Razorpay Case Studies: Redefining product Online

Safalta expert Published by: Ishika Jain Updated Wed, 01 Feb 2023 03:01 PM IST

By offering clear, developer-friendly APIs and simple integration, Razorpay tends to transform money management for online businesses. With its product suite, it's the only payment solution in India enabling companies to receive, process, and distribute payments. About 20–25 solutions are available from Razorpay as independent products or as parts of larger product suites.

Table of Content:
Knowledge of the products
Competitive Research
The perfect answer?
Finally Solving
Razorpay Investigation
Input using service-based reasoning
Recommended Goods
Navigation to Products

Knowledge of the products
A complete understanding of every Razorpay product was required to complete this assignment. A lot of effort was spent learning about the items, their classification, and their functionality. Finding all categories and products on the website was made simpler by establishing a sitemap of the products.

The majority of Razorpay products are categorized into 3 categories and largely concentrate on 2 main applications including payment gateways and neo-banking.

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Source: Safalta

  • Razorpay Capital
  • Razorpay Payments 
  • Razorpay 
Competitive Research
Competitive analysis was carried out before looking for appropriate situations to order to comprehend the product navigation (method) on websites of businesses offering a broad range of products.
Moreover, an attempt was made to identify a pattern or framework from the data as a benchmark to evaluate the effectiveness of the product navigation mostly on the Razorpay website.
The three companies that were examined were Zendesk, Freshworks, and Stripe.

Zendesk is a SaaS that provides a range of tools that helps organizations provide effective customer service.
It provides:
  • Accessibility through the navigation bar or landing page, specific customer assistance products are categorized by application.
  • The navigation bar also provides access to solutions for various use cases and business sizes as well as solutions that are specialized to an industry.
  • At the first contact point, users have the freedom to access various products based on applications or solutions specific to the industry, which subsequently disclose features within each.
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Freshworks is a SaaS solution that has expanded into IT, sales, marketing, and other areas.
It provides:
  • Solutions for the business vertical are available with the help of a landing page or the navigation bar.
  • On the first touchpoint, users choose the business vertical that interests them, which sends them to pertinent features.
Fintech startup Stripe offers B2B businesses having transactional capabilities and solutions.
It provides:
  • Application-based product categories are only available through the navigation bar.
  • Stripe has started to offer solutions that are designed for particular use cases.
The above data depicts that the three websites' methods of product navigation were identical. The user only engages with high-level categorizations at the first touchpoint, which then directs them to several features and goods thereby demonstrating a top-down approach. Even if there is a vast selection of items and features, this technique makes it simple for customers to get to the products that are relevant to them.

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The perfect answer?
Since all the Razorpay products are not intended for every user is another feature. AAnyproduct's suitability depends on the factors such as the business size, tech proficiency, industry, or the issue they are trying to solve. Since no particular filter is available on the website, product navigation may eventually wind up being inefficient and result thereby leading to an increase in dropout rates.

The best response to speculating should be:
  • Work within the limitations (for HIU and LIU users; SEO).
  • Make it simple and intuitive to navigate the products.
  • Users' products that are relevant to them.
  • Accelerate product discovery.
  • Simplify the separation of comparable products.
Finally Solving
A FAB may be more visible at any point of navigation, but due to its location, it can be mistaken for a chatbot. When consumers visit any website, they typically don't turn to a chatbot first and only do so in the event of problems. The FAB placement may not be the optimal strategy as the solution's objective is to direct consumers to relevant products as quickly as possible rather than making them traverse the website.

Razorpay Investigation
The solution was branded as "Razorpay Discovery" ensuring that it adheres to the distinctive brand language of Razorpay. The discovery of an atom, which influenced everything about the cosmos, served as the inspiration for the identity of the "Razorpay Discovery" concept. A CTA was introduced to the navigation to make it easier to access Logic forms, such as the FAB, from any point on the page.

The visual design of the logic form is a replica of Razorpay's Payout invention, with added augmentation for simpler information intake.

On the webpage, the form appears as an overlay and the elections were chosen with choice chips. The graphics on the select chips are highlighted:
  • Improvement for simple information intake.
  • In order to attain optimal ergonomics, follow Fitts' law.
choosing the size of the business
Users are prevented from moving forward until they choose an option, and the "Next" button is always disabled.

Input using service-based reasoning

The logic dictates that the user will either
  • be suggested appropriate items, be suggested appropriate items, or be suggested appropriate items, or provided as input for another parameter to obtain more specific results.
  • The user is given the option to select between quick payments and automated/scheduled payments for the present situation,
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In contrast to the previous portions of the flow ('Next' & 'Previous,' the suggested products' UI doesn't contain a prominent CTA  and puts more attention on the products, and encourages customers to move further down the sales funnel. To differentiate from selecting inputs in the form in earlier steps, product cards have hover states.

Navigation to Products
After discovery, the user is directed to the associated product page when they click on a product, with the discovery form available as a typical side sheet. The product page responsively adapts to make the side sheet easier to see within the viewport.

The user has two options when using the side sheet:
  • Alternate between each product suggested
  • Change the form's inputs
It can be concluded that the non-exclusive categorizations on the Razorpay website were its biggest weakness. Product navigation overlaps are caused by application-based categorizations, branding, and the tenuous distinction here between a feature and a product.

In order to address this, Razorpay Discovery only employed application-based categorizations and then filtered the goods based on factors like business size, level of technical competence, etc that specify particular user demands.

What issue is resolved with Razorpay?

A group of IIT Roorkee graduates created the payment method known as Razorpay. It's a particular payment method that incorporates several banking systems. You can use it to make payments online using all of your credit and debit cards, UPI, and well-known mobile wallets. It pays other people in India without creating a hassle.

How does Razorpay operate and what is it?

The only provider of converged payments solutions in India that offers a product package that enables your firm to accept, process, and disburse payments is Razorpay. You can use all payment methods, including credit and debit cards, UPI, and well-known mobile wallets, with Razorpay.

What is the Razorpay success rate?

While the success percentage for transactions using tokenized cards is high (82%), the success rate for transactions using non-tokenized cards is lower (63%).

Razorpay is it B2C or B2B?

With the introduction of BNPN, Razorpay has successfully entered the B2C market after dominating the B2B market for the previous 7 years.

What distinguishes Razorpay from Paytm?

With Paytm, life is made simpler and the globe is a little bit closer. A convergent payment technology called Razorpay enables companies to accept, process, and distribute online payments anywhere in the world. It allows companies to collect payments from clients and automates payments to suppliers and staff.

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