When businesses approach payment solution providers, what do they look for?

• A stable product – YES!
• A great experience – YES!
• Minimal integration hassles – YES!
• Serviceability – YES!

One more very important thing is collaboration, between the solution provider and the business itself.

The only way to complete a professional software project is through collaboration. This collaboration is when both the business and the solutions provider’s teams come together to fulfill the requirements – for which PayU has created the developer documentation. The documentation includes detailed information of what all goes into the product from a technical standpoint, thus making it easier for the concerned teams at the business’s end to collaborate easily.

What does developer documentation provide?

It captures all the architectural details of the codebase, and guides developers through the software. This includes the product details and information about the APIs being used – integration information, sample documentation, tutorials on usage – how to use the product.

Businesses partnered with PayU can take advantage of PayU Docs which captures everything developers need for the PayU product portfolio.

PayU Docs

This is how the PayU Docs look like:

The interface enhances usability, ensuring developers a seamless experience navigating the portal. 

PayU Docs features

The developer’s guide is packed with a host of features, a few of them being:

• Interactive API docs — The docs portal comes with a stitched API playground where developers can make API calls natively with test data. We have also included a native generate hash button to simplify the try-out experience. The API reference allows developers to try out the API calls in 12+ programming language, cURL, PHP, Python, Rube, Node being few of them.  

• Step by step walkthroughs of the most used Mobile SDKs and Integrations – We have added recipes to walk developers through a code sample step by step to help them get started with PayU’s integrations faster. Get hand holding of some integration procedures with “Recipes” highlighting the code and steps.

• Enhanced navigation through the content, greater discoverability.

• Enhanced embedded search – The PayU Docs not only help developers jump to the exact required information but also makes it easy for them to try out APIs, navigate easily through the pages and even experiment in all the prominent languages for their ease.

To try the docs, click here.

Looking ahead to the next phase of the development, we will continuously improve the portal’s capabilities by including more and more features based on the feedback we receive from our partners, stakeholders and businesses. Our aim is to provide businesses with the best in class product, service and features to support them in their growth journey.

The post Do you know how to get the best out of PayU Docs? appeared first on PayU Blog.

The blog discusses how the home improvement industry has experienced significant growth in the online space, with offers, cashbacks, coupons and discounts playing a crucial role. Pepperfry, a leading online home improvement brand, has achieved great success by leveraging PayU’s Offer Engine, a tool that helps businesses manage end-to-end offers. The blog highlights the benefits of using PayU’s Offer Engine, such as real-time performance analysis, attractive offers, instant cashback offers/ vouchers/ coupon codes and streamlined settlement processes. Pepperfry’s partnership with PayU has resulted in a substantial increase in transactional volume and gross merchandise value (GMV). The blog concludes by emphasizing the importance of adapting to customer preferences for deals, offers and discounts.

Table of contents:

1. What are customers buying the most during sales season?
2. How are festive deals helping home improvement industry?
3. How has Pepperfry dominated the industry with offers & discounts?
4. What is PayU’s role in Pepperfry’s enormous growth numbers?
5. What is PayU’s Offer Engine? How does it help businesses?

With the sale season blazing on, browsers are quickly turning into buyers. Customers wait all year for this period to catch top deals and discount offers on gadgets, clothing, home décor, and more. Product offers & big discounts are one of the most crucial aspect which can either make or break conversions for businesses. One industry that is thriving on the irresistible offers is home improvement, it is also getting a lot of visibility in the online space lately.

One of the fastest growing categories, at about 10% CAGR, home improvement was once a 100% offline space. Owing to the shift in customer behavior and technological upgrades, home improvement category now has a diverse range of buyers – ~25% online, ~25% offline, and ~50% omnichannel.

This split can be attributed to various factors. One such factor is providing hefty discounts, impressive deals and massive savings. While making a purchase from any medium – offline or online – the volume of sales depends on the exclusive discounts provided by a business.

Customers are attracted to monetary rewards which ultimately depends on the limited time deals your brand provides, particularly on online websites. Thus, giving omnichannel audience the biggest share.

Adapting to these changes is a major challenge for brands. But one brand that has succeeded in the home improvement category is Pepperfry.

Pepperfry x PayU – Growth story

Pepperfry is a leading ecommerce home improvement brand that provides an amazing collection with the best deals. Pepperfry is supported by the PayU Payment Gateway, ensuring the best success rates in the industry for their online store.

