Store Onboarding – a new mantra for eCommerce players to foray into offline business
The e-commerce industry is focusing on shortening the supply chain to fasten the last mile. Since the era of Industry 4.0 is here; the new concept of hyperlocal or 10-minutes delivery is trending among the end consumers. Lightening fast deliveries and D2C concept is not only increasing customer satisfaction but also it is enhancing the relationship between the brands and its customers.
Store onboarding is the new step of digitisation in the e-commerce industry. With upcoming solutions like hyperlocal and quick-commerce, the e-commerce industry is now focussing on enhancing customer exprience and reach. They are utilising the already established market of the local stores to fasten the whole supply chain.
The eCommerce industry is leaving no stone unturned to reach its pinnacle of success. It has given the consumers umpteen benefits - to list down a few:
- Hassle-free door-step delivery – customers can get their requirements served at their door step without having to put in the energy and time to go out and search for items. With the help of Internet from the cosiness of home one can place orders conveniently.
- No geographical restrictions – Choices and availability does not get limited when it comes to eCommerce. People can get goods delivered from across the globe.
- Lower Costs (Discounts/Offers) – With Sale going on round the year offering huge discounts on products which are usually not available in case of retail stores, people can easily shop a lot within their budget.
- 24x7 availability – There is no chance of the online market getting closed unless some technical issue pops up. Shopping can be done at any point of time in the day.
- Comparison Shopping – Endless options allow the people to do comparison shopping and get the best deal of similar products by just typing the product name online.
All these benefits come at a huge cost. The funds raised are heavily invested in providing these benefits to the final consumer. The supply chain bears the highest cost leading to the profit margin being reduced to a negligible level. The current process followed cannot serve as a long-term source of earning.
Surrounded by cut-throat competition it is a must for the eCommerce giants to come up with new and innovative ideas every day. Although with such advance technology in place where the charm of the retail industry seems to have vanished, people still trust the retail stores for their day-to-day needs. They have come up with the new mantra of store onboarding which would allow them to venture into offline business hence giving them an opportunity of gaining higher market share along with a number of benefits.
As the number of orders processed per day has increased manifolds and is increasing with every single day, the costs incurred in logistics and warehousing is huge. Venturing into the offline business would reduce these costs and would also bridge the gap between the retail and eCommerce industry, thereby helping both the industries to grow and work in synergy.
With this new concept the following benefits can be reaped:
- Logistics costs reduced to a great extent: With products to be sent to the customers from nearby stores the costs involved in logistics will get reduced to a great extent.
- Delivery would become quicker: Products can be delivered faster as they can be picked up from nearby stores of the customers’ location.
- Limited Warehousing: The need for building and maintaining huge number of small warehouses which added to the operational costs will get reduced as the storage can be done at already established retail stores.
- Empowering store owners with technology: The store owners can also take advantage of technology and hence increase their network and business earnings.
Grofers can be taken as a great example in this case. It has ventured
into this new process of store onboarding which has increased their
market share and has reduced the operational costs involved thereby
leading to a higher profit margin.
To facilitate this new venture of eCommerce giants to foray into offline business, Isourse has come up with a technology that would make the onboarding process of stores and delivery partners smooth and completely paperless. Few of its features are listed below:
- Smooth Registration Process: The store owners can be registered easily with the option of uploading Aadhaar card, PAN card and other documents. Agreements can be sent and shared digitally.
- Adding executive details: Adding executive details can be a headache. With our technology in place this will be a hassle-free affair where employees can be added before, during and also after a store is onboarded.
- Offline mode/Remote support: Work does not stop even in offline mode and can be accessed in remote areas as well.
- Digital Signatures: Agreements can be signed digitally through customized links even if the store owners do not have the app in their mobile phones.
- Invoicing: Invoices of the business done can be easily generated through the app, hence helping both the parties to keep a track on the transactions made.
The eCommerce industry has disrupted the landscape with the help of technology. The idea of store onboarding will place the power of technology throughout the retail value chain. It will empower the store owners hence bringing in more business for both the industries.