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India, August 29, 2016: Lendingkart Group has announced a strategic partnership with Unicommerce, the Delhi-based multichannel order fulfillment platform. The partnership will enable Unicommerce’s consumer base to get access to collateral-free working capital loans through Lendingkart Group’s NBFC within 72 hours of application at a discounted rate. Both players make an ideal synergistic match as they have been closely involved with SME merchants and understand the immense potential that lies untapped in this segment due to inadequate financial support.

The tie-up between Lendingkart Group and Unicommerce is aimed to provide working capital loans to Unicommerce retailers. The technology-backed Lendingkart Group’s NBFC enables loan disbursement process that comprises minimal paperwork and offers collateral-free loans to online retailers within 72 hours. It assesses the creditworthiness of a candidate through API scrutiny and online data scraping to ensure credibility rather than conventional methods that promote red-tapism. The swift assessment process takes a few hours and NBFC ensures that loan amount reaches the borrower within 2-3 days of the loan application. Unicommerce retailers will be offered discounted working capital loans enabling them to increase their inventory, pay for their liabilities and scale up their businesses.

At the announcement, Harshvardhan Lunia, Co-Founder and CEO, Lendingkart Technologies, said, “There are massive growth prospects for Indian retailers within the rapidly changing retail scenario of the country. Businesses often register losses and face challenges related to cash flows owing to their capital deficits. The tie-up with Unicommerce will help the Group to eliminate such challenges for its customer base and will moreover, enable retailers to increase their efficiency, scalability, and profitability with quick and easy working capital loans.”

Ankit Pruthi, CEO, Unicommerce said, “We understand that working capital finance is one of the key needs of SMEs in growing their business, and we believe that this partnership with Lendingkart Group will further boost our customers’ business. We are already helping the SMEs to improve their online sales through our product, and with this partnership, we are hoping to provide more avenues for growth to our customers.”

Lendingkart has developed technology tools, to provide lending solutions to lenders, which utilizes a unique mix of Big Data analytics, decision science, and other proxies to derive credit comfort and assess the creditworthiness of small business owners. Most of the credit risk analysis at the Group’s NBFC, is done digitally so that loans can be disbursed within 72 hours from the time of application.

About Lendingkart Group
Lendingkart Technologies is a fin-tech startup in the working capital space. It has developed technology tools based on big data analytics that facilitates lenders to evaluate borrowers’ credit worthiness. Aadri Infin Limited, a Lendingkart Group Company, is a non-deposit taking NBFC, offering small business loans for SMEs in India. The NBFC aims to transform small business lending by providing easy access to credit for SMEs. The NBFC uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately. Lendingkart Group aims to make working capital finance available at the fingertips of entrepreneurs, so that they can focus on business instead of worrying about the gaps in their cash-flows. We are currently based in Ahmedabad, Bangalore and Mumbai, but have a service reach across India. To know more, please visit http://lendingkart.com/

About Unicommerce
The SaaS based multichannel order fulfillment platform allows ecommerce merchants selling on multiple marketplaces like Snapdeal, Amazon, Jabong, Flipkart, eBay and so on, to manage their entire inventory and order fulfillment process through one single platform. In a short span of time, Unicommerce has built a strong customer base of 10,000+ sellers in more than 220 cities including big brands such as Monte Carlo, Swiss Military, Classic Polo, House of Anita Dongre, Reliance, Mahindra Retail, Carat Lane, Raymond etc. Ecommerce sellers love this product, as it helps them grow their sales, reduce costs and improve their seller ratings. For further information about the company or the product, please visit https://unicommerce.com/

Economic Times: Lendingkart Group Partners with Unicommerce to Facilitate Easy Loans to its SME Customers

Business Standard: Lendingkart Group Partners with Unicommerce to Facilitate Easy Loans to its SME Customers

The post Lendingkart Group Partners with Unicommerce to Facilitate Easy Loans to its SME Customers appeared first on unicommerce.com.

He went from being a cynical, cautious businessman with a shop in the market to being an actively ambitious online seller who is selling 24/7 on multiple marketplaces.  And the journey has been quite a learning experience he mentions. Would love to share these pieces of wisdom with you.

Perks of selling online on multiple marketplaces:

• The location does not matter! 