Pepperfry powers its sales using PayU’s Offer Engine, a powerful tool that helps businesses acquire, scale, and retain customers. It helps businesses:

1. Manage end-to-end offer lifecycle with an interactive dashboard for real-time performance analysis.
2. Source or execute attractive online shopping offers, no cost EMI or low cost EMI offers, and features like SKU-based offers, BIN-specific offers, and weekday offers.
3. Reduce operational burden while handling recon and settlement.

How did PayU’s Offer Engine support Pepperfry’s growth?

For instance, Pepperfry ran multiple co-funded offers from different issuers and sought support to manage their settlements and reconciliation. They also wanted to offer promotional codes/ coupons, and a seamless offer management tool to streamline it all. PayU’s Offer Engine solved all these challenges.

Together, we delivered exceptional results, from sourcing and executing 25+ issuer offers to managing end-to-end recon and settlement. Moreover, we ensured a seamless payment experience to end customers and maximum uptime to the brand.

PayU remains the preferred payment gateway aggregator for transactions via Pepperfry.

Growth Statistics:

Here’s a glimpse at how Pepperfry’s sales grew since adopting Offer Engine in 2022.

The below graph represents the growth in GMV for the same months in 2021 – without Offer Engine vs 2022 – with Offer Engine.

The bar graph depicts the GMV growth in the same months for 2021 (without Offer Engine) vs 2022 (with Offer Engine)

PayU Offer Engine helped Pepperfry boost their average transactional volume by about 140% and GMV by over 170%.

The graph below is a comparison between the same months of 2021 and 2023 – the former being without Offer Engine and the latter with Offer Engine.

The line graph shows how the GMV has grown m-o-m in 2021 vs 2023

“PayU has been an invaluable partner in our growth journey at Pepperfry. Offer Engine has played a pivotal role in driving significant growth in our business. From seamless offer execution to efficient reconciliation and settlement, PayU has consistently delivered excellence. As our preferred payment partner, PayU has significantly improved our transaction success rates. With PayU by our side, Pepperfry continues to thrive, and we look forward to growing together.” – Pepperfry

Along with Pepperfry, over 5 lakh business are powered by PayU and its products. As customers are motivated by cashbacks and discount, it is becoming increasingly important for brands to adapt. PayU offers a one-stop solution for all your needs – PayU Offer Engine, tailored as per your demands to deliver the best buying experiences.

To learn more, go to PayU Offer Engine.

The post How PayU’s Offer Engine enabled a 150% growth in Pepperfry’s GMV appeared first on PayU Blog.

In this blog, we’ll explore the dynamics of this challenge and introduce a game-changing solution to overcome it, focusing on how to #SaleOnScaleOn with PayU’s Affordability Suite and its transformative impact on e-commerce businesses especially during the festive season. 

 
The Price Predicament and Lost Opportunities 

Picture this: A potential customer lands on your e-commerce website, their eyes gleaming with anticipation. They eagerly browse through your product offerings, enticed by the wide array and the festive promotions you’ve prominently showcased. However, as they inch closer to the checkout, the final tally on the screen sends shockwaves through their shopping journey. The premium prices they encounter cause them to hit the pause button and reevaluate their choices.  

The consequence is an altered cart, with lower-value items or, in the worst-case scenario, an abandoned purchase altogether.  

In today’s cutthroat world of online commerce, the loss of potential customers due to cost-related concerns is not to be taken lightly. It significantly impacts your conversion rates and, in turn, the bottom line. What’s more, the obscured visibility of ongoing offers only adds to the predicament. The lack of clarity leaves prospective buyers unaware of the enticing deals you’ve meticulously curated to make their shopping experience not just affordable but extraordinary. 

 
The Game-Changing Power of PayU’s Affordability Suite 

To address this pervasive challenge, PayU introduces the groundbreaking Affordability Suite. This suite is designed to bring about a transformation that starts right from your product pages and culminates at the final payment stage. Here’s how the magic unfolds: 

 
Introducing the Affordability Widget: 

Elevating Transparency in Affordable Payment Choices Strategically positioned on every product page, the Affordability Widget ensures that shoppers are well-versed in the array of cost-effective payment options at their disposal. This invaluable tool not only equips businesses to sell more but also enhances customer conversions. Shoppers can effortlessly explore flexible payment plans, encompassing Credit Card and Debit Card EMI, Cardless EMI, Buy Now Pay Later, instant discounts, cashback offers, and the enticing appeal of No Cost EMI alternatives. Importantly, they can do all of this right from the moment they set their sights on their desired product. 

