Consumers and e-commerce businesses in India eagerly look forward to the festival seasons. Just have a look at the cardboard boxes making a pile at your home right now and you will know the reason is surely a no-brainer.
Yes, it is that time of the year when consumers tend to loosen their purse strings and go all out on a shopping spree.
The final quarter of the year brings with it massive festive season sales that encourage consumers to spend on new clothes, jewelry, home furnishing, big and small household appliances, furniture, even vehicles and lots more.
According to a report by RedSeer, e-commerce marketplace sellers, for example, those selling on Amazon, Flipkart, etc., sold goods worth Rs. 32,000 crore during the festive sales from October 2 to October 10. This number saw a 23% increase from the previous year’s sales.
Thus, it wouldn’t be wrong to say that there is a big flurry of activity in the marketplace as different companies and brands compete to offer a wide range of products and services at attractive prices, with heavy discounts.
Small and medium-sized businesses can also ride the festive season sale bandwagon to drive more sales. Moreover, festive sales don’t need to end with Diwali. The last three months also see a lot of weddings followed by Christmas and then New Year.
So, there is still much time left for small and medium-sized businesses to boost their sales before 2021 ends. That too without worrying too much about the technical infrastructure and increased sales/payment loads.
Investing in a reliable payment solution is necessary for running festive season sales efficiently without any technical glitches. Paytm Payment Gateway can help you do that and much more.
Run festive season sales successfully this year with Paytm Payment Gateway
Here are five ways Paytm Payment Gateway can help small and medium-sized businesses run successful festive season sales and add more revenue.
1. High transaction success rates
Paytm Payment Gateway is known for delivering high transaction success rates. One of the major reasons behind that is because it is backed by the Paytm Payments Bank.
According to NPCI, the success rate recorded for Paytm Payments Bank for UPI transactions in October, November and December last year was 91.66%, 92.71% and 91.57% respectively. This year in October, Paytm Payments Bank recorded a success rate of 95.21%.
The technical decline rate in October, November and December last year was a mere 0.02%, 0.08% and 0.03% respectively. The technical decline rate this year for October was only 0.07%.
Having a robust payment system ensures products and services are delivered in exchange for successful payments which ultimately helps businesses gain customer trust.
2. 100+ payment sources supported
Different customers prefer different payment methods and integrating them separately can be a tedious process. Paytm Payment Gateway offers you 100+ payment sources to ensure your customers can pay via their preferred payment methods.
Moreover, integrating different payment methods does not require businesses to employ additional resources at their end. Tech teams at Paytm can do that for you quickly and in a hassle-free manner.
3. Zero charges on RuPay Cards & UPI transactions
One of the deciding factors for businesses when choosing a payment gateway service provider is Merchant Discount Rate (MDR).
MDR is the fee that payment gateway service providers charge on every transaction made via them. However, MDR is different for different payment sources.
Paytm Payment Gateway can be considered a free payment gateway as it does not charge merchants for customer payments made via RuPay cards and UPI.
Paying zero MDR on the same will ensure higher profits for your business, which is a win-win situation for both your and your customers.
4. Bank offers & cashback
The most exciting thing about festive season sales is the discounts and you do not have to be an Amazon or a Flipkart to be able to offer them.
Paytm Payment Gateway enables small and medium-sized businesses to run offers through our bank offer proposition.
Paytm’s Bank Offers & Cashback product empowers businesses to provide discounts/cashback to their customers, encouraging users to make transactions on their platforms regularly.
Our payment gateway makes it possible for businesses to provide payment instrument-based offers/bank offers in agreement with the banks. These offers are likely to help merchants gain more:
- Users
- Transactions
- Prepaid orders
This product can be added on top of our payment gateway seamlessly. It enables businesses to use our bank offer engine and facilitate offer-led transactions.
5. Offer no-cost EMI facility
Customers tend to go over budget during festive sales as the discounts offered during this time are amazing. They prepone purchases that can be made later.
What comes in handy here is the facility of converting the total payment into monthly EMIs at zero cost.
Paytm Payment Gateway is making this possible even for small and medium-sized merchants. Our EMI Subvention product empowers businesses to offer their customers the option of converting the total payment into easy equal installments at zero % effective interest rate.
With this product, businesses can encourage their customers to make purchases of bigger value without worrying about making a complete upfront payment.
You can either provide the interest component as cashback to the payment instrument used by the customer or by reducing the principal amount itself.
6. Paytm Postpaid & Paytm Wallet
What makes our payment gateway a great choice among small and medium-sized businesses is that we offer Paytm-issued instruments like Paytm Postpaid and Paytm Wallet.
Integrating Paytm Postpaid allows customers to buy now and pay later without needing you to invest time and resources into building the functionality yourself.
On the other hand, integrating Paytm Wallet allows businesses to tap into the vast customer base of 450 million+ Paytm app users.
Moreover, these instruments offer a seamless one-click checkout experience to customers which ensures there are lesser cart dropouts.
On a concluding note
Consumers are well aware of the challenges businesses have faced during the pandemic. Many are coming forward to make an effort to buy from small and local businesses. Why not ride on this trend to deliver exceptional customer experiences on your website/app?
Paytm Payment Gateway ensures even small and medium-sized businesses get access to enterprise-grade solutions at affordable prices.
