Currently, e-commerce constitutes only 1.5% of total retail. The Indian e-commerce market is estimated to grow to USD 200bn at 20% CAGR by the year 2026. This growth trajectory is supported by digitization push over the last couple of years, with more and more buyers and sellers are going digital. With recent Fintech revolution gaining momentum in India, digital lending is now the largest Fintech segment, also driving e-commerce growth.
For E-commerce platforms, key to profitability is ensuring a growing buyer base and controlled churn. Access to easy credit facility gives customers more spending power—by enabling the Gen-Y customers to buy what they want today and pay over time.
Credit facility can increase Average Order Value by 75% on average. Similarly, there is reported 20%+ increase in customer conversion rate, and a big boost of up to 80% in Net Promoter Score thanks to a more seamless customer experience.
For one such major B2B ecommerce platform operating Pan-India, Crelytics enabled credit facility for borrowers through plug-and-play Credit APIs. While the marketplace is conveniently utilizing its existing customer-facing technology infrastructure, Crelytics is powering entire credit backend by enabling multiple NBFCs on board.
The technology so far available with Amazons and Flipkarts is now available for NBFCs, through an automated credit line management software. Using API based line of credit product and ecommerce-specific LMS design allows clients to quickly respond to customers, update, and customize loan products on the fly. Other use cases where CRELYTICS supports online marketplaces are: Travel, Fashion, Electronics, Sporting Goods, Events, Courses. Using plug-and-play APIs, and a simple widget button on e-Commerce site, they can now offer convenient payment options to customers.
The collaboration of the e-commerce players with fintech industry has reduced the payment drop-out rate by 10% , while it gives access to new prime customer hubs for NBFCs. For more information, please write to: email@example.com