How Indian Sellers are Rising to the Occasion this Festive Season: PayPal in Conversation with The Loom
- Abid Murshed, Head of Sales, PayPal India
In the bustling city of Delhi live Aman and Komal Goel, passionate entrepreneurs and Co-Founders of The Loom (www.theloom.in), one of the most reputed online global retailers for sophisticated ethnic wear, and a favorite among celebrities and international shoppers. Founded in 2015, the marketplace offers hand-picked exquisite products, incorporating an element of cultural celebration in their designs. The Loom’s array of authentic and diverse choice of ethnic fashion which reflects a touch of home, has today become a one-stop destination for consumers across the globe, including countries such as the United States of America, United Kingdom, and Canada.
Navigating the terrain of cross-border payments was quite challenging for the brand, especially in the absence of a valuable payments partner. “Managing different payment methods and currencies was cumbersome, which complicated the checkout experience for consumers, and often resulted in cart abandonment,” recalls Aman. Cut to the present day, the brand seamlessly transacts with global consumers on a day-to-day basis, using PayPal’s payment solutions.
For businesses like The Loom, tapping into the festive fervor represents a significant opportunity to boost sales growth. This brand’s experience tells us how with the rise of cross-border e-commerce, small businesses in India can transcend geographical boundaries to reach customers worldwide.
Driving festive joy for customers and growth for businesses across the globe
During the peak of festivities, the volume of transactions for most brands tend to skyrocket. In fact, continuous cycle of Indian festivities is a key factor influencing the exponential growth of the e-commerce export segment in India, which is estimated to rise to US$200-300bn by 20301. PayPal plays a crucial role in ensuring that these transactions are processed smoothly and securely. PayPal helps businesses manage the increased sales demand without compromising on customer experience. This reliability is particularly important during festive periods when timely delivery and customer satisfaction are paramount. PayPal’s No Code Payment Solutions have made it incredibly easy for small and medium-sized businesses (SMBs) to integrate payment systems without the need for extensive technical knowledge. Even the smallest of businesses can now offer their products to a global audience with minimal hassle.
Additionally, PayPal’s invoicing solutions allow businesses to send professional invoices to international customers, ensuring that payments are received promptly and securely. This not only streamlines the payment process but also builds trust with customers, encouraging repeat business.
“PayPal has been a game-changer for managing online demand during peak seasons like Diwali. It streamlines the payment process, allowing customers to complete transactions quickly and securely, which is crucial during high-traffic times.”
- Aman Goel, Co-Founder, The Loom (A PayPal partner since 2017)
Personalized consumer experiences for increased engagement
Personalized customer experiences are crucial in cross-border commerce as they help build trust and loyalty among diverse customer bases. Not only does it boost sales but also fosters long-term relationships, encouraging repeat business and positive word-of-mouth, which are essential for success in the competitive global market. A positive customer experience is hugely meaningful to a retailer’s success: it yields 20 percent higher customer-satisfaction rates, a 10 to 15 percent boost in sales-conversion rates2.
“Product preferences in terms of colors, styles or features vary from consumer to consumer based on cultural influences,” says, Komal, who has built a strong consumer base of ethnic fashion aficionados across the globe through tailored marketing and promotional strategies for The Loom. This testifies the importance of understanding consumer behavior and the impact of cultural nuances to reach the right audience.
In cross-border commerce, social media is particularly powerful for bridging cultural gaps and creating a cohesive brand presence worldwide. This enables businesses to engage with customers in real-time, build brand awareness, and foster community. Further, PayPal’s AI-powered personalized experiences help suggest relevant products and services to consumers, thereby optimizing the user experience. For The Loom, PayPal's analytics on transaction data helped identify customer preferences and buying patterns, enabling them to devise informed marketing strategies and product offerings.
Integrating PayPal’s payment solutions on to the website significantly enhanced the brand’s online presence, instilling a sense of security and trust among consumers given PayPal’s credibility. Further, the easy and quick checkout process not only encouraged repeat purchases and helped build a loyal customer base, but also often led to positive reviews on social media and word-of-mouth promotion.
Increased focus on trust and safety
During the festive season, it is important for shoppers and retailers to be vigilant to avoid falling victim to scams, especially at a time when transaction volumes are at a peak. In such instances, PayPal’s password protection feature is an essential tool which ensures that all transactions are protected by robust security measures.
“International customers are very particular about safe payment options and brand they are shopping with. Domestic customers give more importance to pricing.”
- Komal Goel, Co-Founder, The Loom (A PayPal partner since 2017)
Payment authorization rate is a vital aspect that consumers factor in while making global transactions – which makes it imperative to choose a payments solution partner with an assuring and consistent success rate. It protects businesses from fraud and chargebacks, reassuring customers that their payments are safe, and fosters trust essential for positive perception and encouraging repeat business.
Celebrating with evolved cross-border payments
With meticulous preparation and the right strategies, Indian sellers are not just ready to meet the festive demand but to exceed expectations and create lasting impressions on their global customers. Cross-border e-commerce has transformed the way businesses and customers interact globally. Businesses can now reach a wider audience, manage transactions efficiently, and ensure security. As we look to the future, the ongoing evolution of cross-border payments will continue to drive the growth of global trade, making festive seasons even more exciting and accessible.
We wish all readers a Happy Diwali. To know more about how you can partner with PayPal to explore cross-border commerce, click here.
1 Enabling e-commerce exports from India (ey.com)
2 Personalized experience for customers: Driving differentiation in retail | McKinsey