This newfound transparency is a genuine game-changer. It empowers potential buyers to make informed choices, secure in the knowledge that their budgetary constraints and financial preferences are being thoughtfully considered. Consequently, they are more inclined to invest in higher-value items, providing a significant boost to your sales figures. 
 

Widest Coverage of Lenders 

In the ever-evolving world of commerce, PayU stands out as the ultimate game-changer for both merchants and customers. What sets PayU apart is our unwavering commitment to providing the most extensive coverage of affordability payment instruments, surpassing all other payment platforms. The platform offers an unrivaled advantage by supporting an array of payment instruments which includes CC EMIs, DC EMIs, Cardless EMIs and BNPLs. This comprehensive approach ensures businesses can cater to a diverse customer base, reaching far and wide. 

 
Eliminate Unpleasant Surprises with Pre-Eligibility Check 

Few things are as frustrating for customers as realizing they don’t qualify for their preferred payment option. PayU’s Affordability Suite pre-eligibility check eliminates this disappointment. It’s a seamless process that empowers customers to easily distinguish between eligible and ineligible payment choices, providing them with the confidence to proceed. If ineligibility arises, the system transparently communicates the reason, enabling customers to take necessary actions. This streamlined approach eradicates payment-related hiccups and underscores your dedication to ensuring customer satisfaction. 

 
Most accurate BIN Check API  

A Bank Identification Number (BIN) refers to the initial 6-9 digits on a card, serving as a unique identifier for the card issuer and payment network. The BIN Check API offers comprehensive insights into a given BIN. It enables businesses to determine whether to allow Equated Monthly Installment (EMI) transactions using this BIN and identifies the issuer’s minimum transaction amount. This feature is applicable to plain card transactions as well as saved cards. Implementing the BIN Check API enhances transaction success rates and is a valuable tool for optimizing payment processes. 

Affordability with No Cost EMI, Discounts, and Cashback Offers 

The value proposition of PayU’s Affordability Suite doesn’t stop at showcasing affordability options. It offers you the remarkable capability to craft instant discounts and captivating cashback offers that grab your customers’ attention, motivating them to complete their purchase immediately. And, with the No Cost EMI feature, you can tap into a broader audience, allowing customers to spread their payments over a specific period without incurring any extra cost. This compelling proposition attracts more customers who might have hesitated due to upfront costs in the form of interest that is to be paid to the bank or lender, resulting in a remarkable surge in conversions and sales. 

Native OTP Integration Across the Affordability Suite 

Native OTP is a game-changer in the checkout process. It helps buyers stay on your website/app and complete the card authentication process by entering their OTP directly on your platform, eliminating the need to navigate to a third-party page. This translates to a smoother, more streamlined checkout process, faster transaction completions, reduced cart abandonment, and an improved success rate. 

Transforming the Shopper’s Journey 

The Affordability Suite isn’t just a tool, it’s your strategic edge, reshaping the shopping experience. It turns each product page into a canvas, captivating customers with enticing offers and flexible payment options, ensuring an engaging and delightful journey. 

As you prepare for the festive season, a winning strategy for maximizing conversions and increasing sales is vital. The Affordability Suite is the ultimate remedy for cart abandonment and compromises due to high prices and hidden affordability options. By integrating this groundbreaking payment solution, you provide customers with transparency, flexibility, and an exceptional shopping experience that sets your business apart. 

This festive season, let the Affordability Suite lead the way, and watch your conversion rates soar, bringing prosperity and the joy of a thriving online business. Satisfied customers are the architects of a successful future, and the Affordability Suite is your key to unlocking that success. So, embrace it and prepare for a season filled with successful sales! 

The post The Power of Affordable Shopping This Festive Season appeared first on PayU Blog.

Meanwhile, the businesses gear up for the most critical quarter of the year. The festive season in India is nothing short of magical.

Festive season accounts for nearly 40% of a business’s annual turnover. The entire duration of about 8 weeks helps businesses get more conversions, attract new customers, activate dormant ones and make people shift items from their wish lists to their carts.

