Onboarding project | Simpl

WTF is Simpl?

Simpl is a fin-tech product aimed at reducing the friction on the checkout process during online purchasing.

Understanding the products & offerings 👇

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💸 Buy now - Pay later (B2B2C)

- OTP Less, 1 Click payment [Launched: 2016] - Customers link their Simpl account with the merchant's app (or website) during their first transaction and from subsequent transactions, complete the checkout by simply clicking the Simpl button on the payment page. No OTP, no Password, no PIN
- Pay in 3, over 2 months, interest free [Launched: 2016] - Customers can choose to pay via Simpl at merchants' app & website, and repay Simpl in 3 parts over 2 months, interest-free
- Subscription [Launched: 2021 approx] - Customers can subscribe with Simpl to merchants' products & services
- Delivery now - Pay later [Launched: 2021 approx] - An alternate to traditional COD. Buy now and pay after delivery with Simpl. It removes the hassle of handling cash (during collection) and simplifies the refund process (in case of RTO) for merchants, associated with traditional COD

The credit limit for BNPL starts at Rs 1,000 & increases with timely payments up to a maximum credit limit of Rs 40,000.

🧾 Checkout (B2B) [Launched: 2021 approx]

- A widget that utilises Simpl's existing risk-assessment capabilities to offer a bunch of value added services in a single checkout widget.

➕ Additional (B2C)

- Billbox - Automates recurring Utility bills like electricity, recharge etc. Gives existing users more value added services. Only existing users who have made a few transactions are eligible.
- Billing cycles - All the payments in the last 15 days are done via Simpl's credit limit are consolidated into bi-monthly bills.

For this project, we will take the oldest offerings 👉 BNPL offerings (B2B2C), with focus over OTP Less & 1 Click payment

Who is using Simpl?

ICP:

Criteria	ICP 1	ICP 2	ICP 3
Name	Payal	Rahul	Aryan
	Credit Seeker	Convenience Seeker	Credit Seeker
About them	A homemaker in early late 30s or early 40s	A senior corporate employee in a tier 1 city	A college student with no income source
Age	35-45	25-30	18-22
Living status	With family at Home	Alone	With roommates in hostel/ PG
City	Tier 1/2	Tier 1	Tier1/2

Has a credit card?	No	Yes	No
Mode of buying	Online - 35% Offline - 65%	Online - 85% Offline 15%	Online - 75% Offline - 25%
Behaviour	-> Frequently orders groceries from Q-Commerce & Goods from Amazon	-> Buys most things via Q-Commerce & E-commerce	-> Orders from Zomato/ Swiggy once or twice a week
Pain Points	-> Limited access to immediate funds for household expenses -> High dependency on husband for financial transactions creates a sense of restriction ->	Hassles of credit card bill tracking & need to manage multiple payment schedules Stays always anxious about interest rates if he is unable to pay the bills on time	Limited monthly pocket money restricts flexibility No access to traditional credit options Doesn't feel good to borrow from his friends
Need	To manage household expenses seamlessly with flexibility in budgets. Reduce reliance on husband for smaller purchases	Streamline expenses with flexibility in repayment Zero interest credit alternative for smaller purchases to reduce credit card dependance Penalties for default < Credit card interest rates incase he is unable to pay the bill on time	To have more flexibility in monthly pocket money To gain independence in financial decisions without parental control To stop borrowing from friends
Solution
Perceived Value of Brand
Marketing Pitch
Goals
Frequency of use	5-6 times in first 15 days of the month 7-8 times in the later half of the month	5-6 times a week	2-3 times in first 15 days of the month 4-5 times in the later half of the month
Avg. spend on the product	3k-6k in first 15 days of the month 7k-9k in the later half of the month	5k-20k in 15 days	500-1k in first 15 days of the month 1k-3k in the later half of the month

Simpl's billing cycle is from 1st-15th of every month & 16th to 30/31st of every month, for Payal & Aryan who are dependent on their family member's salary which credits monthly, we have taken a 15 day approach with frequency of use increasing towards the 2nd half of the month.

💼 JTBD Analysis:

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The Miro board covers the following:

Discovery flow
Onboarding Flow
Aha moments
Onboarding Teardown

⁉️ Finding Simpl's Activation Rate ⁉️

Hypothesis 1: First credit utilisation in 24 Hours (for Onboarding Journey 1 only)

Reasoning: This metric is relevant to ensure users utilise their available credit within the first 24 hours. this shows that they trust the credit approval indicates that users immediately see value in Simpl’s offering.

