Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    realme narzo 50A Prime & realme C35 receive second OTA Changelog update for June 2022

    July 1, 2022

    Infinix Note 12 5G smartphone to launch in India soon

    July 1, 2022

    OnePlus Nord 2T

    July 1, 2022
    Facebook Twitter Instagram
    Trending
    • realme narzo 50A Prime & realme C35 receive second OTA Changelog update for June 2022
    • Infinix Note 12 5G smartphone to launch in India soon
    • OnePlus Nord 2T
    • Varni Mobile Accessories Won the ‘The Iconic Entrepreneur Award 2022’ at Mid-Day International Showbiz Award, Dubai 2022
    • Fire-Boltt introduces Ring 3- India’s first 1.8’’ Bluetooth calling smartwatch
    • Garmin Unveils World’s First GPS Running Smartwatch Forerunner 955 with Solar Charging and Forerunner 255 Series in India
    • Xiaomi Reaffirms Commitment to Data Security and Privacy
    • Ambrane launches ultra-high capacity 50000 mAh power bank, Stylo Max
    Facebook Twitter Instagram LinkedIn YouTube
    Mobility IndiaMobility India
    • News
    • Interview
      • Channel Focus
      • Retail Focus
    • Reviews
      • Product Featured
      • Hot Product
    • Featured
      • Top Stories
      • Event
      • Report
    • Gadgets
      • Smartphones
      • Imaging/Camera
      • Laptops
      • TV
      • Audio
      • Apps
    • E Mobility
      • EV
      • Auto
    • Gaming
    • Home Appliance
    • Make In India
    Mobility IndiaMobility India
    Home»News»Fynd, e-commerce portal, curbs COD and embraces digital payments
    News

    Fynd, e-commerce portal, curbs COD and embraces digital payments

    MOBILITY INDIABy MOBILITY INDIAApril 24, 2018Updated:April 26, 2018No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    India’s rise as a digital economy is nothing short of remarkable. As the nation inches towards going digital with its day-to-day transactions, Fynd, the unique fashion e-commerce portal has joined its hands with the government to drive the cashless economy in the country. From 20th Jan 2018, Fynd has put an end to accepting cash on delivery (CoD) for all the new orders placed on its app and website. This move is in line with Prime Minister Narendra Modi’s idea of transforming India’s cash dependent economy to a cashless one. A dip in orders is seen due to cancellations or returns has prompted the omnichannel e-commerce portal to adopt digital payment methods as seen in the graph

    According to a note by research firm RedSeer, the e-commerce sector in India had touched a gross merchandise volume (GMV) close to $20 billion during 2017. However, of the $18.6 billion GMV clocked by the Indian e-commerce industry during the year, over 30 percent was lost due to cancellations and returns of orders. While Fynd has welcomed doorstep as well as digital payment methods since its inception in November 2015, over the course of time, it made sense for Fynd to promote digital payment modes like net-banking, credit & debit cards and e-wallets more as compared to cash on delivery (COD). Thus leading to higher rates of order fulfillment.

    In September ’17, out of the total orders received, Fynd faced 60% leakages due to problems like cancellations, frauds and RTOs etc. However, in March ’18, while Fynd received less overall orders, the fulfilment rates were higher thus overtaking the overall numbers of the previous months.  This not only helped in controlling the leakages which went down to 3% as seen in the graph [1.2] but also helped in bringing down the operational cost as the order getting returned at the doorstep by customer still has the operational cost incurred.

    Commenting on the cashless initiative, Fynd Co-founder, Harsh Shah, said, “Embracing only cashless payments has its own benefits. Throughout these years, while Fynd has witnessed high shopping volume, there have been problems witnessed due to delivery frauds and other payment vulnerabilities. After moving to cashless payments, we have seen a sharp dip in leakages and rise in order fulfilment. We believe that the cashless payment methods will open up new opportunities for us, benefit the customers and further drive our sales.”

    Overall, adapting only digital mode of payment has been beneficial for Fynd as well as the customers. Apart from making transactions hassle-free, customers are able to pay the exact amount without worrying about having no change or getting money in return from the delivery boys. For Fynd, too, CoD involved additional cost and the risk of returns or thefts was higher in this form of payment. By adopting the digital-only strategy for payments, Fynd aims to boost cashless transactions and make the transition as smooth and convenient as possible for all its customers.

    cash on delivery digital payments Fynd
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    MOBILITY INDIA
    • Website

    MOBILITY INDIA Bureau: If you have an interesting article/experience/case study related to the ICT industry to share, please send us at editors@roymediative.com

    Related Posts

    realme narzo 50A Prime & realme C35 receive second OTA Changelog update for June 2022

    July 1, 2022

    Infinix Note 12 5G smartphone to launch in India soon

    July 1, 2022

    OnePlus Nord 2T

    July 1, 2022

    Comments are closed.

    YXL
    YXL
    Top Stories
    News

    This International Yoga Day- Here are some gadgets that can track your health

    By MOBILITY INDIAJune 21, 20220

    Follow @mobilitymag This International Yoga Day- Here are some gadgets that can track your health…

    News

    Portronics synonymous with “Portable electronics” completes incredible part of journey – The Eventful Story of 12 years

    By MOBILITY INDIAJune 20, 20220

    Follow @mobilitymag Initiator of Bluetooth Speakers, earphones etc in India Portronics, meaning “Portable Electronics”, has…

    News

    Super cool Gifts on Father’s Day which will surely deepen your bond

    By MOBILITY INDIAJune 18, 20220

    Follow @mobilitymag We know that one day can never be enough to honour the superhero of your…

    News

    U&i launches New Brand Lyne – Offers Premium Products to Elite customers at Affordable prices

    By MOBILITY INDIAJune 17, 20220

    Follow @mobilitymag U&i, India’s most progressive Gadget Accessory and Consumer Electronics brand, has come up with a…

    News

    U&i Takes Promotion to Next Level by Branding at the Stadiums during India-South Africa T20 Cricket Series

    By MOBILITY INDIAJune 14, 20220

    U&i takes its brand promotion a level up through branding at the cricket stadiums during…

    About Us
    About Us

    A-23, 1st Floor Okhla Industrial Area, Phase-1, New Delhi-110020 (India)

    Telephone: 011-41602841, 011-40536384 -87

    Mob No. : 09811346846, 09625243429, 08287406709

    Regd.Off.: 38-B/56 Block, C. R. Park, New Delhi-110019.

    My Story

    Vivo to launch X70 series in India this month end

    By MOBILITY INDIASeptember 23, 20210

    KDM Believes in the Concept of Make in India and Sell to the World

    By MOBILITY INDIAOctober 9, 20200
    ISSUE

    Make In India Magazine June 2022

    June 23, 2022

    Mobility India Magazine June 2022

    June 23, 2022

    Make In India Magazine May 2022

    May 19, 2022

    Mobility India Magazine May 2022

    May 19, 2022
    Facebook Twitter Instagram LinkedIn YouTube
    • Home
    • Contact
    • About Us
    © 2022 Mobility India. Designed by Roy Mediative.

    Type above and press Enter to search. Press Esc to cancel.