How Will Your ONDC Network Business Benefit By Adding Wallet Functionality

Why Store Wallet Payment is Gaining Popularity Amongst ONDC Network Buyers

Is your business on ONDC network? Would you like to build a unique brand identity on the back of first-rate customer convenience? In that case, you can’t afford to ignore the “ease of payment” aspect of your ONDC network-based store.

That’s right? Your pan-India buyers love the convenience of simple, fast checkouts without unnecessary delays. Millennials and Gen-Z shoppers, in particular, have gone past maintaining physical wallets and catering to their contemporary payment needs is what all ONDC network-affiliated brands, retailers, and shop owners should aspire to achieve.

So, what are the five biggest benefits of adding store wallet functionality to your ONDC network brand via the feature-rich Mystore seller app? Let’s find out: 

Benefits of “Add Wallet” functionality For ONDC Network Merchants on Mystore

Check out these five awesome perks of offering credit wallet function to all ONDC network-onboarded buyers via the Mystore buyer app:

Ease of payment

In an era where “customer delight” is the numero uno priority for any business, adding wallet functionality to your ONDC network-connected brand can help achieve that goal. Paying through an integrated wallet removes the hassle of carrying multiple cards or cash on hand when shopping. Buyers can simply go to their Mystore dashboard >> Profile >> My Wallets and pay without entering any financial/bank/card details.

The added convenience of “payment via store wallet” automatically boosts customer satisfaction and sets your business apart from the competition. Also, buyers have the luxury of viewing their entire transaction history under the “My Orders” tab. That way, they can keep track of their spending and monitor account activities. Talk about an enriching shopping experience.

Secure and fast transaction

When talking about store wallet payments, “added security” naturally comes to everyone’s mind. “Add wallet” functionality, in addition to ensuring a seamless payment experience, adds an extra layer of security when conducting transactions. A secure checkout also helps businesses build customer trust and increases the scope for repeat purchases.

Also, a lengthy checkout process is among the primary reasons for shopping cart abandonment. However, with the Mystore buyer app, buyers can keep money at hand 24*7 in their credit wallet and pay for multiple items at once without repeatedly entering card information. A secure and lightning-fast checkout can help ONDC network merchants improve their customer loyalty.

Loyalty programs

Nothing gets the customers’ undivided attention more than the magical 8-letter word “discount”. Incorporating store wallet functionality into their ONDC network-enabled store can help merchants tap into customers' shopping behavior and launch loyalty programs based on specific data.

Merchants can encourage buyers to avail discounts and special offers by earning credits on each purchase. “Loyalty programs” have proven to be an ingenious marketing strategy and will surely help your ONDC network-based store get more recognition.

Boost order frequency

A painless checkout experience automatically translates to more frequent visits/purchases. By adding a “store wallet” feature to their Mystore seller account, ONDC network retailers can Increase their cart-to-payment conversions with ease. This simply means that the buyer is more likely to finish a purchase during checkout before leaving the e-store.

Not only that, awarding credits points and discounts for payments made via store wallet encourage buyers to place more orders with high cart value to qualify for these awesome rewards. The use of credit wallet, therefore, leads to frequent purchases equals, hence better sales and profitability.

Enables to convert the refunded amount to the next order

Customers requesting an “order refund” is inevitable in a seller’s journey. However, ensuring a smooth and gainful refund process can leave a positive impression on buyers. In addition to offering a seamless checkout experience, ONDC network brands can also enable buyers to add the refund amount to their store wallet credit and use it for future purchases.

With the refunded money in the credit wallet you can nudge your buyers to their next purchase easily. 

With the Mystore seller app, companies can overcome the biggest barrier to brand image - processing order refunds. Processing a refund is easy as you just need to add the credit amount to the wallet instead of going through the whole process at the payment gateway level.

Why add wallet functionality through Mystore?

Enhancing your e-store’s capabilities via adding a “Store wallet” feature can transform the way customers interact with an ONDC network-affiliated enterprise. Apart from making your selling experience easy through a gamut of cutting-edge features, Mystore seller app helps ONDC network enterprises keep track of their payments and refunds via a seller-friendly dashboard.

Here are a few Mystore features that ONDC network businesses will surely cherish:

• No additional charges to pay via your store wallet.
• Adding money and making purchases via the store wallet through Mystore is easy-peasy.
• Offer special discounts and store credits on payments done via “store wallet” feature.
• Track all your wallet transactions via Mystore dashboard. Go to Users >> Wallet Transactions and monitor your entire wallet history.
• Buyers don’t have to maintain a minimum store wallet amount.
• Refunded order amount can be credited to Mystore wallet and used in future purchases.

Conclusion

Adding wallet functionality for your ONDC network-connected brand saves you time and money. It is also a great way to improve customer satisfaction and boost brand recognition with your target market. Good things come from having a simple, convenient and secure payment system in place, and that’s what the Mystore seller app + ONDC network combination brings.

Hence, Mystore buyer app helps ONDC network-registered brands and merchants to become more innovative and provide excellent customer experience through highly secure, fast, and flexible checkout via its cutting-edge wallet feature.

Ready to Sell on ONDC network? Get started with  Mystore’s feature-rich seller app right away.