In 2019, GIVA redefined the jewellery landscape, bringing a modern twist to an industry long led by legacy players. What began as an online hit soon grew into a strong omni-channel brand, combining e-commerce ease with in-store experiences. From opening its first brand outlet in 2022 to now operating over 100 stores across India, the brand has truly redefined how India buys jewellery.
At the heart of GIVA’s success lies its customer-centricity and ability to provide an unmatched experience, both online and offline. Achieving this in the retail industry requires seamless and reliable payments. That’s where Razorpay has played a pivotal role, empowering GIVA with solutions that simplify and streamline money movement.
A few roadblocks that got in GIVA’s way
As the brand expanded, it faced several operational hurdles that slowed its growth. The reliance on multiple payment gateways created inefficiencies. High transaction fees, coupled with manual processes for both online and offline payments, increased operational costs and strained resources.
With most customers preferring digital payment methods like UPI and cards for online shopping, ensuring seamless payment experiences, especially during peak seasons, was critical for maintaining customer satisfaction. Any payment failure risked not only losing a sale but also impacting customer trust in the brand.
Additionally, for in-store payments, traditional POS systems required a lot of manual entry, which led to errors and delays, negatively impacting the customer experience. Fragmented payment data across various platforms made reconciliation time-consuming and challenging, limiting GIVA’s ability to track success rates and make informed decisions.
Bringing back the sparkle to payments
Razorpay helped GIVA overcome these challenges with a comprehensive set of solutions tailored to improve efficiency and reduce costs.
Razorpay’s Optimizer enabled GIVA to streamline online payments by dynamically routing transactions to the most cost-effective PG, thus reducing overall transaction fees. Optimizer’s easy integration saved significant time for them, as no additional integrations were required on their app, and provided detailed data insights for payment analysis and reconciliation.
Razorpay also streamlined in-store operations with Razorpay POS, which eliminated manual entry, reduced errors, and allowed real-time reconciliation. GIVA achieved substantial savings on every transaction thanks to reduced MDR rates, amounting to approximately ₹2.1 lakhs in monthly savings. And Razorpay’s dedicated support team resolved customer queries within 24 hours, boosting in-store payment efficiency and driving GIVA’s growth from ₹62 lakhs to ₹7 crores in monthly revenue.
Razorpay consolidated payment data into a unified platform, streamlining data reconciliation and saving GIVA valuable time. Recognising UPI’s popularity among its digital-first customers, they leveraged Razorpay’s UPI Stack to enhance both mobile and desktop checkout experiences. The success rate-boosting features of the UPI Stack led to a 4.2% uptick in monthly UPI payment success.
In addition, Razorpay’s Cards Stack played a crucial role in improving GIVA’s payment journey, particularly in the premium segment where customers expect seamless, secure, and reliable payment experiences. With its efficient and frictionless transactions, the Cards Stack boosted success rates by 5.23% over the past four months, driving business growth and enhancing GIVA’s checkout experience.
To Sum Up…
After having garnered a lot of love from Indian shoppers in less than a decade, GIVA is now expanding into markets overseas. With Razorpay’s reliable and cost-effective payment solutions, the brand is well-equipped to scale its operations, and thereby provide an unmatched experience to its growing customer base worldwide.