However, the journey to growth is never easy and one needs support.

Festive Season Business Challenges:

01. Scaling up – Attracting and targeting new customers

02. Customer Experience – We know how people want to have a frictionless experience whilst they shop.

03. Financial Freedom for businesses – With the surge there can be chances of businesses facing working capital crunch.

PayU’s 3 Pillars

PayU is here with its festive formula, supporting businesses to #SaleOnScaleOn. Through this formula, we aim to support businesses and allow them to easily navigate the sales season challenges.

PayU’s support is backed by the 3 important P’s – our people, products and processes – all working in tandem to ensure a soaring success for all.

Products:  With excellence in innovation and technology, PayU has a product suite to cater to all that business’s needs. Moreover, we also recently launched PayU CommercePro to help businesses with a one-stop-solution to fuel growth.

Processes: PayU with its robust infrastructure and repeated test runs ensures a 24*7 platform serviceability, one that businesses can trust.

People: PayU with its dedicated teams, war-rooms and a 24*7 support is determined to give the best experience to its partners.

We at PayU will be sharing all the important information on products and how they can benefit you in the coming weeks. Stay Tuned!

To know more click here.

The post PayU’s Festive Season Formula: #SaleOnScaleOn appeared first on PayU Blog.

If you are unclear on how to do competitor analysis, start by asking yourself these questions:

• Who are my competitors? Are they a direct competitor?

Typically, it is a company that sells the same products or services as yours or fulfills the same customer needs you meet. This company could be bigger, smaller, or similar to yours.

• What are their strengths, weaknesses, opportunities, and threats? This is called a SWOT analysis.
• Are there any gaps in the market that my company can fill?
• Are there any gaps in the products and services offered by my competitors?
• Finally, how can I use this information to increase my company’s market share?

Research your competitors well to get the answer to these questions. 

Why is competitor analysis important?

The benefits of competitor analysis are huge. It can set the rhythm and speed of your business’s success.

Understand your advantages and disadvantages

This is where doing a competitor SWOT analysis helps. Analyzing your competitor’s strengths and weaknesses will help you identify your business’s advantages and disadvantages in the market. 

Determine your past, present, and future business strategies

Analyzing your competitors helps you formulate effective strategies for your company. Knowing where you stand in the market can give you early warning signs of threats and opportunities. Use these insights and foresight to take steps that will lead you to your goals.

Know the objective and profile of competitors

By understanding where your competition stands in the market, you can think of strategies to either beat them or fill the gaps.

Identify what you need to get ahead

You learn from the success and failure of other brands. This analysis establishes the reasons behind the failure of unsuccessful companies, thus helping you identify the key assets and skills needed to beat your competition.

Know your threats to tackle them better

While analyzing your competition, you identify threats and challenges your competitors bring into the ecosystem. It helps you fortify your company’s strategy against the competition.

Leverage category convergence

Brands today are offering products across variant segments. Today brands are competing in segments where they have been historically absent. Hence, consumer perception of your brand plays a prominent role in defining competitive benchmarks.

Sources of information to study competitors while doing competition analysis?

Recorded data: It includes data that is published publicly, such as annual reports, brochures, newspaper articles, and press releases.

Observable data: It is collected from several sources, such as competitor pricing, promotions, and patent applications.

Opportunistic data: This kind of data involves exclusive planning. It is basically derived from customers, suppliers, seminars, and conferences.

Also read – Tips for Launching Successful Mobile-Friendly Online Store.

The post Competitor Analysis: Why is it important for your business appeared first on PayU Blog.

What is brand building?

How people perceive your business is your brand. The brand building process is about creating a unique image for your business. It starts with a strategy to define your brand’s relationship with its customers and how it will get there over time. A brand building strategy will help you be consistent in communication and experience across environments and assets, such as print and packaging, customer service, or social media.

6 Simple steps to build a successful brand

There are different ways you can build a strong brand. But here are six steps to get you started on a successful brand building journey:

Step 1: Determine Your Target Audience

The first thing you need to know when building a brand building strategy is your target audience. You can determine your audience based on age, location, interests, etc. This will help you define what you communicate, where, and how, so your audience can deeply relate to your brand. Depending on your target audience and their needs and aspirations, you can create a brand persona that resonates with them. Over time, your brand will need to evolve with your target audience to stay relevant.

