How would you measure the success of Simpl's Pay Later feature?

Introduction

Measuring the success of Simpl's Pay Later feature requires a comprehensive approach that considers multiple stakeholders and metrics. To effectively evaluate this product success metric problem, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Simpl's Pay Later is a digital credit feature that allows users to make purchases and pay for them later, typically within a 15-30 day period. It's designed to provide a seamless checkout experience for consumers while helping merchants increase conversion rates and average order values.

Key stakeholders include:

1. Consumers: Seeking convenience and flexibility in payments
2. Merchants: Aiming to boost sales and reduce cart abandonment
3. Simpl: Looking to generate revenue through merchant fees and late payment charges
4. Regulators: Ensuring responsible lending practices

User flow:

1. User selects Pay Later at checkout
2. Simpl performs a quick credit assessment
3. If approved, the purchase is completed, and the user is billed later

This feature aligns with Simpl's strategy of simplifying digital transactions and expanding financial inclusion. Compared to competitors like LazyPay or Amazon Pay Later, Simpl often emphasizes its wider merchant network and smoother user experience.

Product Lifecycle Stage: Growth - Pay Later features are gaining traction in India, but there's still significant room for market penetration and feature refinement.