Handling returns involves not only processing refunds but also ensuring that returned items are accounted for and inventory is updated accordingly. That’s when returns reconciliation comes into play, ensuring that every product returned is accurately documented and accounted for. 

Now what exactly is marketplace return reconciliation, and how does it work? Let’s dive deep!

Understanding Marketplace Returns Reconciliation

When a customer decides to return a product, it sets off a chain reaction: from processing the refund to updating the inventory. Returns reconciliation is all about making sure every step in this process aligns perfectly with the seller’s records. It is the process of systematically tracking, analyzing, and managing returned items to ensure accurate accounting and optimize reverse logistics.

If you’re a small-scale business who is just starting out, doing this manually won’t be a problem. But as your business starts growing and your order volume increases, so do the chances of inaccuracies and discrepancies. That’s when you need a system to streamline the returns reconciliation process.

Now, why is this so important? 

Well, imagine you’re a seller selling on multiple marketplaces like Amazon, Flipkart, or Myntra. Each platform may have its own unique rules and procedures for handling returns. For example, Amazon allows a 30-day return window, while Flipkart offers only 10 days, and Myntra falls in between at 15 days. This means you must diligently track return requests, manage inventory, and process refunds across multiple channels simultaneously. 

Without a streamlined returns reconciliation process in place, it becomes increasingly challenging to keep track of returns across these different channels. Therefore, by implementing an automated system to streamline returns reconciliation, you can ensure accuracy, improve efficiency, and maintain customer satisfaction. This not only makes your life easier as an e-tailer but also enhances the overall shopping experience for your customers. After all, happy customers are the backbone of any successful business.

Benefits of Returns Reconciliation for Online Sellers

While returns reconciliation may seem like just another administrative task, it holds several key advantages for online sellers:

• Accurate Inventory Management
• Improved Unit Economics
• Enhanced Customer Experience
• Data-Driven Insights

1. Accurate Inventory Management

One of the most significant benefits of returns reconciliation is its role in maintaining accurate inventory records. By systematically tracking returned items and updating inventory levels accordingly, you can avoid overselling, stockouts, and discrepancies between online listings and actual availability. 

This level of accuracy not only enhances the customer experience by preventing backorders but also directly impacts inventory turnaround time. When returns are processed promptly and inventory levels are updated in real-time, you can make informed purchasing decisions, and maintain optimal stock levels. Which enables you to quickly restock the highest selling SKUs, capitalize on sales opportunities, and minimize the risk of overstocking or stockouts.

2. Improved Unit Economics

Returns can be a costly affair for online businesses, with expenses ranging from shipping and handling to restocking fees and refurbishment costs. Reconciliation allows businesses to analyze the costs associated with returns, including shipping, restocking, and refurbishment expenses, on a per-unit basis. 

Also, it helps you identify trends and patterns in return, allowing you to address underlying issues such as product defects, inaccurate descriptions, or sizing discrepancies. Therefore, by optimizing returns reconciliation processes and addressing root causes of returns, you can preserve profitability and improve your unit economics over time.

3. Enhanced Customer Experience

The online selling landscape is saturated and competitive therefore customer experience is a key differentiator. Returns reconciliation plays a crucial role in this regard by streamlining the returns process and ensuring prompt refunds or exchanges. 

A transparent and efficient reverse logistics can enable you to trust and loyalty among your customer base, ultimately driving repeat business and positive word-of-mouth recommendations.

4. Data-Driven Insights

Returns reconciliation isn’t just about crunching numbers – it’s about making smart decisions. By analyzing return trends, you’ll uncover valuable insights into your business. Maybe there’s a product that’s consistently coming back, or perhaps there’s a common issue that needs fixing.

Reconciliation reports will provide you with the required insights so that you can make informed decisions to improve your e-commerce operations and delight your customers.

