Juspay Offer Engine - Your Catalyst for Conversions
In the world of online businesses, the sales conversion rate during the checkout process is a crucial metric. This stage is where actual revenue is generated, making it incredibly valuable. Even a small increase of just 1% in the conversion rate can result in thousands of dollars in additional revenue for your business.
While there are various strategies to improve the conversion rate, two key areas to focus on are reducing digital “window shopping” and minimising cart abandonment. These factors have a significant impact on your bottom line. Creating a smooth checkout process that allows customers to easily and swiftly complete their purchases is instrumental in driving conversions.
Additionally, integrating an on-demand solution that engages and rewards customers instantly at the checkout can further enhance the conversion rate. This is where offers and discounts come into play.
Offers drive Conversions
Offers are powerful tools that can attract and retain customers for online businesses. Whether it’s a discount, a free gift, or a loyalty program, offers can greatly influence a customer’s decision to make a purchase from a particular brand.
One of the most significant benefits of offers is their ability to increase sales. By providing a discount or promotion, businesses can incentivise customers to make purchases they may not have considered otherwise.
Targeted offers effectively reduce friction and incentivise users during the checkout process, leading to higher conversion rates and reduced cart abandonment. However, effectively leveraging offers can be complex. There are various ways to implement them, including applying discounts to the entire purchase subtotal, specific products, or by reducing the total charged by a percentage or fixed amount. It’s also important to consider factors like limiting offer usage and payment methods or enabling customers to avail multiple offers in a single transaction.
To drive conversions effectively, an offers engine should be capable of handling these complexities. Building and scaling such an engine can be a daunting task for businesses.
The Juspay Offer Engine
The Juspay Offers Engine is a comprehensive, flexible module which enables merchants to configure and display any and all kinds of offers for their customers, ranging from cards to banks, coupon based to auto-apply, one time to staggered.
This allows for a comprehensive range of offer conditions to be configured, some of which are listed below:
- Payment Method based offers - Configure offers for specific payment methods
- Coupon/Automatic application - Choose whether you want to auto apply an offer (once the specific condition is fulfilled) or let the user apply a coupon
- Payment Instrument based offer - Configure offers based on any of the payment instrument parameters such as Bin number, bank or card network
- Platform based - Choose between extending the offer to iOS app, Android app, Web or all
- Offer Amount - Configure percentage based or fixed amount offers with lower or upper limits
- Transaction Frequency - Limit the number of times a user or payment instrument can avail an offer per day, per week or per month
- Currency - For international use cases, you can pick the currency of offer configuration
- Time based Offers - Configure the offer for scheduled time periods for specific hours in a day or specific days or dates (month-end or weekend sale)
- Offer Budget - Define daily, weekly, monthly or terminal budget limits for an Offer campaign. The Offer will no longer be applied once the set limit is breached.
The Offers engine also performs eligibility and validity checks, personalises promotions based on different payment methods, instruments, platforms, customers, products, categories and enables many velocity checks.
Let’s dive deeper into the depth and breadth of configurations available in the offers engine.
Versatile Offer Constructs
Juspay Offer Engine offers a wide array of offer constructs to meet the diverse needs of merchants. Whether it’s percentage-based discounts, fixed amount reductions, cashbacks, or conditional offers, our platform provides the flexibility to create different types of offers that align with specific business objectives. With our robust framework, merchants can effortlessly tailor promotions to suit their target audience, driving higher engagement and conversions.
Simplified Configuration And Integration
Configuring offers can often be a complex and time-consuming task. However, Juspay’s Offers Engine simplifies the process, allowing you to easily set up and customize offers through a user-friendly dashboard.
With intuitive controls and a seamless interface, merchants can swiftly define offer conditions, specify eligibility criteria, and set validity periods. This streamlines the offer creation process, enabling merchants to launch promotions faster and stay agile in response to market demands. Additionally, Juspay Offer Engine offers seamless integration with existing systems and processes, ensuring a smooth and efficient workflow for businesses.
Eligibility and Validity Checks
To ensure that offers reach the right customers at the right time, Juspay Offers Engine offers (pun unintended) robust eligibility and validity checks. You can define specific conditions for offer eligibility, such as minimum order value, specific user segments, or product categories. Moreover, our platform enables precise control over offer validity periods, ensuring promotions are active only for the desired duration. By implementing these checks, merchants can target their offers effectively and maximize the impact on customer acquisition and revenue growth.
Payment Method and Instrument-Based Offers
Juspay Offer Engine recognises the importance of personalization in crafting compelling offers. Our platform allows you to create promotions based on different payment methods and instruments. Whether it’s providing exclusive discounts for credit card users, offering cashback for mobile wallet payments, or tailored offers for specific payment gateways, Juspay Offer Engine enables merchants to cater to the unique preferences of their customers. This level of personalization enhances the user experience, fostering loyalty and repeat purchases.
In today’s omni-channel world, businesses engage with customers across various platforms and devices. Juspay Offer Engine supports platform-based offers, enabling merchants to create promotions specifically for web, mobile, or other channels. By tailoring offers to specific platforms, merchants can optimize the customer experience and increase conversions by delivering targeted and contextually relevant promotions.
To prevent misuse and ensure fair usage of offers, Juspay Offer Engine incorporates velocity checks. Merchants can set limits on the number of times an offer can be redeemed within a specified timeframe, preventing abuse and maintaining the integrity of promotions. Velocity checks add an extra layer of security and control, safeguarding merchants from potential revenue losses.
Juspay Offers Engine goes beyond offer creation and management. Our platform provides comprehensive analytics, empowering merchants with valuable insights into offer performance, customer behaviour, and overall promotional strategies. These insights help businesses make data-driven decisions, optimize their campaigns, and maximize their return on investment.
Not only can all of the above be achieved through Juspay’s Offer Engine, it does not require any development effort from the merchant once the Offers Engine is live with the merchant. This is achieved by allowing the merchant to configure the offers in Juspay’s dashboard wherein the merchant only fills-up the required conditions for an offer. From then on, it is on Juspay to apply offers and even provide a list of offers during offers discovery via a simple API call.
Like other Juspay products, the Offers module has played a vital role in increasing Success rates and repeat purchases for our merchants. In fact, it was instrumental in one of our e-commerce merchants achieving India’s highest GTV on a festive Sale day!
Boost your conversions with Juspay Offers Engine
Juspay Offer Engine revolutionises the process of creating and managing offers, empowering businesses to engage with their customers in a personalized and impactful manner. With a comprehensive range of offer constructs, eligibility and validity checks, payment method and instrument-based offers, platform-based promotions, and velocity checks, our solution enables businesses to create compelling and targeted offers that drive customer acquisition, loyalty, and revenue growth. Experience the power of Juspay Offer Engine and unlock the potential of your business in the competitive digital landscape.