Wakefit Wins Customer Trust With 100 Days Full Instant Refund Policy Using Cashgram By Cashfree Payments

In conversation with Parasar Sharma, Vice President of Growth at Wakefit, about customer experience, refunds, and optimizing payments.

About Wakefit

Wakefit is a Bangalore-based startup that offers a range of premium quality orthopaedic memory foam mattresses, along with products such as pillows, cushions, mattress protectors, and more at affordable prices.

What is Wakefit’s mantra when it comes to providing the best-in-class customer experience?

“At Wakefit, we started with an aim to revolutionise the quality of sleep among Indians. We provide comfortable, research-backed, and affordable sleep solutions that facilitate a wholesome and restful sleep experience. We are obsessed to fulfil our customer needs, and we are also the first in the market to provide a 100-day free trial policy and 100% refund within the trial policy time frame. “

What role is payments technology playing in winning customer loyalty? 

Customers are particularly sensitive to return policies and prefer services that allow for easy returns and immediate refunds. According to our source, after a bad return experience, 87 percent of customers are hesitant to buy from that brand again. When somebody wants to return the product and wants their money back, we need to ensure they have a clean refund process. 

Optimizing the return flow has been our main focus ever since we partnered with Cashfree Payments. We have minimized the refund wait time from the existing five to eight days to credit the money instantly into customers’ bank accounts because we have been leveraging Cashgram. 

Another thing that we feel made a huge difference in the customer experience cycle was the ability to process COD orders easily. Cash on Delivery has been India’s favourite mode of payment. More than 50% of the buyers still prefer to pay through cash. But refund on COD entailed a long ops process because we had to manually process orders and ask customers for account details and other information. This was the occasion where payment experience played a huge role and through integrating with Cashfree Payments, we were able to provide an instant refund without making it a big fuss for our COD customers. Cashgram actually gave us the chance to empower the end customer to choose the mode that he wants the payment to be done whether it’s UPI or card.

How do you manage the back-end payments infrastructure to ensure a seamless checkout with a good payment success rate?

We have been constantly emphasizing that every touchpoint should be simple and seamless for customers. We aim to provide a great in-store experience by ensuring that there are no hiccups while the orders and payments get processed. We are relying on Payment Gateway by Cashfree Payments for that. 

Cashfree Payments has a very proactive automated mechanism to inform us about any bank’s downtime or uptime, which actually helps us in understanding the complete success ratio in terms of judging any payment service provider. We get additional information about which bank is not working at any moment. Cashfree Payments has this amazing support service. They are constantly helping us with solving or troubleshooting any sort of tech issue. Also, they are ensuring an increased percentage of UPI success rate compared to other payment providers, which has been very well welcomed by our customers.

How important is NPS for Wakefit?

We believe customer acquisition is important and so is customer retention. We are actively working to improve the NPS score and reduce the churn rate. In fact, our NPS improved by a good 20-25% for all those customers who have chosen the refund process. Cashgram has worked wonders for us. We now send an SMS to the customer where he/she can choose the mode of payment for a refund. And the money is instantly credited to the customer. The process has become completely seamless and the timeline of refund has decreased which in turn improved the NPS and also our internal financial reconciliation process has improved.

Just like Wakefit, Cashfree Payments has helped 10,000 businesses accept payments. Our tech-first solutions scale with your business and ensure hassle-free payment collection. 

Interested in exploring how Cashfree Payments can help your business?