Commenting on the Startup Policy Forum’s initiative, Piyush Goyal, Union Minister of Commerce and Industry said this ‘should reinforce India’s global leadership in the new-age economy.’ File photo
| Photo Credit: ANI

Startup Policy Forum (SPF), an alliance to advance India’s emerging sectors and a platform for collaboration between founders, policymakers and regulators, announced its formation on Thursday (December 5, 2024).

SPF has already brought together 30 startups including Razorpay, CRED, Pine Labs, Groww, OYO, Swiggy, Practo, Dream11, MPL, Cars24, CarDekho, Acko, Ixigo, Livspace and Jupiter. It would limit its members to 100 startups.

According to a statement from SPF, the forum will foster constructive collaboration between founders, policymakers and regulators, and it will also bolster the government’s initiatives to position Indian startups on a global platform.

Commenting on the initiative, Piyush Goyal, Union Minister of Commerce and Industry said in the statement that, ‘‘Our startups are driving transformative change by democratising business and converting job seekers into job creators. We are glad to see many founders joining the Startup Policy Forum (SPF), which should reinforce India’s global leadership in the new-age economy.’‘

SPF was founded by Shweta Rajpal Kohli, who worked across industries including venture capital, technology and media.

To drive sector-specific initiatives and policy expertise, SPF has established four specialised councils: the Fintech Policy Council (FPC), Consumer and Commerce Council (CACC), Emerging Tech & AI Council (ETAC), and New-Age Public Companies Council (NPCC), as per a press statement.

New Delhi:

When visiting an e-commerce website or an online store, a customer expects a hassle-free process to view, choose, add items to the cart and finally complete the checkout process to place the order. As the last step in the purchase journey, checkout is a crucial part of online shopping, and if it becomes cumbersome, the customer doesn’t hesitate to switch to some other site, which often results in low order conversion rates and high return to origin (RTO) rates of the online store. In fact, more than 70% of customers drop-off during the checkout process!

This is where Razorpay Magic Checkout comes into play.

It offers seamless and 5X faster checkout experience to shoppers by prefilling all their required contact, shipping & payment information from across the Razorpay network of 300Mn+ shoppers. The easy checkout process not only saves time and effort for the customers but has taken sales up for several businesses. Brands like VS Mani Co., Isak Fragrance, TagZ, Skippi, Hobby India, Sneakare, Recode and Barosi and many others, which featured on the Sony TV show Shark Tank India, saw their business grow by over 25%-35% after they opted for Razorpay Magic Checkout.

How does Razorpay Magic Checkout work?

Magic Checkout simply obviates the need for shoppers to fill lengthy forms, create store accounts and enter passwords over and over, making the process significantly less time consuming and easier. Customers can save their personal data and payment information safely with Razorpay once while checking out and forget about filling it in again the next time while shopping, on any brand!

It allows users to complete all steps such as applying coupons and selecting saved shipping addresses and payment methods including cash on delivery (COD).

How Razorpay Magic Checkout helped Shark Tank India brands

Barosi, a direct-to-consumer brand with an extensive range of ghee, honey, white butter, cold-pressed oils, and other products, was determined to take their products to households across India. However, there were several obstacles. Barosi struggled with high RTO and low net order conversion rates. After adopting Razorpay Magic Checkout, the order-completion process became 5x faster, and RTO rates went down, as did the operational hassles and logistical challenges. The cash flow and customer satisfaction improved significantly.

South Indian packaged food maker VS Mani & Co. is another brand that witnessed tremendous growth in its order conversion rate after upgrading to Magic Checkout last September. The checkout process on VS Mani & Co.’s website used to take anywhere between 1.5 to 3 minutes causing customers to abandon their carts. Magic Checkout drastically brought this time down and made the whole checkout process five times faster. This helped VS Mani & Co. take their order conversion rate 27% higher than before.

Perfume-maker Isak Fragrances ensured that their products were top quality but still faced RTO rates as high as 25% on COD orders. This was eating up their profits. The RTO Intelligence algorithm of Razorpay examined each order received by Isak Fragrances and offered suggestions. It even disabled the COD option for high-risk orders based on shoppers’ historic RTO patterns and successfully reduced the RTO from 25% to 10%.