When selling from a physical store, if you get the location right, half the work is done. And we already know – the price of anything in demand goes up. That’s why getting a  good location is a costly affair. Only the big guys with deep pockets can afford it.

But when  selling online your location the same as the location of some fancy deep pocket brand. The customers see you and the big guys right next to each other. 

Just imagine how you wished to have the same kind of shop that your big-budget competitors had. But you could not. Today, online marketplaces provide a level playing field for small players who are beginners. You just need to manage your supply chain to sell goods online.   

• Increased Brand visibility & profits

In my initial days  – I had jokingly commented to my colleagues many times that – “Only If I could be at multiple places at the same time”. How can I be ? Silly of me!

But now – Some if it has come true. Sellers can be at multiple places at the same time.

It’s not Magic. It’s called Ecommerce.

Today, people sell on Flipkart, Snapdeal, and Jabong, at the same time! And manage all of the marketplace with a small team. The same team that used to cater to one small shop on the street.

Unlike conventional businesses where we get to sell our products on certain very selective places, ecommerce provides the facility to sell on multiple channels. Selling through various virtual marketplaces has not only increased visibility but also helped sellers to establish brand among a huge base of customers. Goes without saying that selling on multiple channels has multiplied profits of sellers. 

• No more unattended customer in your shop – Even during festive seasons

Usually, in a traditional shop, we need sales persons to attend to our customers. During festivals or any other special occasion, it becomes very difficult to handle lots of customers at one time. And in this scenario, the possibility of the customers going back from the shop unattended is quite high. It not only creates a negative impression on prospects but also destroys our chances of achieving business goals. 

On the other hand, an  online setup provides a huge advantage over offline stores. Contrary to a traditional shop, eCommerce allows to attend a huge number of customers at any point of time. A simple integration of multichannel order management software can further help you manage all the sales from singly dashboard.

By providing detailed information on the product description along with high-quality images, one can provide a virtual human experience to its customers. This further helps in ensuring a high customer satisfaction rate and attracting and retaining customers.  

•  Not Just More, but Better Footfall!

We always tried to get more footfall in our shop. Because at the back of our mind, we are clear that if 100 people walk in, at least 5 will like our products and buy them. But what about the 95 who don’t buy. It’s true that more footfall leads to more sales.  But there is a limit to the level we can take this approach.

Even the best shops have not more than 10% conversion rate.

Surprisingly, ecommerce shops have more than 20-30% conversion rate. The reason being – In ecommerce people come looking for your product. Such focused traffic is much higher online as compared to offline shops. They are already convinced about buying it, all they need is a little push. So  this means there is no limit to footfall and the conversion rate is even higher.

• No bargains

 In India, customers can be identified by certain very typical traits. One of the most popular traits of an India buyer is a bargain. Sometimes, in the process of bargaining, the seller has to compromise on his profits. While shopping online the customers can’t go for bargaining on prices of the products. They can only choose from a wide range of products with fixed price tags. The seller has the ultimate say on product prices.

 Of course, you can choose to give them discounts on particular items, for particular period, for particular type of customers. But you have total control over it. No more hassling with every other customer over price.

• No worries about holidays or closing time

When you are selling online, you are working 365 days and 24 x7. So, you don’t worry about the holidays or closing time, unlike offline or brick and mortar shop does each time there is a holiday (s) or bandh. There are abiding by the law, as they can’t be open 24 hrs. 

• New business options 

Dropshipping is the new business option for the new sellers as well as for the established business holders. The new option in the market makes space for new products to get introduced in the market. Apart from that, increases your revenue without making any huge investment in the business. You just need to collaborate properly with the logistics partners as well as with the seller. 

• Riskless business!

Business always comes with uncertainty. But this uncertainty turns into risk when stakes go up. In our regular business, once you up the stake, it becomes very difficult to take a step back. Also, the investment that is required to grow is quite substantial in offline business. In eCommerce, it takes just a fraction of that amount to start catering to more customers.

No wonder so many first time businessmen are lining up to open their shop online. And many of them are doing well.

Previously, when it’s about starting a business; the main concern of any prospective businessman was to gather a huge amount of money. They either had to use their savings or take bank loans or borrow from different people. Under this condition, if they would fail to achieve success, it would ruin them completely. Here, e-commerce portals have appeared as a great platform. Selling online or setting up an online store doesn’t cost much. Failing here is not a Punishable offence!