• Pro tip: Start with smaller, specific sets of target audiences. As your brand awareness and loyalty grow, you can expand your audience base to include more diverse groups.

Step 2: Define your brand mission

Your mission and vision statements describe why your brand exists and what it is passionate about. The brand mission is what you promise to do and how you will add value for your audience. It also dictates how you execute your brand strategy daily. It will guide your branding process across channels. All this should help you achieve your brand vision – what you want to be for your audience.

Step 3: Research your competition

Every brand has its unique selling point (USP). Analyze your competition and find out what works for them, what does not, and where your brand can do better than them. The brand building process should focus on that differentiating factor. This will help you define what can set your business apart and use it to your advantage in branding and marketing. Competitive analysis is a continuous process that helps you:

• Define and refine your USP
• Improve your products and services
• Encourage research and development (R&D)
• Benchmark your branding and pricing strategies
• Identify business opportunities and threats

Step 4: Create a strong value proposition

You have studied your markets, competition, and audiences. Use this knowledge to clearly define what your brand offers and why your audiences should only choose you – what makes your brand unique and valuable. Include this value proposition in your marketing communication across channels to create a successful brand. For example, PayU’s scalable and robust platform makes it one of India’s best payment solutions providers.

Step 5: Set your brand markers and guidelines

Brand building is all about making your business recognizable and memorable. And it is done by playing on the human senses, particularly with visuals and sounds. Think Coca-Cola logo or Nokia jingle. Creating such unique and remarkable markers will create a special place for your brand in your audience’s minds. Once you have done that, document how your brand will be represented across channels. These guidelines will ensure consistency and quality.

Step 6: Market your brand

The last step is to tell the world about your brand! Set a definitive marketing strategy and create noise on channels your audiences frequent to grab their attention. Using your brand guidelines and marketing strategy, you can communicate with your audiences in relatable and engaging ways.

Apply your branding in every piece of communication, from packaging to stationary and website to marketing collateral. Identify new channels such as email, web, and affiliates to promote your brand.

Conclusion

Brand building is an ongoing process; you need to revisit it every now and then to ensure your branding is maintained consistently. The process requires expertise, and it is best to get professional help to get the best out of your efforts. You can learn more about branding in our blog on the importance of brand guidelines.

Frequently asked questions about the brand building process

What is brand building?

Brand building is creating awareness and promoting a business using different strategies and plans. In other words, it is building and displaying a brand identity through different campaigns such as on social media, websites, and events. Branding is essential for a company as it is what people see and think about it. It is your logo, tagline, ads, everything!

Helpful articles related to brand building:

• Social Media Marketing Tips
• Content Marketing Tips
• Quora Marketing Strategy
• Video Marketing Tips

Why is it important to build a brand?

Branding is important to build recognition and trust. This can help you acquire more customers and their loyalty over time.

How to plan a brand building process?

You can start with the six simple steps mentioned above to build a successful brand.

What is a brand roadmap?

A brand roadmap comprises concepts and strategies you can follow while building your brand. It includes goals, objectives, and ways to achieve them within set deadlines.

How can you build a strong brand?

We can build a strong brand with various methods and strategies. To start with, one needs to conduct a brand audit of the company. This includes a thorough competitive analysis and identifying your brand’s USPs. Make sure you are original and authentic across communications. Re-analyze your strategies regularly so you can maintain your brand identity.

How does advertising help in brand building?

The motive behind branding is to build recognition and attract more customers. Advertisement plays a great role here. It helps businesses remind their consumers of their presence. Advertisements help build brand salience. It reminds people of the product or services offered by a business by looking at its logo or advertising campaign.

What is brand reputation?

As the term suggests, brand reputation is how people see your brand. Do they see your brand as fun and quirky? Or do they see your brand as an authority in your industry? A good brand reputation means consumers trust you and like your offerings.

The post 6 Simple Steps For A Successful Brand Building Process appeared first on PayU Blog.

People indeed associate quality products with high prices. But if you price your product too high, only a few people may buy it. While pricing the same product too low might result in losses. There is no one-size-fits-all formula for pricing! Before we decode how product pricing is done, we need to understand what product pricing means.

What is pricing?

Product pricing is setting prices for products and services to help you meet your goals and make a profit. There are many factors to consider when setting the right price for your products. This blog will discuss 7 easy tips to ensure your product pricing is just right.

