In the vast expanse of India’s thriving e-commerce realm, where businesses of all sizes are carving out their digital footprint, the journey ahead is both exhilarating and challenging. As the digital market landscape continues to expand, with a projected value of US$ 325 billion by 2030 (as per Deloitte), the heart of online success lies in embracing adaptability and making informed choices, especially when it comes to online payment solutions. Razorpay has undoubtedly played a pivotal role in simplifying online transactions, offering a reliable channel for payments. Is there a need to evaluate Razorpay alternatives in 2023? Let’s get straight to the question.
The ever-evolving nature of the digital market necessitates a tailored checkout approach, especially for the unique needs of online businesses in India. For them, the journey is not just about transactions; it’s about crafting a personalised experience for their customers. This demands a payment gateway solution that not only ensures security and reliability but also caters to the unique buying behaviours and preferences of their audiences.
Importantly, these businesses are seeking an enterprise-like solution that doesn’t entail extensive operational complexities or incur exorbitant engineering costs. In this blog, we’ll spotlight Nimbbl, which simplifies the checkout process and more without its powerful multiple payment gateway engine.
- Typical e-commerce Journey
- Razorpay Alternatives: Comparison With Nimbbl
- Choosing the Right Razorpay Alternatives for Your Business
- Migrating to Nimbbl
Typical e-commerce Journey
The success of any e-commerce venture lies in optimising every step or multiple steps of the purchase journey. From brand discovery and website engagement to fast payment experiences, flexibility, and reducing COD and RTO incidents, below are some of the broad steps involved in an e-commerce purchase.
|Checkout from the Product page
|Fast payment experience
|Payments platform flexibility
Razorpay Alternatives: Comparison With Nimbbl
With the demand for a better experience growing, it’s crucial to stay up-to-date not only with the latest payment methods but also with a focus on building a robust payment system.
Let’s delve into the comparison between Nimbbl and Razorpay to see why Nimbbl is among the best Razorpay alternatives in 2023 for forward-thinking online businesses.
|Fast payment experience
Brand discovery and Website/app engagement
In the ever-evolving world of e-commerce, the journey of brand discovery and website/app engagement plays a pivotal role in shaping customer perceptions and driving conversions. While both Nimbbl and Razorpay are leading payment solution providers, this crucial stage of the purchase journey is an area where neither platform boasts a significant offering.
Checkout From The Product Page
Initiating the payment checkout from the product display page can significantly impact the overall user experience and conversion rate of an online store. Allowing users to initiate the checkout process directly from the product display page eliminates the need for them to navigate through multiple pages to complete their purchase, resulting in a streamlined and more efficient process.
Benefits of Checkout from the Product Page
By removing the friction associated with multiple clicks and page loads, users are more likely to complete their purchase without getting distracted or frustrated. This can lead to various benefits, such as:
- increased conversion rates
- reduced shopping cart abandonment
- and improved customer satisfaction.
And here’s where it gets even more impressive for logged-in users. Imagine having your customer’s address and contact number conveniently pre-filled. So, when they find that perfect product, all it takes is a simple selection and off to the checkout page they go! They’re then presented with payment methods that are not only personalised but also perfectly suited for them. With just a tap, their payment is done and voila! They’re swiftly redirected to the confirmation-filled success page.
And guess what? No extra clicks, and no need for additional inputs on your end. It’s that smooth and seamless.
Nimbbl Fast Checkout Flow
Below is the Nimbbl flow enabling customers to checkout directly from the product display page on Kapiva. The flow helps customers buy their preferred product directly from the display page, seeing the eligible buy now pay later option without additional input and completing the purchase in seconds. All this contributes to reducing the hops and purchase time and increasing conversions.
Fast Payment Experience
Why let your customers spend minutes completing their payments when it can be done within 10 seconds or less? With customers’ growing demand for a better checkout experience, the significance of new-age payment flows and experience with modern payment methods cannot be emphasised enough.
With the Nimbbl one-click checkout flow, your customers don’t have to spend unnecessary time at the checkout, fill up redundant form fields, complete unnecessary steps, enter multiple OTPs and go through countless redirections. A single click on the checkout button is all that is needed. Moreover, a fast checkout flow brings you additional conversions of up to 25% or more.
The Nimbbl fast checkout flow is based on smart eligibility checks for payment mode and balance availability before rendering the checkout page. To simplify, we pre-check and show only eligible and ready-to-use personalised payment options at the top of the payments tray, contextually surfacing new age payment modes like Buy Now Pay Later, and UPI.
Besides customer intent, we ensure a very low likelihood of transaction failure! We handle issues like insufficient balance, unavailable payment mode, and other common problems.
