Introduction

In today’s fast-paced digital economy, payment gateways are critical to enabling firms to conduct smooth transactions. A well-known bank wanted to launch a new payment gateway service aimed at small and medium-sized businesses in India. To assure the success of this launch, the bank commissioned MarketGenics.co to undertake a complete concept test research study. This study sought to determine the most engaging concept for their integrated financial solution. MarketGenics.co oversaw all the stages of the project: recruiting, data collection and analysis.

Objective

The major goal of this study was to determine the most promising marketing idea for the payment gateway’s integrated financial solution. The goals included the following:

• Evaluating the relative appeal of each concept using criteria such as relevancy, distinctiveness, credibility, and persuasion.
• Understanding the emotional ladders and payoffs of each notion.
• Identifying potential enhancements for each concept, such as various ways to articulate benefits and features.

Target Audience Definition

The study focused on e-commerce sellers with the following characteristics:

• Age: Less than 40 years
• Segment: SMBs with an annual turnover of INR 2-150 Cr
• Focus Segments:
  • Owners/Founder-owners of businesses that are not structured or minimally structured
  • CFOs of businesses that are completely or largely structured
• Presence across multiple e-marketplaces such as Amazon, Flipkart, and Myntra
• Key Industries: Electronics, Industrial Equipment, Apparel, Home Décor, and more

Research Methodology: Qualitative In-depth Interviews

MarketGenics.co adopted a qualitative research methodology, conducting in-depth interviews via online platforms such as Skype and Zoom. All interviews were conducted with informed permission.

The sample design included 24 interviews.
Split over Delhi-NCR, Mumbai, Bangalore, and Chennai.

Our Success Story

MarketGenics.co had three weeks to finish the project, separated into three phases:

Week 1: Commissioning, Discussion Guide, and Recruitment
The first week was spent commissioning the project, creating the discussion guide, and collecting appropriate respondents.

Week 2: Fieldwork.
The fieldwork took place during the second week. This phase included conducting in-depth interviews with the selected e-commerce sellers.

Week Three: Reporting
The final week was spent transcribing and evaluating the data, after which the findings were reported to the customer.

Challenges and Executions

One of the most difficult tasks was finding the correct team of e-commerce sellers to participate in the interviews. However, once the respondents were on board, the interview went smoothly. The SME entrepreneurs gave significant insights into the innovative concepts.

Client Feedback

The client was really pleased with the project’s effective completion within the tight deadline. The client’s feedback was touching.

“Thank you for the superb support in executing this study under tight timelines. Your team worked relentlessly and I value their contribution.”

Conclusion

The concept test research study completed by MarketGenics.co for a well-known bank’s payment gateway was a huge success. MarketGenics.co gave actionable insights to the customer by assessing the relative appeal of each concept and determining the emotional and practical payoffs. These insights have enabled the bank to make educated judgments regarding the most promising concept for their integrated financial solution, providing them a competitive advantage in the highly competitive food industry.

MarketGenics.co continues to thrive at providing high-quality market research services, guiding clients through difficult market landscapes with confidence.