Key Components of Returns Reconciliation Reports

The reports generated by automated returns reconciliation contain various sections that provide valuable insights into the returns process. Here are the key reports you can get using returns reconciliation:

• All Returns
• Undelivered Returns
• Delivered Returns
• Claims Raised
• Lost Returns Tracking

1. All Returns: This report provides a comprehensive overview of all return orders processed by the seller. It includes details such as order numbers, return dates, reasons for return, returned items, and the current refund status.

2. Undelivered Returns: With this report, you can track orders where the status is marked as “Return Expected.” These are orders for which the customer has initiated the return process, but the seller has not yet received the returned items. 

3. Delivered Returns: This report focuses on orders where the return process has been completed successfully. It provides details on orders for which the returned items have been received and processed by the seller. 

4. Claims Raised: Here, you can track orders for which claims have been raised by customers. This includes claims related to damaged items, missing items, or other issues that require resolution. 

5. Lost Returns Tracking: In this report, sellers can track returns that were lost in transit. It includes information on the return shipment, such as tracking numbers, carrier information, and the status of the lost return investigation. 

Choosing the Right Marketplace Returns Reconciliation Solution!

Returns reconciliation isn’t just a back-end process; it’s the backbone of your online selling operation. By ensuring every return aligns flawlessly with your records, you pave the way for operational efficiency and customer satisfaction. Now, armed with a deeper understanding of the importance of returns reconciliation, it’s time to take action. Choose the right reconciliation tool to streamline your returns process and elevate your online selling experience.

And when it comes to selecting the perfect solution, UniReco emerges as the ideal choice. From effortlessly identifying returned and delivered products to seamlessly tracking pending returns, UniReco fosters transparency throughout the return process. By addressing potential issues and optimizing overall return management seamlessly, this tool empowers you to take control and unlock the full potential of returns reconciliation for your business success.

Related read:

• How E-commerce Marketplace Payment Reconciliation helps E-commerce Businesses?
• How Shipping Notifications can benefit your E-commerce Business?
• Streamlined E-commerce Payment Reconciliation with UniReco
• What is NDR Management?
• Effortless Pre-Dispatch Order Tracking with Uniship

The post How Marketplace Returns Reconciliation Can Optimize Your Online Selling Experience appeared first on unicommerce.com.

We all know how buying anything is just a click away, and the place where the involvement is at its peak is none other than Malaysia. To prove it with facts, it records one of the highest internet penetration rates and the reason behind it is the extensive involvement of the middle class. The question that might come to your mind is, why only Malaysia? The correct answer to it is the marketplaces! Yes, designed with a customer-centric approach and easy-to-use design, it drives the middle class to be involved more on a day-to-day basis hence If I say that Malaysia is experiencing a tremendous e-commerce boom! Then you can definitely consider it as the right place to expand your business. 

It’s a perfect opportunity for you to sell and capitalize on. Make your products available at every touch point. Therefore, out of all the available platforms, selling on the right marketplace is very crucial. Here we have listed the top marketplaces in Malaysia that can be beneficial for you to sell.

Top 6 E-commerce Marketplaces in Malaysia

• Shopee
• Lazada
• TikTok Shop
• Zalora
• PG Mall
• Youbeli

Let’s dive into the opportunity of online selling, we have prepared the following list of the top marketplaces in Malaysia to get, set, and jual! (sell)

1. Shopee

Shopee, with its powerful ASEAN presence in the sub-continent, is the first one on the list. Why is it the most popular among the sellers in Malaysia? The reason is that you don’t have to pay any registration fee to start selling. Go ahead and list your product with no registration fee, and the commission fee is also waived for the first 99 orders. Take your time to adjust to the marketplace and understand and plan your strategies. It won’t be a hefty expenditure to start selling on Shopee.

After registering and listing your product, the next most important thing is to promote it. Convert your ideas into revenues. You may think this would require a lot of money, but it’s not! step right in and make the most out of the attractive marketing deals that Shopee has for you. It even provides a live stream platform to access product-related content and interact directly with the sellers.   Whether it’s the monthly campaigns or building a seller community, it has everything you need to start selling.

