There has never been a better time to be a D2C brand in India. According to a report by Redseer Strategy Consultants, the Indian D2C market is expected to attain a gross merchandise value (GMV) of $30-35 billion by 2027, at a compound annual growth rate of 40%. However, this growing industry is facing challenges: competition, fluctuating customer demand, omnichannel presence and importantly, payments.
The payment problem presents a significant challenge for D2C businesses to overcome. From low transaction rates, to card abandonment due to payment failures and broken checkout processes, payment issues can hamstring a new D2C brand. A lack of smooth and seamless payment experiences can have a detrimental effect on conversion rates and overall customer trust in the brand.
More and more Indian businesses are now striving to meet customer expectations for seamless checkout and zero-fail payments. Aware of this growing need, Cashfree Payments recently introduced a new platform, flowWise, to democratize payment orchestration to help Indian businesses – especially D2C brands – manage a range of payment partners through a single platform. Furthermore, flowWise empowers merchants to manage all returns across all gateways within the platform, provides automatic reconciliation across multiple payment gateways, and allows brands to visualize advanced analytics on a single dashboard.
AI-powered, scalable, and affordable, flowWise is a one-stop destination for payment management solutions.
Multiple gateways for a smooth payment experience
The sustainable growth of D2C brands is highly dependent on a seamless payment experience. Unsatisfying payment experiences can result in massive customer attrition and drop-off. According to the Baymard Institute, 70.19% of online shopping carts are abandoned during the checkout process. This is directly linked to the lack of availability of the customer’s preferred payment method.
How can brands tackle the hassle of integrating multiple payment gateways, especially given the cost and technical effort involved? Payment orchestration allows businesses to integrate different payment gateways and processors through a simple application programming interface (API).
This is imperative as payment processing has become more complex and fragmented as the payment ecosystem evolves. Orchestration empowers merchants to offer new payment methods and enables them to adapt to emerging payment technologies. This enables D2C brands to remain competitive in a rapidly changing environment, providing customers with an updated and seamless payment experience. flowWise is positioned to lead this change by catering to brands like Pilgrim, Shriram Finance, Rentok, Faircent, among others, who need more control over payments.
By leveraging multiple payment processors and advanced routing systems, payment orchestration platforms minimize the risk of payment rejections, maximizing acceptance rates.
flowWise, Cashfree’s payment management solution can definitely increase success rates, optimize payment gateway costs and ensure that no gateway integrations are required in the future.
FlowWise: An integration for multiple payment gateways
D2C businesses looking to gain a competitive edge in the marketplace through streamlined payment processes should look to Cashfree Payment’s new scalable and cost-effective payment orchestration platform. flowWise provides a seamless payment experience for buyers and sellers, improves payment operations to increase conversions and revenue, reduces orchestration costs for merchants – increasing payment security and ensuring fraud prevention.
Powered by AI-powered routing, the platform ensures a 5-10% increase in payment success rates by dynamically switching between PGs, reducing cart abandonment by 10-15%.
What’s more, FlowWise provides a simple and efficient experience not only to customers but also to merchants. D2C businesses that don’t have the time, or money, to complete a 6-8-week API integration will find flowWise’s no-code integration a welcome alternative.
The platform also offers efficient payment routing and optimization for large volume transactions and payment growth. A single dashboard allows businesses to monitor transactions across multiple gateways, compare success rates, and manage the returns process – allowing businesses to reduce their operational overhead by 90%. Customers can expect a unified checkout experience built through an interoperable token vault. One-click checkouts make for a smooth, secure and fast payment experience. Additionally, merchants don’t have to worry about integrating payment gateways in the future, as they can integrate with any payment gateway in the future with a click of a button. flowWise has it handled.
What makes Flowwise different?
flowWise is a 360-degree solution for payments, providing multiple payment gateway access, refunds, reconciliation and settlement analytics. It’s an essential solution for up-and-coming D2C brands that want to expand and grow, as typically payment orchestration solutions are curated for enterprises only. As a comprehensive payment management solution, flowWise levels the playing field, allowing D2C merchants a springboard to success with a range of features.
- With a single-point payment management system, flowWise delivers a frictionless customer experience, reduced cart abandonment, and increased revenue.
- D2C brands can bundle Cash free One Click Checkout (OCC) with flowWise, create seamless shopping experiences for customers.
- It supports a wide variety of payments, allowing businesses to appeal to different types of customers, offering everything from UPI to international cards.
- Provides enterprise-grade payment infrastructure with minimal upfront costs, making it easily accessible to small and medium-sized businesses.
flowWise has seen spectacular growth since its launch in December 2023. It reported huge overall growth with a 500% increase in active monthly users.
It is indeed a great time to be a D2C brand in India, and flowWise is making it even better.