Razorpay introduces a widget for affordability
- ByStartupStory | January 18, 2023
Razorpay, India’s Leading Full-Stack Payments and Banking Platform for Businesses, today announced the debut of the Affordability Widget, an industry-first solution driven by its customer-first philosophy. Currently, 1 in 4 online shoppers abandon their carts before reaching the checkout page due to hefty upfront charges and the difficulty of finding accessible credit and payment choices. The Affordability Widget seeks to solve for high customer drop-offs by displaying reasonable payment choices on the product page itself, making expensive orders significantly more cheap for customers and assisting in boosting revenue for businesses.
When purchasing high-value consumer goods, customers are increasingly choosing to use EMIs, Cardless EMIs, and PayLater options since affordability has become crucial in the post-pandemic environment. According to industry surveys, 70% of consumers between the ages of 25 and 44 favour Buy Now Pay Later (BNPL) payment options when making purchases online.
The Affordability Widget requires no manual involvement and works with all eCommerce websites and platforms, including Shopify and Woocommerce. By combining pertinent payment choices like EMI, Pay Later, and Offers, it facilitates easy access to credit and enables customers to shop and make payments later even without having a credit card. Businesses stand to win from the Affordability Widget since it stimulates more purchases from customers with more purchasing power and results in an average transaction value increase of over 45%.
Commenting on the launch, Khilan Haria, SVP, and Head of Payments Product, Razorpay said, “Given that only 5% of individuals have access to credit cards in India, there is a very substantial need to empower customers with more flexible and affordable payment options so they can buy what they need when they want. While affordable payment options already exist, cart abandonment problem still persists causing businesses to lose over 30% in sales revenue annually, we want to solve that and help end-consumers discover payment options early on in their shopping journey and help aid in decision-making. And the launch of the Affordability Widget is yet another step by Razorpay towards building a customer-first solution that will attract high-volume sales for businesses effortlessly. Now, online businesses can significantly influence and enable affordability for their customers in more ways than one.”
Balaji Huskur, Head of e-Commerce, Duroflex said, “To us, the Affordability Widget is genuinely helpful in driving revenue and the benefits have far exceeded our expectations. We have seen a phenomenal increase in revenue via Affordable payment options by 170% which has also resulted in an overall increase of 7% in Average Selling Price. What we really like about Razorpay Affordability Widget is that it aggregates all EMI, Pay Later providers, and even highlights No-cost EMIs without any manual intervention. Customers can explore all BNPL options in a single view and this makes decision-making and the purchase experience seamless.”
The most recent addition to Razorpay’s Affordability Suite, which was introduced in 2020, is the Affordability Widget. Thanks to this platform’s industry-leading coverage with 40+ banks and collaborations with fintech companies, businesses have been able to improve their revenue. For the largest e-Commerce companies, the Affordability Suite presently accounts for over 30% of GMV. Brands including Cleartrip, Policy Bazaar, Cultfit, Byjus, Decathlon, Titan, and Razorpay think that by making cheap payment choices more accessible early on, businesses may improve their income by up to 40%. The Affordability Suite has over 11,000+ merchants on it (EMIs, PayLater, Offers).
Follow Startup Story
Related Posts