 Besides, we don’t share our hard earned profit parts with local hooligans.

What are you waiting for? Book a consultation with Unicommerce, to look after your daily ecommerce and retail business. It eases your daily business operations; merges your online and offline business together; automates your inventory and warehouses; ERP integration with your software;  and much more.

The post Shutter Down at 9 pm ? Never. My Shop is now Open 24/7! appeared first on unicommerce.com.

Go to any traditional marketplaces of India. You will find everything there except silence. Chaotic and colorful, noisy and musical, enchanting and overwhelming, there’s no experience quite as memorable for the shopper as the bazaars of India.

It is always easy to convince somebody to buy your product when you can talk to them in person. It is easy to understand their needs and suggest products accordingly. Persuasion is always easy when you are face-to-face. Whereas you can’t persuade a person through when you’re selling online. Your website is the only mode of persuasion. The product description, photographs of products, portrayal of image needs to be top notch for a customer to be convinced and buy a product.

Not getting? Let me do the honor and tell you what I am talking here.

When a buyer enters your “Online Shop” or looks at your products on online marketplaces, do you know who does the talking on behalf of you? ‘Product Content’ which is listed beside or below your product. It gives the buyer in-detail idea about the product. 

And what if there is no Product content – Its like a shop with no salesperson to attend to customers. No marks for guessing what happens in such situations.

 Exactly. In these online shops without salesperson, Content is your salesperson who will convert the visitor into a buyer.  You might have heard this many times – “Content is  King”. Now you get it, right ?

Why you need to be concerned more on Product Content?

Converting visitors into buying is not the only benefit of Product Content. In fact, that should be enough to convince you to write a persuasive product description copy. Here are some more solid reasons why you should do it.

Google loves it. (by the way Google rules the web)

It has been found that almost 44% of the people proceed with their online shopping after searching it on Google. And around 37.5% of the traffic on the ecommerce website comes through the search engines. Around 23.6% of the ecommerce orders are all relies on the organic traffic. The customers always search for the informative keywords to checkout anything on the internet.  

Social media loves it

Content with accurate product information spreads across social networks, generate powerful word-of-mouth and thus provides exposure to your online existence. It actually builds up a strong relationship with customers. And showcases your product, how it is different from the competitors. Nowadays, almost everybody is using some social media platform. So it becomes an easy task to attract them to your products. The product description is the only information for them to get their queries answered regarding your products.

Your competitors Hate it

Look at product description as one more opportunity to establish your brand. As they say, Brands don’t have to compete to win. They just have to be themselves. Product description not only helps to build customer loyalty, but it also gives your prospective customers parameters to compare your products with other company’s products. And of course, your competitors are going to hate it.

Product Content – Rules to follow!

• No such thing as Too much

Provide as much information as you can through your product description. Customers want to know more about the products that they can’t touch and feel online. Just an image won’t be enough for them to judge what you offer. 

As said- eyes can’t always see the reality. Things that look good online not necessarily be the same. When it comes to Product content, there is no such thing as too much.

• Informative rather than Descriptive

Be informative rather than descriptive while developing content for online products. Clearly mention size, length, quantity, weight etc. Customers want to get confirmed that they are buying the right thing. More information provides better visibility.

• More You Hide, the More They Suspect  

If you are selling something that comes with a guarantee or warranty then clearly mention it in your product description along with the exact duration. It will clear the customer confusion that might become a hindrance in sale. Electronic goods with high value usually come up with such offers. Don’t hide. Transparency is the basic mantra of success here.

• What about Shipping Charges? Be upfront.

There are certain pain points of online buyers. Shipping charges are one of them. Many a time people change their mind at the last moment after looking at shipping charges. While providing product information never forgets to mention separately how much the buyer has to pay as shipping charges. The online portals where shipping charges are not mentioned clearly, people usually avoid them.

• Picture is worth a thousand words.

Make sure you always put quality product images on your website. It acts as a key role for the store engagement, conversion and retention, and customer’s trust. A good and closure view of your product picture can actually bridge an emotional connection with the customer. 

Time for Action – Take out your Appointment book.

Book a slot for Monday Morning – “Get Product Content Written” – High priority Task!

The post Why do Indian E-commerce sellers ask Indians to Shut up and Shop! appeared first on unicommerce.com.