April 24 2018:Indian fashion  e-commerce portal, Fynd, has taken a bold step to go completely cashless, shuuning the  Cash on delivery option from January 20 this year.   Promoting  digital payment modes like net-banking, credit & debit cards and e-wallets  has in fact led to higher rates of order fulfilment. 
In September 2017, out of the total orders received, Fynd faced 60% leakages due to problems like cancellations, frauds  etc. However, in March 2018, while Fynd received less overall orders, the fulfilment rates were higher thus overtaking the overall numbers of the previous months.  
Says Fynd Co-founder, Harsh Shah: “Embracing only cashless payments has its own benefits. Throughout these years, while Fynd has witnessed high shopping volume, there have been problems witnessed due to delivery frauds and other payment vulnerabilities. After moving to cashless payments, we have seen a sharp dip in leakages and rise in order fulfilment. We believe that the cashless payment methods will open up new opportunities for us, benefit the customers and further drive our sales."
Overall, adapting only digital mode of payment has been beneficial for Fynd as well as the customers. Apart from making transactions hassle-free, customers are able to pay the exact amount without worrying about having no change or getting money in return from the delivery boys. For Fynd, too, CoD involved additional cost and the risk of returns or thefts was higher in this form of payment. By adopting the digital-only strategy for payments, Fynd aims to boost cashless transactions and make the transition as smooth and convenient as possible for all its customers.
According to a note by research firm RedSeer, the e-commerce sector in India had touched a gross merchandise volume (GMV) close to $20 billion during 2017. However, of the $18.6 billion GMV clocked by the Indian e-commerce industry during the year, over 30 percent was lost due to cancellations and returns of orders.