Rentomojo in more control of its predicted revenue with Razorpay Subscriptions

Rentomojo is an online rental solution for all the furnishing needs including furniture, furnishings, home appliances, and bikes. It caters to the younger generation of today aged between 24-35 years which moves from city to city with the mobile nature of their jobs. The online marketplace is catering to the market that sizes $7bn approximately. It currently hosts 1 lakh subscribers on its portal who are using their rental services. Rentomojo rides on the mantra ‘to own and let go things that do not make sense’.

Getting customers back to portal every month is a challenge

Of their lifetime customer base, 40% are locked-in with Rentomojo for a span of 2 years which implies a sizeable chunk of customers in the need of making recurring payments. And more customers joining in as the company grows and expands. The business requires customers to keep coming back to the portal, login to their dashboard and make the payments.

Accepting recurring payments from their customers has become a way of retaining customers for Rentomojo without much friction and thereby reducing hassle for the customers to initiate a payment month-on-month.

Currently a customer is notified about the payment at the beginning of the month. In an ideal situation, customer comes to the portal, views the Payments Due and makes a payment towards it. But that doesn’t happen every time. In the hustle of day-to-day activities, it is quite possible for a customer to forget doing the same. And customer ends up paying more towards late payment fees and leaving a poor customer experience.

A holistic subscriptions billing platform for customer-centric business

While many customers use NACH with physical mandate process requirements to make the recurring payments, it is a highly cumbersome process in terms of handling support requests and helping customers complete the process. Razorpay Subscriptions has helped the customers using credit cards as a mode of payment and enabled Rentomojo to be more in control of their business in the following ways:

This reduces the considerable to-and-fro between customer and the Rentomojo customer team as they know exactly why the payment was failed and what corrective steps need to be taken.