge is an Indian digital marketplace for financial services. Freecharge services are available across a range of financial instruments including savings, payments, insurance, investment and lending. The company’s focus is to create an ecosystem of innovative products and features that enables cashless transactions. Freecharge UPI and payment gateway allows consumers to instantly send or receive money, shop at leading offline and online merchants across categories movies, entertainment, food, shopping, travel to get cashback & discounts.

Citrus Pay

Citrus is the most loved brand of the customer in India relates to PayU Payments, India’s leading provider of digital payment services, serving over 50,000 merchants. Citrus is a new UPI application that allows you to pay via direct account transfers. All transfers are free as you will only share your virtual payment address with Citrus app which guarantees that your money is totally safe and secure.