Days after expanding its integration with Zomato, the mobile-first buy now pay later (BNPL) platform Simpl has expanded its one-tap checkout convenience on quick commerce startup Zepto to the latter’s membership programme Zepto Pass. the company announced on Tuesday. Simpl said it aims to increase its checkouts on Zepto to 100 million by 2026 with the latest move aimed at offering quick deliveries and the convenience of an instant checkout along with rewards for customers.
Simpl as a payment option has been available on Zepto since January 2022. According to the company, over 13 million Simpl checkouts have been processed on Zepto so far with a higher-than-average industry retention rate.
Nitya Sharma, Founder and Chief Executive Officer, Simpl told FE Aspire that there is a 20 per cent increase in monthly retention on Zepto via Simpl. Sharma, however, couldn’t confirm the average industry retention rate.
“This assumes significance as the quick commerce industry is expected to grow 10-15X by 2025, reaching a market size of close to $5.5 Billion,” Sharma told FE Aspire citing data from consulting firm RedSeer.
“Convenience is becoming a real differentiator in the internet commerce landscape today after selection and affordability as millions of existing customers expect an enhanced experience online. This necessitates a Khata-like experience to enable consumers to access their needs seamlessly along with the benefit of clearing their dues at once,” he said separately in a company statement.
On Zepto, nearly a fourth of all checkouts in the non-UPI and non-COD (cash on delivery) segment happen through Simpl, Sharma said in response to a question on the share of payments made via Simpl out of all payment options available on Zepto for users.
For Simpl, quick commerce is among the fastest-growing categories with nearly 50 per cent year-on-year growth in transactions and 25 per cent growth in average order value recorded in February 2024 versus 2023. The company said it has over 26,000 merchants on its platform.
Speaking on the partnership, Aadit Palicha, Co-founder and Chief Executive Officer, Zepto, said, “This partnership between Zepto and Simpl is synergetic to the core which is making consumers’ lives simpler through a unique combination of a khata for online grocery purchases with one-tap checkout and 10-minute deliveries.”
According to Zepto, the Zepto Pass service, launched on February 29 this year, has become the fastest loyalty program to achieve over 2 million user base in just a fortnight of its rollout.