INDIA, Bengaluru, 13 September 2023: In its commitment towards empowering businesses to thrive, Razorpay, India’s Leading Full-stack Payments and Banking Platform for Businesses, today launched the D2C GRO Suite, India’s most comprehensive product suite for businesses at the D2C Sparkx 2023 hosted by Razorpay. Unveiled by Shashank Kumar, Managing Director and Co-Founder, Razorpay; Rahul Kothari, Chief Business Officer, Razorpay and Khilan Haria, SVP & Head of Payments Product, Razorpay the suite is poised to help 2.5 lakh e-retail and D2C brands increase their revenue by 50%.
Tailored for Direct-to-Consumer (D2C) and E-commerce businesses, this solution empowers brands to tackle a spectrum of challenges throughout the E-commerce lifecycle. From identifying and engaging new customers to delivering exceptional shopping experiences, safeguarding against fraud, and facilitating seamless checkouts, it offers comprehensive support. Moreover, it ensures a streamlined post-purchase journey for customers and enables businesses to establish profound, personalised connections with their customer base, fostering loyalty and empowering businesses to further enhance their E-commerce journey.
According to a recent report, the total addressable market for Indian E-commerce is expected to reach $400 Bn by 2030, growing at a CAGR of 19% from 2022. However, despite this dynamic landscape, businesses often grapple with challenges like customer acquisition, retention, and payment optimization. D2C businesses, in particular, are prone to less-than-ideal checkout experiences for customers, therefore impacting customer satisfaction.
Addressing the above challenges, Razorpay’s D2C GRO Suite aims to equip brands with a holistic set of tools to enable them to thrive in the constantly evolving E-commerce landscape. Driven by its customer-centric approach, the Suite comprises an existing lineup including International Payments, Affordability Widget, RTO Protection, RTO Reduction, and Magic Checkout, with the introduction of 7 new products.
- Magic Konnect is a comprehensive WhatsApp solution offering marketing, commerce, and support capabilities. Businesses can effortlessly engage customers through broadcasts, set up full-fledged stores within WhatsApp, and streamline support operations, enhancing customer satisfaction
- Razorpay Promise and Trusted Badge that addresses customers’ trust concerns, guarantees excellent customer service & dispute resolution
- MagicX for Shopify Plus serves as a one-page checkout option for Shopify Plus merchants, making the shopping & checkout process 5X more efficient, by leveraging the Razorpay network of 300 Mn+ customers
- Razorpay Direct minimizes drop-offs on Shopify with a native, direct credit card payment experience, leading to 2X faster credit card payments
- COD to Prepaid ensures a reduction in the share of COD orders by incentivising users via WhatsApp to pay upfront for their COD order and convert it to prepaid
- Loyalty Wallet, an end-to-end wallet for amping customer engagement
- Gift Cards Management System, a one-stop solution for issuance and distribution, designed for scale and savings
Commenting on the launch, Khilan Haria, SVP & Head of Payments Product – Razorpay said, “At Razorpay, we are committed to empowering businesses to realize their growth potential by simplifying business operations and introducing innovative, efficient solutions. With the increasing demand, emerging opportunities, advanced technological advancements, and favorable policy support, the D2C industry is poised to make a transformative impact. We believe that our comprehensive suite will enable E-commerce, particularly D2C businesses, to achieve exponential growth and significantly enhance the customer experience at every stage. Razorpay has already established its presence by empowering 63% of India’s D2C brands, underscoring our dedication to supporting businesses within this dynamic sector.”
Razorpay’s D2C GRO Suite aims to facilitate improved and sustainable growth, enabling businesses to concentrate on their expansion journey. The suite’s comprehensive lineup of products addresses the unique challenges faced by D2C brands. Furthermore, it covers the entirety of the customer journey, going beyond checkout and post-checkout stages, pushing businesses to focus on what matters most – their growth.