Metric 1 - Checkout Success Rate

Meaning: Measures how effectively Simpl converts users at the checkout stage and identifies any friction points.
Why Track: Reflects both successful transactions and drop-off rates, giving insights into user trust, process efficiency, and user experience improvements.
How to measure:
Checkout Success Rate = (Total Successful Simpl Transactions / Total Simpl Checkout Selections) × 100
Checkout drop-off Rate = (100 - Checkout success rate)

Metric 2 - Payment Health Rate

Meaning: Measures bill payment timeliness and monthly active repayers, giving a holistic view of user responsibility and credit behaviour.
Why Track: Provides insight into user behaviour through timely payments, frequency of repayments & minimises credit risk. A high rate indicates strong user engagement and retention.
Formula:
Payment Health Rate:
( Users who paid their bills for the billing cycle on or before time / Users who availed credit for the 15 day billing cycle) x 100

Metric 3 - Average Transaction Frequency Per Active (Transacting) User

Meaning: Measures the number of transactions each user completes with Simpl in a 15-day billing cycle.
Why Track: A key indicator of Simpl's integration into users’ purchasing habits, with higher transaction frequencies indicating stronger engagement and potential retention.
Formula:
Avg. Transaction Frequency = (Total transactions in a 15 day billing cycle / Total active (transacting) users in the billing cycle)

Metric 4 - Customer Lifetime Value (LTV)

Meaning: Measures the average revenue that an user brings over his/ her entire engagement period with Simpl.
Why Track: Provides a financial measure of user value & retention in financial terms & is a key financial metric.
Formula:
LTV = (Average Revenue per User per billing cycle × Average User Lifespan (in billing cycles))

Metric 5 - Churn Rate by Billing Cycle

Description: Measures the percentage of users who stop making purchases or paying bills over successive billing cycles.
Why Track: Highlights disengagement, helping identify user segments at risk of churn, enabling proactive re-engagement strategies.
Formula:
Churn Rate by billing cycle =
(Users lost in current Billing Cycle / Total active (transacting) users at the start of billing cycle) x 100

Hypothesis 2: 2nd credit utilisation within the 1st Billing Cycle (for Onboarding Journey 1 & 2)

Reasoning: This metric is important to track users customer delight (as they have experienced the product's value from the first transaction - BNPL) . A high activation rate for this metric would signal that the customer delight is very high but only if the Payment Health Rate doesn't increase.

Metric 1 - Second Transaction Rate

Meaning: Measures the percentage of users who complete the 2nd transaction within the same billing cycle after their 1st successful transaction.
Why Track: A high rate here would suggest that users find value in Simpl and are inclined to continue using it. This indicates customer delight and engagement.
How to measure:
2nd Transaction Rate =
(Users who complete >= 2 transactions in 1st billing cycle / Total users who made 1st transaction in the 1st billing cycle) × 100

Metric 2 - Avg. Time b/w 1st & 2nd Transaction

Meaning: Measures the average time it takes for users to make a second transaction after their first.
Why Track: A shorter duration between the 1st & 2nd transactions may indicate higher satisfaction & a strong interest in using Simpl repeatedly.
Formula:
Avg. time b/w 1st & 2nd transaction:
( Total time taken (hours) by all users cumulatively b/w 1st & 2nd transaction in the 1st billing cycle / Total number of users having 2+ transactions in the 1st billing cycle)

Hypothesis 3: Complete the 2-step verification process before end of 2nd billing cycle

Reasoning: Users who verify themselves with their credit score details means that they have trust on the product & it's very likely that they will engage with the product for a long time as long as they do not encounter a really bad experience.

Metric 1 - Verification completion rate

Meaning: Measures the percentage of users who complete the 2-step verification process before end of 2nd billing cycle.
Why Track: Reflects user trust in Simpl after they have utilised the credit in the 1st billing cycle & indicates the level of commitment to using the service.
Formula:
Verification completion rate =
(Number of users completing the verification before the end of 2nd billing cycle/ Total number of users onboarded in the 1st billing cycle) x 100

Metric 2 - Average Transaction Frequency per Verified User

Meaning: Measures the number of transactions each user completes with Simpl in a 15-day billing cycle after he has been verified.
Why Track: A key indicator of Simpl's integration into verified users’ purchasing habits, with higher transaction frequencies indicating stronger engagement and potential retention.
Formula:
Avg. Transaction Frequency = (Total transactions in a 15 day billing cycle by a verified user / Total active (transacting) verified users in the billing cycle)

Metric 3 - Customer Lifetime Value (LTV) of verified users

Meaning: Measures the average revenue that a verified user brings over his/ her entire engagement period with Simpl.
Why Track: Provides a financial measure of verified user value & retention in financial terms & is a key financial metric.
Formula:
LTV = (Average Revenue per verified User per billing cycle × Average verified User Lifespan (in billing cycles))

Metric 4 - Churn Rate by Billing Cycle after a user has been verified

Description: Measures the percentage of verified users who stop making purchases or paying bills over successive billing cycles.
Why Track: Highlights disengagement of high value users, helping identify user segments at risk of churn, enabling proactive re-engagement strategies.
Formula:
Churn Rate by billing cycle =
(Number of verified Users lost in current Billing Cycle / Total active (transacting)verified users at the start of billing cycle) x 100

After my previous project (Urban Company), which was my 1st time working on an actual product post - PMF. I decided to take an ever bigger risk of choosing a fintech product knowing that UD & AP are both fintech maestros. Let's goo!! 🙌