Fabindia, an iconic Indian brand , was founded in 1960 and since then has grown to become India’s largest private platform for garments, home-decor, furnishings, and fabrics handmade by craftspeople across rural India. Over the years, Fabindia has linked 55,000 craft based rural producers to modern urban markets, thereby creating a base for skilled, sustainable rural employment, and preserving India’s traditional handicrafts in the process. In its journey of empowering artisans and weaving timeless traditions, Fabindia encountered crucial challenges in its online operations with regard to accepting payments at scale.
The backbone of any successful e-commerce venture is a seamless and efficient payment gateway (PG). However, Fabindia faced difficulties with PG performance, as they grappled with fluctuating transaction success rates (SR) and were unable to identify the root causes behind transaction failures. In addition to this, while using multiple payment gateways keeping track of payments from multiple sources became quite a hassle.
Why Payment Gateway Performance Became a Predicament?
Once Fabindia scaled up their online operations, they started using multiple Payment Gateways. Naturally this made it a lot harder to manage and keep track of the performance of multiple Payment Gateways that were all accepting payments on their website. Their existing analytics solution lacked insights, leaving them unaware of crucial issues such as why customers were dropping off and detailed information on the kind of payment errors shoppers faced. There was a lot that could be improved in terms of providing shoppers with a seamless payment experience on Fabindia’s online store.
To overcome these hurdles, Fabindia sought a more unified solution that would let them have greater control over all their PGs, with an advanced analytics dashboard where they would not just get a wealth of raw data but also actionable insights. Their goal was to gain real-time insights, streamline troubleshooting, and route transactions through the right and optimal payment gateway to ensure higher transaction success rates.
Empowering FabIndia’s Operations: The Impact of Razorpay’s AI-Powered Optimizer
In their quest to streamline their payments infrastructure, FabIndia found their ideal solution in Razorpay’s Optimizer. This smart solution came equipped with a user-friendly analytics dashboard, offering a complete overview of PG performance and transaction trends. With the right data-driven insights at their fingertips, FabIndia could now make informed decisions and take swift actions.
The magic of Optimizer didn’t stop there. FabIndia could customise date ranges, track Success Rate on the basis of a customer’s payment method, and pinpoint reasons for drops below 80%. This newfound clarity and control made Optimizer their go-to choice for optimising payments, ensuring smoother experiences for their customers.
FabIndia’s partnership with Razorpay’s Optimizer brought a tidal wave of positive change to their payment processing landscape. Armed with real-time insights, FabIndia proactively monitored transaction success rates (SR) and swiftly addressed any dips below the desired threshold. The result? A significant increase in transaction success rates, leading to happier customers and a substantial boost in revenue.
Additionally, Optimizer’s detailed error descriptions and customer-related insights streamlined the process of analysing transaction errors. This newfound efficiency enabled FabIndia to quickly distinguish between website issues, customer behaviour problems, and multiple attempts, resulting in faster issue resolution and reduced customer complaints.
Another significant impact of Razorpay’s Optimizer was when Fabindia got access to Optimizer’s detailed Payment Performance Report. This empowered them to have a deeper understanding and overview of their Payment Gateway rule sets, which enabled them to make necessary adjustments to optimise their transaction routing. This strategic move translated into improved payment success rates and minimised failed payments, ultimately strengthening FabIndia’s reputation as a customer-centric e-commerce leader.
Advanced insights, better decisions
FabIndia’s remarkable journey with Optimizer stands as a testament to the transformative impact of data-driven insights and intelligent payments routing. By leveraging the power of Optimizer’s user-friendly analytics dashboard, FabIndia revolutionised their payment processing capabilities, achieving increased transaction success rates, reduced customer complaints, and strengthened partnerships with payment gateways.
But the success story doesn’t end there. Optimizer has proven time and again to be a game-changer for businesses across various industries. It’s not just a payments management solution; it’s a powerful solution to unlocking unparalleled growth and success.
Join the league of successful businesses leveraging Optimizer by Razorpay.
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