GoKwik Transforms CosIQ Website's Checkout Experience

Solution: The Solution

In search of a remedy for its checkout woes, CosIQ was introduced to GoKwik, a one-stop growth accelerator for eCommerce brands. GoKwik's KwikCheckout & Smart COD solutions emerged as the ideal fix for CosIQ's challenges. Here’s what the features entail.

KwikCheckout By Gokwik

• 1. Seamless Login Options Mobile and OTP Login: Shoppers can log in swiftly using their mobile number and a one-time password (OTP), bypassing the need for lengthy registration processes. WhatsApp OTP Login: An alternative login method via WhatsApp OTP provides added convenience for users. Truecaller and SSO Login: Shoppers registered on the GoKwik network can log in automatically using Truecaller or Single Sign-On (SSO), further reducing login friction. 2. Auto-Fill Address Feature: Leveraging GoKwik's extensive database of 100 million+ shoppers, KwikCheckout automatically populates the latest two addresses of the shopper. This feature enables customers to simply select an address and proceed to the payment stage, eliminating the need to manually enter shipping details.
• 3. Comprehensive Payment Options: The solution offers a wide array of payment options, allowing shoppers to complete their purchases using their preferred payment method. This flexibility significantly reduces the time and effort required to finalise transactions.

Additionally, KwikCheckout enables the brand to implement a seamless discounting engine on the pop-up checkout panel. CosIQ can choose from GoKwik’s 200+ discounting features and add them to the discount engine, allowing shoppers to easily select an applicable coupon, avail rebates, and complete their purchase. KwikCheckout also offers about 50+ other features which CosIQ can leverage to reduce shopper anxiety and ensure a high conversion rate on its website.

Smart COD Suite By GoKwik

Smart COD Suite is a risk-intelligence model backed by artificial intelligence and machine learning. The primary objectives of this suite are to:

• Analyse and authenticate genuine shoppers trying to place orders.
• Raise red flags against high-risk shoppers who showcase low buying intent based on their purchase history and 200+ parameters.
• Detects inconsistencies in the order-placing process such as an incorrect address, shorter name, incorrect pin code, etc.
• Suggest the implementation of high-, medium-, and low-degree interventions such as disabling cash on delivery payment for high-risk shoppers, using COD Prompt & Captcha to reconfirm cash order placement, and offering Partial COD payment options.

Built upon KwikCheckout, Smart COD Suite helps CosIQ weed out bad shoppers from its network and entertain only genuine buyers, further increasing the chances of better and higher conversions.

Implementation

Upon evaluating CosIQ’s checkout process, GoKwik’s team identified key areas of improvement and promptly implemented the KwikCheckout and Smart COD Suite solutions on the CosIQ website. The integration was seamless and involved minimal disruption to CosIQ’s ongoing operations. The primary focus was to ensure that the new checkout interface backed by risk intelligence was user-friendly, and intuitive, and significantly enhanced the overall shopping experience, giving CosIQ the conversions it deserved.

The Result

The implementation of KwikCheckout yielded remarkable results for CosIQ, showing the transformative impact of a seamless checkout process on eCommerce performance.

1. Increase in Average Order Value (AOV): Post-GoKwik implementation, CosIQ experienced a 19% increase in AOV. This surge indicated that the streamlined checkout process not only facilitated more purchases but also encouraged customers to spend more per transaction.

2. Growth in Gross Merchandise Value (GMV): Over the last three months, CosIQ's GMV saw a substantial 60% increase. This growth was a direct outcome of the enhanced checkout experience, which minimised cart abandonment and maximised completed sales.

3. Improvement in Checkout Conversion Rate (CR): The overall checkout conversion rate witnessed a 45% increase, climbing from 2.2% in December 2023 to significantly higher levels. The elimination of friction in the checkout process played a crucial role in this improvement.

4. Enhanced Product Success Rate (PSR): The PSR for the last three months reached an impressive 95%, surpassing the industry standard of 92%. This metric reflects the heightened efficiency and reliability of the checkout process, contributing to higher customer satisfaction.

5. Reduction in Return to Origin (RTO) Rate: One of the most notable outcomes was the reduction in the RTO rate by 1.7X within just three months. This significant decrease was achieved through GoKwik’s interventions, which ensured that orders were accurately processed and fulfilled, reducing the incidence of returns.