If you wish to bifurcate your audience into the invite-only category, then Shopee Mall also lets you create a retail space for that. Hence it not only offers communication with the seller community but also helps you categorize your audience by making a customer community that is central to the shopee and the seller. The customer-centric approach of this marketplace makes it easier for you to compete in the niche market as well. Sounds like a perfect marketplace, right?

Why should you sell on Shopee, here are the numbers:

• Shipping: Fulfillment by Flashexpress (shopee-supported logistics). Some of the partners are DHL, Ninja Van, J&T Express, and Instant Delivery. 
• Monthly web visitors: 96.01 Million
• Top selling categories: Home and Living, Health and Beauty, Food, and Beverage

2. Lazada

The next one we have on this list for you is Lazada! Founded by Rocket Internet in 2012 and with a significant appearance in six countries. It’s the customer’s favorite because of the significant discounts and attractive deals. It reaches a vast and diverse audience, which automatically increases the scope for your business to grow. Another reason to choose this as your platform to sell is the Alibaba group. The top-notch framework of Alibaba Group will benefit you in the most profitable way. 

Want to step up your game from local to global?  To be precise, if you are looking for a safer global reach rooted in the local marketplace, then Lazada can be a great start! It offers three types of selling on its platform. If your vision requires you to go beyond the boundaries, then Lazada will provide you with a purple ribbon and a ‘LazGlobal’ tag, and you are good to go to sell internationally! 

We know that these benefits will concern you what if the commission rates are high for this marketplace? Well, for the first three months, you don’t even have to think about paying the commission fee. No matter what category of product you are dealing in. Laza will also offer you an in-house delivery matrix called Lalamove which is an efficient and reliable shipping solution. As this helps to earn customer loyalty, traffic, and exposure, You can easily rely on Lazada for your efficient selling game!

The list of reasons to sell on Lazada is quite significant because we have another thing called Lazcoins. As you start selling on this marketplace, you already have 8000 free seller coins. With this, you can attract more traffic by redeeming the coins based on the cost-per-click model. 

Here is why Lazada is a good platform for you to sell 

• Shipping: In-house delivery matrix Lalamove and other partners like Ninja Van, Kex Express, Sky Net, Best Express, etc. 
• Monthly web visitors: 35.1 Million 
• Top categories: Consumer Electronics, Women’s Fashion, Personal Care 

3. TikTok Shop

If you are looking for a standout platform to sell that keeps up with the trends, TikTok Shop is the place for you. We all know how those trendy short videos keep us tagged along for a long time, and we always see some products that leave us wondering. Searching for them is a big task, but a marketplace like TikTok makes it all easier for the customers as well as for you to sell.

TikTok shop allows you and different brands to sell products directly via videos, live streams, and product showcase pages. It will give an insightful experience to you about what the customer wants. It is a good platform that supports local SMEs for e-commerce. If you are one of them, then sell well at TikTok Shop! 

When it comes to a marketplace like this, authenticity becomes a concern from the customer’s perspective. If your product is correct and you don’t want to lose your authenticity game to the fake-money-making vendors who are there for a short while but gain all the profits, then your TikTok shop is a place for you! You can earn an added stamp of authenticity after going through the approval process and become a consistent and authentic seller at the most profitable platform. This step unveils your potential growth. And even the commission fee will be 0% for the time being as you start to sell with no relation to the number of followers. 

Following are the numbers why selling at TikTok is a good choice – 

• Shipping: TikTok Shop Logistics and some sellers can choose their own shipping carriers 
• Top Selling Categories:  Skincare, Makeup, and Electronics

4. Zalora

Is your target market people of 25-35 years of age who are fashion enthusiasts? Then Zalora has it all for you. A large part of the audience visiting Zalora is their active customers. Isn’t this a great deal as a fashion seller? Providing authentic luxury products is something that Zalora is trusted by its audience. Hence, it can turn into a successful big shot to get exposure to this platform and compete with the brands to make a statement! 

