Conversion funnels and the first time user experience at Razorpay
<aside> 📌 #Funnel-Optimisation • #Data-Oriented • #Ops-teams • #Redesign
Note: This is a retrospective case study. As product building is an ever-evolving process, there were things I/we learnt or realised on the way. I’ve tried to document things in a way to make it easy to understand which may have not been the actual order of execution. Also, to shorten the case-study (and save my time), I’ve oversimplified things or grouped similar information from different timelines under one section.
Razorpay is a fin-tech company that provides financial services (Payment Gateway and Neo-Banking) to businesses in India. That implies we have to follow a number of regulations issued by the Government and our Partner Banks. On top of that, we need to put additional checks to reduce the risk on our side.
Given that, before we could let a business/merchant transact on Razorpay, we have to collect quite a lot of information. Now that's a huge friction. All this is part of a user's first time experience – the activation & onboarding flow.
This information (text inputs and documents) are then reviewed by the internal ops (activations) team. Based on a large set of parameters, eventually, either a merchant is "activated" or "rejected". Also, we often need to reach back to merchants for clarification – to collect more information or to recollect anything that has a discrepancy. The process takes anywhere between a couple of hours to a week to complete.
This probably doesn't even need a section. Signup & Activation is the most critical funnel for the organisation and we actively keep a tab on it. Every user who wants to use Razorpay has to go through it in their journey.
Following is the conversion funnel at Razorpay. There are more granular steps to it but these are the primary touchpoints we measure.