wordpress blog stats
Connect with us

Hi, what are you looking for?

O2O e-com company Fynd ends Cash on Delivery, goes digital-only payments

Offline-to-online (O2O) commerce fashion e-commerce portal Fynd has put an end to its cash on delivery (CoD) payment option for all the new orders placed on its app and website.The company said that in September 2017, out of the total orders received, Fynd faced 60% leakages due to problems like cancellations, frauds and RTOs etc apparently because of cash on delivery transactions. The company said that it stopped CoD from 20th January and after that the fulfilment rates were, and the leakages went down to 3%. It added that this step helped the company in bringing down the operational cost as the order getting returned at the doorstep by customer still has the operational cost incurred. Last month, Fynd secured Series C funding from the lead investor, Google, with participation in the round also coming from IIFL, Kae Capital, Singularity Ventures, GrowX, Tracxn Labs, Venture Catalyst, Patni Family Office and Hong Kong-based Axis Capital among other angel investors. Problems with going completely cashless in India Two years ago, MediaNama had written about why cashless is going to be tough in India, besides infrastructural and ecosystem issues, we had pointed out that cash isn’t the same as cashless because: Not enough people have Internet connection (which can survive massive usage in times of emergency), or use it regularly, on a smartphone, which supports all Indian languages, with an application that supports all Indian languages. Internet connectivity isn’t reliable or available or as cheap for users as cash. The process of making digital payments in India…

Please subscribe/login to read the full story.
Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