Razorpay forays into marketing stack with 'ENGAGE' - India’s first full-stack intelligent marketing growth suite

Razorpay, India's leading omnichannel payments and business banking platform, has long been at the forefront of providing innovative solutions to empower businesses. With its acquisition of PoshVine, a loyalty and rewards management platform, in 2022, Razorpay has delved a deep understanding of consumer behaviour. This strategic move has enabled Razorpay to gain invaluable insights into the challenges faced by businesses around customer acquisition and retention. Over the past 15 months, Razorpay has meticulously looked into these obstacles that stand in the way of businesses achieving long-term growth.

Unveiling Razorpay ENGAGE: A paradigm shift in customer engagement

In the face of fierce market competition, businesses are constantly grappling with the challenges of acquiring and retaining customers while maintaining financial prudence. These challenges include an over-reliance on discounts and offers to ensure customer loyalty, the complex management of gift vouchers and promotions, and the necessity for adequate resources to effectively promote these incentives.

Consequently, Chief Marketing Officers (CMOs) find themselves allocating a substantial 40% of the Average Order Value (AOV) to entice initial transactions, followed by an additional 15-20% on repeat transactions. This expenditure adversely affects both revenue growth and overall profitability.

Armed with the profound insights gained post the acquisition of PoshVine, the fintech giant has unveiled a groundbreaking solution to tackle these challenges head-on with ENGAGE, India's first full-stack intelligent growth marketing suite. This innovative platform is seamlessly integrated with Razorpay's payment infrastructure and aims to redefine how businesses approach customer engagement and growth.

Building on its extensive experience as India's leading omnichannel payments and business banking platform and the recent acquisition of PoshVine, a loyalty and rewards management platform, Razorpay believes that through ENGAGE, the company will provide businesses with a comprehensive solution to help take control of their end-to-end customer engagement.

Breaking down ENGAGE: Razorpay's full-stack intelligent marketing growth suite

Razorpay ENGAGE equips businesses with the tools to understand customers deeply, create incentives strategically, and drive sustained growth through optimal engagement.

Knowing Your Customer, both in-store and online: Businesses can access insightful customer data, both online and in-store, facilitating targeted and personalised incentive strategies.

Targeting customers with the right incentives: The platform enables the seamless creation of incentives, including offers and gift cards, drawing from an extensive inventory of over 5,000 options.

Precision targeting: With an intuitive workflow, businesses can precisely target incentives to specific user segments at optimal times, enhancing the effectiveness of their engagement efforts.

Multi-channel distribution: ENGAGE is a single integrated platform facilitating engagement across multiple channels such as WhatsApp, Email, SMS, and traditional platforms like Google and Meta. Integration with Razorpay’s merchant and bank network, along with digital bill integration, further extends its reach.

Enhanced conversion capabilities: Businesses can elevate conversion rates and customer spending by effortlessly accepting various incentive forms, including bank reward points, gift vouchers, and personalised coupon codes.

Reflecting on Razorpay's mission to revolutionise the Indian financial services landscape and pave the way for future innovations, Rahul Kothari, Chief Operating Officer of Razorpay said, "At Razorpay, we understand the critical role that effective marketing plays in driving business growth. With the launch of ENGAGE, we're not just offering a standalone marketing solution; we're integrating it seamlessly with our robust payment infrastructure. This integration is pivotal because it allows businesses to harness the power of data-driven marketing strategies while leveraging Razorpay's trusted payment ecosystem".

Rahul further added, “Our goal is to empower businesses to not only acquire new customers but also retain and engage them effectively. By providing businesses with deep insights into customer behavior, coupled with the ability to create targeted incentives and promotions, ENGAGE enables businesses to make informed decisions that drive sustainable growth.”

Redefining the future

The launch of ENGAGE highlights Razorpay's proactive role in shaping the future of fintech. Through seamless integration of marketing and growth solutions with its robust payment infrastructure, the company is positioned to revolutionise the Indian fintech landscape. This suite is set to redefine customer engagement for businesses, fostering sustainable growth and reshaping the realm of customer-centric financial solutions.