7 Pro tips for pricing your products correctly

1. Define the business goals your pricing should achieve

Before you start pricing your products, it is important to define business goals aligned with your brand’s overall mission and vision. Do you want to increase your market share? Do you want to increase customer loyalty or maximize your profits? The goals you choose will determine the pricing strategies you use for your products.

2. Include all costs efficiently

When you consider pricing, include all the costs associated with producing and selling your product. This consists of the cost of materials, labor, storage, transportation, marketing, and more.

Ask yourself:  

• Have I considered discounts or deals I can get from my suppliers?
• Did I include post-sales costs such as customer service in my pricing?
• Or any tax incentives and other benefits I can take advantage of?
• Is it just breaking even or adding to your profits as well?

Imagine this. Leena sells jewelry for Rs. 100, making it at a loss of Rs. 10. If Leena sells the jewelry for more than Rs. 110, she will make that much more profit.

Pro tip: Fill in all the costs in an Excel sheet, so you don’t miss out on anything and can easily see the gross revenue you need to generate.  

Here is a hypothetical example of the product pricing of a t-shirt:  

3. Understand your customers’ budget

Conduct market research to find out –

• who your target audience is
• how much they pay for similar products
• what the perceived value of your product is

The better you know your customers, the more value you can provide them. You can tweak the pricing according to your customers’ location, use cases, purchasing capacity, etc. It is good to ask customers for feedback to understand their needs and determine the right product pricing and development strategy.

4. Study your competitors’ pricing

You can also look at the prices of similar products. This will help you set competitive prices that are attractive to your customers and align with industry standards. See if your product offers any additional value or if there is an uneven supply-demand ratio. Also, pay attention to any special offers or discounts your competitors offer. This can help you determine if you should offer similar discounts or promotions to stay competitive.

5. Apply psychological tactics to pricing

Use psychological cues, like the power of suggestion, to influence customer behavior. For example, offering a product at $5.99 and another at $6. Customers will most probably buy the one that is priced at $5.99. You can also provide offers and discounts whenever possible to attract more customers.

6. Use different product pricing methods 

You can use many product pricing methods to offer your products and services. Here are two examples that are very easily actionable:

a) Tiered Pricing

Tiered pricing involves setting different prices for different levels of product features. For example, you could offer a basic version of your product at a lower price and an upgraded version at a higher price. This allows customers to choose the version that best suits their needs and budget. Service providers like software companies and travel agencies typically use a tiered pricing method.

b) Bundled Pricing 

Bundled pricing involves offering several products together at a discounted rate. One classic example of this is ordering combo meals at leading fast-food joints. This gives customers more value for their money and encourages them to make larger purchases.

7. Keep your pricing flexible

You can even keep your pricing flexible to quickly adjust your prices to changing market conditions. For example, if your competitors are offering discounts or promotions, you should be able to adjust your prices to remain competitive. You should also be able to adjust your prices to take advantage of any seasonal trends or changes in customer demand. Measure your sales performance and customer satisfaction to figure out what works best.

Set the right prices for your offerings and earn more

Remember, the product pricing process may look different for all. Focus on finding the right balance between earning profits and providing value for money. More importantly, pricing is a continual process. You may need to revise your prices with changing times.

If the pricing strategy works well and buyers start flocking to your stores, you may need some help to streamline all your payments and settlements. That’s where PayU can come in. With 150+ payment modes and plenty of useful payment solutions, PayU can help you provide the best checkout experience.

Click here to learn more about how PayU can help you grow your business.

The post 7 Tips for Product Pricing the Right Way appeared first on PayU Blog.

1. Keep the business concept simple
2. The idea behind becoming an entrepreneur must have been the first thing that got you into the business.
3. Businesses that conceive the best entrepreneur ideas and keep them simple are often successful. It is worth remembering that simple business ideas must remain understandable for the lower management, the salesperson, the marketing agency, and the customer.
4. Focus on both – the market and the product
5. As first entrepreneurs, while you have looked for simple, effective, and the best business ideas – is the market ready for it? Does your product offer something unique or solve a problem? What about funds, operational costs, competition, and so on?
6. Adequate market research can give you an insight into the product’s viability, and your well-chosen advisors can add significant value to it.

