GoKwik <> CRED Partnership
Since the last couple of years, the number of CRED users have significantly increased in India. At present, it serves more than 10 million members across the nation.. That’s primarily because, the brand offers,
- In-app effortless payment experience
- Convenience and multi-stage payment security
- Assured cash and kind rewards
Besides financial products, CRED also offers its members the ease to make payment across various eCommerce platforms with just one-click.
Looking at the platform’s seamless UI experience, GoKwik approached CRED to join forces and extend the latter’s payment options to GoKwik’s partner merchants.
At present, CRED pay is live on 50+ GoKwik’s merchants and has shown significant value delivery. In our endeavour to reduce trust deficit (by building tech solutions around it), the GoKwik-CRED partnership helps us further improve prepaid conversion rates, prepaid success rates, thereby reducing RTO rates for our merchants.
With this integration, brands on GoKwik network have,
- Enhanced brand discovery on the CRED platform leading to higher website traffic
- Availed one-click prepaid checkout experience on their websites
- Enhanced prepaid conversion rates & success rates
- Increased retention and repeats through the reward system
- Helped in reducing RTO
With this partnership between GoKwik and CRED, many brands have witnessed an uplift of up to 10% in their prepaid order percentage and prepaid success rate.
CRED Pay Across GoKwik Merchant Network
Bombay Shaving Company is an excellent example showcasing GoKwik’s partnership with CRED. Post adding CRED as a payment option on its website, the men’s grooming brand has witnessed a 6% increase in its prepaid order conversion. Its total converted orders also increased by almost 173%, which is quite significant for a D2C brand in India. From an RTO perspective, Bombay Shaving Company saw a 100% decrease due to a significant increase in prepaid conversions.
“We are so delighted that two of our trusted partners have joined hands. CRED and GoKwik are both shopper favourites in their own space and with the two coming together, not only the checkout but the entire payment process has become a no-effort process for the shoppers. 20% of the total GMV is coming via CRED with prepaid success rate also going up tremendously. We are looking forward to scaling our growth together with CRED and GoKwik.”
— Shantanu Deshpande, Founder and CEO, Bombay Shaving Company
Meanwhile Leaf also saw an uptick in its prepaid conversion rate by almost 8.75% and 101% increase in total converted orders. Its RTO rate also reduced by 4%, certainly significant for a brand operating in the audio and wearable industry.
Brands like boAt, Neeman’s, Man Matters, Fire-Boltt, The Man Company and SNITCH follow the league and are increasingly witnessing a reduction in their RTO rates by 5-10% due to higher prepaid conversion rates on checkout.
“We have been an early adopter of new checkout solutions with the vision of providing seamless health solutions to our users. GoKwik gave us an uptick in prepaid Revenue and lower RTO rates & with the addition of a trusted partner CRED to Gokwik stack will further improve our pre-paid share. Creating engagement constructs for the discerning CRED audience is now seeing better conversion rates on the Man Matters App due to the tight integration between CRED Pay & GoKwik.”
— Revant Bhate, Founder – Man Matters
The Future Plan
With the onset of this partnership, both GoKwik and CRED strive to help eCommerce brands maximise their prepaid conversions, increase overall GMV and reduce cash-on-delivery-led RTO. The two companies are in talks to build many seamless and frictionless solutions for merchants and shoppers and make shopping on D2C brands more fun-filled and rewarding.