The Nimbbl Magik UPI flow allows you to cater to the ever-exploding demand for UPI payments. This flow empowers customers to avoid incorrect UPI ID entries, browser switching, and accidental cancellations. As a result, the Nimbbl Magik UPI flow has delivered up to 11 times faster UPI transactions, with an impressive uptake of up to 65% in UPI payments. This significant increase in UPI usage has led to reduced payment processing costs, as it shifts the share from card payments.
Payments Platform Flexibility
As the demand for a better payment experience grows, staying up-to-date with the latest payment methods and building a robust payment system becomes crucial.
Additionally, with the Reserve Bank of India (RBI) taking significant initiatives to protect consumers and merchants in the digital payments ecosystem, it is essential to de-risk the payment process from any regulatory challenges. An unoptimised payment system can result in revenue loss and damage to a business’s reputation. Whether you are a new player in the market or looking to upgrade your existing payment infrastructure, Nimbbl covers all the crucial details you need to succeed.
Flexibility and Cost Savings
Flexibility is paramount for online businesses, and Nimbbl excels in this aspect. It allows online businesses to seamlessly connect with leading payment aggregators, including CCAvenue, Cashfree, Freecharge, HDFC, PayU, Paytm, Plural, PayGlocal, Razorpay, Worldline (Ingenico) and more, providing unparalleled freedom in payment processing.
By optimising payment processing costs through intelligent routing based on commercials, payment methods, success rates, or specific business use cases, Nimbbl helps businesses save on operational expenses. Additionally, Nimbbl offers the convenience of managing all payment gateway aggregators and options through a single dashboard, streamlining payment operations.
Frictionless Service and Control
While Razorpay’s Optimizer is an enterprise-focused solution, Nimbbl takes it a step further by acting as a technology provider on top of payment aggregators. This approach ensures that Nimbbl’s partner payment aggregators provide frictionless service, eliminating any bias or conflict of interest. With Nimbbl, businesses retain complete control over their payment operations, empowering them to make informed decisions and drive growth confidently.
COD and RTO Optimization:
As the e-commerce market experiences exponential growth, businesses must prioritise reducing CoD transactions and RTO incidents. Razorpay attempts to address this challenge through its Magic product. Nimbbl, one of the best Razorpay alternatives in 2023, takes a different approach by focusing on increasing the share of prepaid orders through improved online payments.
Embracing Multiple Payment Options:
Shifting towards online payments and increasing the online payment share can effectively mitigate these issues. Online payments offer immediate sale confirmation at the time of order, reducing financial risks for businesses that may arise later. With fewer CoD transactions, the likelihood of RTO incidents decreases. Customers are less likely to refuse a product once they have already paid. This transition can save both forward and reverse logistics costs. This, in turn, minimises inventory blockage and ultimately enhances the efficiency and profitability of e-commerce businesses.
Driving Optimization with Fast Checkout and New-Age Payment Methods:
Nimbbl achieves this optimization by offering a fast checkout process supported by modern payment methods like UPI. Additionally, Nimbbl enables contextual discovery of BNPL (Buy Now Pay Later) modes, which has been proven to drive higher order values and enhance the overall customer experience to reduce RTO rates. By embracing these advanced payment techniques, Nimbbl empowers online businesses to tackle COD and RTO challenges effectively.
Choosing the Right Razorpay Alternatives for Your Business
The right payment solution depends on your business model and focus. If you want to enable fast checkout and drive higher conversion rates, Nimbbl is the ideal choice. Both solutions are worth exploring for those looking to build a robust payment system with multiple providers. If you want to reduce RTO and optimize CoD, Razorpay is a great option. Nimbbl indirectly addresses the COD and RTO issues by increasing online payment share.
Migrating to Nimbbl, An Alternative to Razorpay
Switching to Nimbbl is a breeze. Our philosophy is to simplify the process for you. We handle all the heavy lifting of integrating with leading payment aggregators like Razorpay. Migrating your existing Razorpay account to Nimbbl is seamless; just provide your working credentials or merchant IDs, and we’ll have your payments operation up and running in no time.
Razorpay Alternatives: Making the Right Payment Choice with Nimbbl
In India’s rapidly changing e-commerce scene, embracing change and smart payment choices can transform your online business. There are many Razorpay alternatives in India. Your preferred one should be in sync with your checkout flow vision and ease of use for your customers. Nimbbl, with its innovative features, and lightning-fast payment experience, emerges as the winning alternative to Razorpay. Don’t miss the opportunity to provide your customers with the best payment experience and stay ahead of the competition. Embrace the future of payments with Nimbbl today!