PayU CPO Manas Mishra’s Masterclass at TechSparks 2021: Look beyond processing transactions, improve CX
At a TechSparks 2021 Masterclass on ‘Payments beyond processing transaction’, Manas Mishra, CPO, PayU India unpacks payments design, ways to ensure customer loyalty and more.
Wednesday October 27, 2021,
4 min Read
In every business, payment is the most critical touchpoint that a consumer goes through in the journey of purchase. It is that final point where a customer is making the decision to buy a product or a service, evaluating the value that a product or solution offers to him or her, says Manas Mishra, CPO,India in a Masterclass on “Payments beyond processing transaction at TechSparks 2021.”
Also as it involves money, there's a lot of trust and anxiety issues at this touch point. So, every business and startup should streamline this process and plan its core business accordingly, says Manas.
Manas’s 54-minute Masterclass on how payments can drive a competitive advantage for business, and enable growth is based on his views and experience in building payment products at PayU and Flipkart. The Masterclass went live on Tuesday at TechSparks 2021, India's most influential startup-tech conference organised by YourStory.
Here are some of the key takeaways from the session:
- Get a competitive edge with refunds: One of the most critical touchpoints that is often ignored while designing a purchase journey is the return/refund journey. Return and refund are strong indicators of customer loyalty and a significant driver of NPS [Net Promoter Score], asserts Manas. He mentions that in a survey conducted by PayU, most of the shoppers said that they would return to the business if they had a good refund experience. So if refunds are taken care of, a business can retain its customers.
- Minimise and handle transaction failure: In case of transaction failure where an amount is deducted from the customer wallet, ensure that the communication is taken care of and the customer is informed/updated about the status. Also, Manas suggests that using a native OTP experience for payment processing is a good idea. By Native OTP he means, the customer has to enter the OTP in the merchant page itself. This provides a seamless payments experience to the customer.
He suggests businesses/product managers work with their aggregators to configure multiple PGs and manage routing based on success rate.
- Use saved payments instruments: Another friction businesses should look at reducing is how does it provides saved payment instruments and smart recommendations based on the payments made. Businesses can provide a save instrument to users. Once the customer enters the UPI handle or card details with the merchant, the next time when he/she enters for different transactions, these details can be saved, helping the customer have a seamless experience.
- Building affordability ecosystem - Providing the right affordability solution is not just a competitive advantage, it also can fuel growth by influencing customer purchase decisions.
- Leverage Insights - Insights from payment data can power business growth. With customer insights, businesses can acquire new customers running targeted ads. Businesses can also conduct customer lifecycle management. For instance, one can manage customer churn, engage with buyers via the right incentives. Companies can also acquire geography-wise segment data from the data insights.
Concluding the session, Manas added, “Use the data insights correctly. Just don’t think of payment as transaction processing. Look at how providing a better experience to your customers can drive a competitive advantage compared to what your competition is providing and how some of these levers you can use to drive growth.
"It's not just about making sure the success rates are high, but making sure that all the entire parts of the journey — the user experience right from the person landing on the page, going through the entire journey to returns, refunds, all of that is taken care of and with data insights product manager/business head should work on personalising their page based on the payments, data, etc. This is going to be the significant growth driver for the business," he adds.
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