Pick the Right People

It is naïve to think that you can start your business alone. Choose your core competency and concentrate on getting the process around it right. For instance, if you are a finance person, bring in operations, logistics, and marketing experts to assist you. Also important is having a good team around you. Your mentors will be your eyes and ears, but your wider team will ensure that your cavalry is ready to sell the product when you kickstart production.

Develop a Financial Model

An efficient financial model will also project future incomes accurately and budget with fewer deviations. These days, most businesses seek assisted payment platforms as a part of their financial model.

A new business can reach out to a local and a global market base with PayU. It will help you reach out to the Tier-II and Tier-III customer base with the incorporation of Hindi and other Indian regional languages on the PayU platform.

Keep Emergency Funds Aside

If there is one thing that the pandemic taught small businesses, it was the importance of a contingency fund. Small and new businesses mostly run on shoestring budgets. However, every entrepreneur needs to know that an emergency fund should be created along the way.

Networking

The best business framework can bootstrap its way to stability. But for the quantum leap, investments are the key. Successful entrepreneurs find time to connect with the right people, and so should a first-time entrepreneur. Strong networking skills can result in lucrative deals, collaborations, and, most importantly, investors.

Staying True to the Commitment

Businesses and products are often accused of not being what they used to be. Stay true to the entrepreneur’s business ideas that made it well-accepted in the first place. Once your business idea clicks, the focus should be on maintaining consistency in service or product delivery.

Conclusion

Steps like those mentioned above need to be the guiding beacon for businesses as they start. With these things taken care of, new business entrepreneurship can always be well-placed to take on the challenges as they come.

Wondering what else can PayU help you with? Check out this video to get a glimpse of the opportunities that PayU offers to expand and streamline your business:

Frequently Asked Questions

The post 7 Simple Ways to Start a New Business appeared first on PayU Blog.

Is Affiliate Marketing Right For Your Business?

Over 81% of brands and 84% of publishers in the US currently make use of affiliate marketing. And contrary to popular belief, businesses of all sizes can benefit from implementing an affiliate marketing program. In fact, small businesses could potentially find the strategy more beneficial as it allows them to promote their products at a relatively lower cost. However, there are a few questions you should ask yourself to determine if the strategy will be right for your company.

• Are Your Competitors Using Affiliate Marketing
  One of the best ways to determine whether an affiliate marketing program is right for you is to check if your competitors have implemented it. If your competitors are successfully running an affiliate program, you should also consider exploring it. You can also check the commissions they offer to their affiliates to estimate if you can afford an affiliate marketing program.
• Do You Have the Capacity to Scale Up Quickly
  After collaborating with bloggers or influencers for an affiliate program, you may witness a sudden rise in demand. Therefore, you must consider if you have the products, the organizational skills, and staff to cater to an increased inflow of customers.
• Can You Afford It
  Though affiliate marketing is generally considered affordable, the cost of implementing it may differ according to the products you sell or the kind of affiliates you target. Thus, it is essential to determine whether you will be able to afford affiliate commissions before implementing the program.

Benefits of Affiliate Marketing

Assessing the factors listed above can help you determine whether your business should opt for affiliate marketing. However, if they’re not enough to convince you, here are some benefits of affiliate marketing:

1. Easy to Implement
   Affiliate marketing is relatively simple to integrate into your business. You simply need to identify your target audience and connect with businesses or influencers who also target that market. You could also connect to an affiliate network to make the process easier.
2. Cost-Effective
   ffiliate marketing is also an affordable strategy. You don’t need a huge investment to start. In fact, initially, you may only need to pay if you join an affiliate network. It is also cost-effective as you pay for what you get. You only have to pay commissions to affiliates if they generate sales.
3. Help Tap Niche Markets
   Affiliate marketing can help you target audiences that other marketing strategies may not. This is because you can employ affiliates that appeal to niche audiences who do not respond to other advertising techniques you employ. This can help you increase your overall customer base.
4. Learn New Marketing Strategies
   The different affiliates you collaborate with may use innovative marketing strategies to drive sales. You could keep track of these techniques and see how successful they are so that you can use them in the future for your business.

Your business can also benefit from becoming an affiliate and promoting other companies’ products. This is a quick and easy way to earn passive income without a huge investment. It can be especially helpful if you partner with an affiliate network or enroll in an affiliate program. PayU is one such Indian company that offers a lucrative program – PayU Affiliate Partner Program. The platform offers companies and individual bloggers rewards for recommending its payment solutions to their clients. By partnering with PayU, your business can also access over 100+ secure payment options and a powerful dashboard through which you can add merchants, track earnings, and make payments. This will make implementing affiliate marketing in your business even smoother and hassle-free.

