“With everyday sales activities consolidated on one platform, Salesforce has helped improve the efficiency of our sales teams. ”
Razorpay partners with Salesforce to streamline sales processes and operate efficiently at scale
Razorpay, established in 2014, started off as an online payment gateway platform. Over the years, the company has evolved into a full-stack financial solutions platform, offering money management and banking services to businesses as well.
“As more and more businesses move online, they are looking for solutions that allow them to grow rapidly, while also helping them to navigate the digital bandwagon,” explains Dushyant Panda, Head of Marketing – SME, Razorpay India. “These businesses often spend a lot of time on finance and payment related activities at the backend, which gives them less time to focus on their core business.
“We want to make it easier for businesses to accept money from their customers, and we want to help drive their growth by simplifying their financial layer.”
Every business decision at Razorpay is backed by this customer-centric vision to help businesses grow. That includes both offering innovative products as well as smooth customer experiences.
This demanded a solution that could help drive internal efficiencies as well as boost customer delight.
The need for a robust CRM solution
Razorpay’s previous CRM solution was not integrable with some internal platforms. This limited its scalability. Sales teams had to continue to rely on different tools for different purposes.
“With limited visible impact, the uptake of the system was also limited,” says Pranav Marathe, Principal Solutions Consultant, Razorpay India. “Moreover, it had limited reporting capabilities.”
As the sales teams grew, there was also a need for enabling the sharing of ground-level insights across teams. “An interaction with a customer can hold different insights for different teams. We needed a central CRM solution that would enable information flow in an efficient manner,” says Chunmun Gupta, Sales Strategy Head, Razorpay India.
This solution also had to be easily customisable to adapt to Razorpay’s evolving requirements. The search for a more robust CRM solution led the team to Salesforce.
Consolidating sales activities on a single platform with Salesforce
The sales team at Razorpay uses Salesforce to streamline and automate their sales activities. By streamlining lead and account management, and integrating their internal systems with Sales Cloud, the teams can assign and prioritise leads much faster.
“Thanks to Salesforce, the turnaround time from when a lead is captured, to when the sales team closes it has reduced, improving the customer experience,” says Gupta.
Merchants are now contacted within minutes of submitting their interest on the website, and the effective streamlining of this process has led to a 38% increase in conversion.
Once a lead is successfully converted, Account Managers are easily able to access customer touchpoint details on the platform. This unified view helps them personalise their customer interactions.
“With everyday sales activities consolidated on one platform, Salesforce has helped improve the efficiency of our sales teams,” says Gupta. This has led to a 30% increase in overall efficiency of the sales team.
“Now that the impact of our digital initiatives is more visible, solution adoption by the sales team has also increased,” says Marathe.
Delivering innovative products and delightful customer experiences
Razorpay has built customised workflows on Salesforce to address their unique needs. For instance, one such process allows salespeople to capture any new/custom requirements discovered during customer interactions directly in the system. This is then passed on to the relevant teams for evaluation and implementation, helping Razorpay uphold its customer-centric vision.
Also, the company runs customer satisfaction surveys through Salesforce to gather feedback on its service from customers. Insights from the survey help the team to identify gaps and work towards bridging them.
“For instance, the surveys indicated that our customers expected a lower turnaround on service requests. Based on this feedback, we were able to make process changes at our end that brought turnaround times more in line with the customer expectations,” says Gupta.
Today, turnaround time on service requests has reduced from 48 hours to a swift 8 hours.
A unified view enables strategic planning
With access to various data now consolidated on one platform, Razorpay uses insights from the data to plan sales strategies more efficiently.
“By bringing reporting on to Sales Cloud, we now rely on Salesforce as the single source of truth for sales teams. It provides a uniform view that helps with better forecasting and pipeline management,” says Gupta.
As companies in India rapidly digitise, Razorpay has an exciting journey ahead.
“We are particularly excited about our new business banking offering, which will help businesses manage money movements seamlessly,” says Panda. “Our solutions will help them to focus on their core product and services without having to worry about all their payment and banking needs.”
As Razorpay gears up for even more growth, the team wants to explore using Salesforce Einstein to automate business processes, and to help evaluate and analyse data from a business perspective.
“At the end of the day, our mission is to deliver unparalleled customer experience and help drive entrepreneurship in the country,” concludes Panda.
Explore the products that help our customers grow.
Keep exploring stories like this one.
Questions? We’ll put you on the right path.
Ask about Salesforce products, pricing, implementation, or anything else — our highly trained reps are standing by, ready to help.