ePaisa Payment Gateway: The Most Critical Metrics in the Product Journey and Their Significant Impacts

Understanding the metrics that matter in the product journey is critical for startups like yours. These metrics drive growth and help you make data-backed decisions. Let's learn more about this from Ramneek Khurana, Co-Founder and Head of Product & Technology at Lenskart, as he shares his thoughts.

Lenskart is India's leading e-commerce platform that has revolutionised the eyewear industry with its omni-channel model. Browse through this blog for in-depth details on key metrics.

1. How can data be a powerful tool in a startup's growth journey?

2. What are the key indicators of a rapidly scaling start-up?

3. What are good metrics for assessing client conversion rates?

4. How do payment solutions affect products?

How data can be a powerful tool in a startup's growth journey

Utilising data depends on the stage of the startup. There is a need to balance qualitative and quantitative inputs. When the startup is just starting out, quantitative data may not be sufficient to support decision making. Therefore, it is helpful to rely on qualitative data.

As startups scale, multiple metrics such as new user acquisition, average revenue per user, gross to net profit, and Net Promoter Score (NPS) become the focus of attention. Any increase in other metrics may affect other metrics. Therefore, pre-defining data metrics can help startups build the right growth strategy.

Creating monthly and daily dashboards, taking advantage of the many tools available to quickly view data, and establishing data democratisation also play an important role.

What are the key metrics for scaling a startup quickly?

As Ramneek suggests, "the key metric we look at is Net Promoter Score (NPS)." companies with a high NPS are a strong sign of continued growth. Having a clear grasp of consumer numbers and NPS is beneficial as this is one of the metrics that needs to be driven to ensure that a company continues to grow.

Customers who have not yet taken action are up to 60% more likely to buy if you can solve their problem.These metrics may not be easy to access, but everyone needs to be able to analyse them.

What are good metrics for evaluating customer conversions?

Customer conversions can be divided into two categories for startups:

Horizontal nature startups Vertical nature startups

Startups of a horizontal nature have a lower conversion rate of around 1-2%. These are the markets where people come to check out new products from time to time.

Startups that are vertical in nature have a higher conversion rate of around 5-10% as people come for specific needs. These may include platforms that target specific industries such as fashion, etc!

How do payment solutions affect the product?

Payment gateways like PayU offer value-added services such as "buy now, pay later" and instalments, which have a direct impact on the product. The use of payment solutions such as subscriptions has risen as UPI usage has increased and payment failure rates have decreased. These types of payment solutions have increased average fares as customers are offered better payment options.

To learn more about the most important metrics in the product journey, check out this video.

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