Conclusion

Affiliate marketing is only set to grow in the future, with spending expected to hit $8.2 billion in the US by 2022. Therefore, it might be wise for your business to implement this strategy. If you don’t believe that the strategy is good for your business, you could consider becoming an affiliate for other businesses. This could help you raise money, which you could then invest in your business. Furthermore, employing affiliates or becoming an affiliate is fairly convenient and does not require you to spend much time or money. However, it can provide a very high return on investment. Thus, you could explore affiliate marketing and see if it is effective for your company.

The post Affiliate Marketing Decoded: Is Affiliate Marketing Right For Your Business? appeared first on PayU Blog.

In this era where being contactless is the prime motive, a seller has to digitize delivery and payments to keep the business in shape. The reason behind every successful delivery is a trustworthy logistics partner who helps the seller in achieving this. Thus, an e-commerce venture should constantly upgrade itself to keep up with the needs of its customers by ensuring a seamless delivery. 

PayU Partnering with Shyplite 

Keeping the current demand for digitization of shipping and payments in consideration, the partnership of PayU and Shyplite is going to empower the business enterprises to ease payouts, payment collection, and financial tracking as well as shipping their products to end customers.  

One of the outcomes of this partnership is that it benefits the business owners on two of the most important fronts, one on managing payments and other being the customer satisfaction. This association will help enterprises build their brand better providing customers a seamless experience and on-time delivery.

Why Do You Need a Reliable Digital Payments Partner like PayU? 

Ever since the pandemic situation came into existence, the dependency on digital payments has risen as it gives us the facility to make contactless payments. So, in order to ensure the success of your business, a reliable payment partner like PayU is a must.  

PayU offers world-class yet simple digital payment tools with 100+ payment options, and high success rates customized to cater to the needs of your business and customers.

By signing up with PayU, you can accelerate your business to reach new heights without worrying about the payments and start accepting payments directly in your bank account.  

Sign Up Now

Shyplite – The right choice for all your shipping needs 

Shyplite is a SaaS-based logistics aggregator which helps in enabling API integrations with a well-established marketplace. This makes it a trusted logistics partner for 70,000+ sellers delivering to 26000+ pin codes in India and across 220 countries.

Signing up with Shyplite will help you run your e-commerce business smoothly with 30 + courier services, easy tracking, no subscription fee, easy integration, and the best customer experience.

So, if you are in quest of a reliable yet trustworthy shipping partner for your business, Shyplite is the one for you. In order to grow your online business effectively and efficiently, switch to an aggregator which will provide everything within a single platform.

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What’s in store for you to choose PayU as your payments partner? 

If you are not well-versed with the offerings of PayU, here’s a little something about us. PayU is India’s leading complete payment solutions provider company enabling financial growth for businesses of all sizes. Listed below are the major features of PayU. 

Easy & Quick Onboarding 
Accepting payments with PayU is quite simple. We offer 100% online onboarding! 

100% No-code Integrations 
Easy no-coding integration sets up your payments in 5 minutes.  

Enhanced Security  
Our ecosystem is completely PCI-DSS compliant that makes digital transactions 100% secure. 

Highest Success Rates 
With powerful user experience functionalities & real-time updates, we offer industry-best rates. 

Diverse Payment Options & International Payments 
We make it easy to accept cross-border payments. Offer 100+ payment modes.  

Same-day Settlements & Much More 
Reconcile your payments at one place, share invoices, issue instant refunds, make bulk payouts with a click, improve cash flow with same-day settlements, and much more! 

Our Existing Customers 

It’s nothing short of motivation to hear PharmEasy’s experience with us.  

“A PayU partner since inception, PharmEasy trusts and admires PayU’s quick responses to query resolution, which has led to better conversion rates. We are also happy that PayU supports the industry’s newest payment technologies. Our partnership experience has been smooth, with quick & effective resolutions.” 

Switch to PayU now & explore a seamless payments experience like never before! Get Started Now.  

The post Supercharge Your Payments with PayU While Shyplite Takes Care of Your Logistics appeared first on PayU Blog.