Zalora offers two types of business models for you. It’s your choice which one suits you to make your fashion statement more bold! If you want to deal on the wholesale level, you can give your inventory to Zalora, and then they will sell it to the customers. This includes the operational management and inventory management being performed by Zalora itself. But If this is not what you are looking for, you can function over the marketplace model, which will offer you control over the operations and marketing. According to your needs and requirements, a seller can alter the degree of partnership with Zalora. 

Let’s see why you should choose to sell in Zalora Malaysia – 

• Shipping: DHL, Ninajavan, 2Go, POS Laju
• Monthly web visitors: 59 Million
• Top Selling Categories: Fashion, Beauty and Lifestyle

5. PG Mall

If you are already in Malaysia and your plan is to promote local products and handicrafts. Then, congratulations! Your approach lies with PG Mall and it is the right choice to sell here! PG Mall offers a no-registration model, so listing out your products becomes completely free. Along with this, the transactional fee is also at a lower extreme in comparison to the other marketplaces.

Even if you want to upload your products in bulk, you are making a hassle-free choice by selling at PG mall. With the API services and no cost, bulk uploads are another plus feature of PG Mall. They provide both online and offline marketing campaigns for free. Hence you will save a big crunch here, too!

18 nationwide studios and mega seminars, it not only facilitates selling but also emphasizes networking and community building. Sounds like a great deal, right? 

Let’s see why PG Mall will benefit you as a seller – 

• Shipping: Easy Parcel, DHL Express, Aftership
• Monthly Web Visitors: 16.8+ Million 
• Top Selling Categories: Fashion, Electronics, Home and Living

6. Youbeli

Owned by Youbuy Online Sdn Bhd, Youbeli is one of people’s favorite platforms in Malaysia to shop online. One thing that ensures you for this marketplace is no hidden fee model. You don’t have to worry about those annual fees, and no registration fee will mean no registration fee without any hidden tweaks. Here, transparency is not only for the customers but for you as well, so that you can have an easy going functioning to sell!

A multiple-language system and cross-border trading will inculcate benefits both for you and your customers. So, your potential reaches the best by selling at Youbeli. Another plus point is that you can list your product for free. Adding more to its features for sellers, Youbeli also has a 7-working-day settlement period which solves a lot for the back end and helps to gain trust from the customers. 

With its fixed amount of a 4% commission fee and 2% payment gateway fee, Youbeli brings transparency for you and not just the customers.  As it offers multiple categories, there’s a reasonable probability that it covers your product too. With its amazing deals, Youbeli has a space for you! 

Let’s check out some numbers on why Youbeli is a beneficial marketplace to sell – 

• Shipping: POS Laju, Sky Net, TNT, Aramex 
• Monthly web Visitors: 113 Thousand
• Top selling categories: Babies and Toys, Fashion and Groceries 

Are You Ready to Dive Into Selling Online?

With all the available options of marketplaces, we have listed a few that can be a good start for you and if you are an existing seller, they can provide you with new booming opportunities. The online presence plays a vital role in the success of the selling game along with the marketing strategies, getting to know your target audience and how they are evolving with their needs. 

To keep up with that, your product and service should also be top-notch. There’s a lot to do in this sense as a seller. So why not make some part of selling hassle-free?  A lot from your plate can be taken over by technology, making the functioning smooth and efficient. 

The right provider can manage the warehouse, your inventory, and orders with the power of clicks. As a seller, a lot of time and energy is saved from here then can be invested efficiently in other areas. The customer-centric approach is the new avenger approach of online selling, letting the technology solutions handle things at the backend. Malaysia is a dynamic, growing business potential for sellers, and we wish the best for you. Happy selling!

Related read – 

• Key E-commerce Challenges & Opportunities in Malaysia
• How to Sell on Zalora Marketplace in the Philippines?
• E-commerce Trends in Malaysia: Become a Top Seller With The Right Approach!
• E-commerce Fulfillment in the Philippines: How to Boost Operational Efficiency and Profitability?
• How To Sell On Shopee?
• How to Sell on Lazada Marketplace in Southeast Asia?
• Top E-commerce Marketplaces for Businesses in the Philippines

The post Top E-commerce Marketplaces in Malaysia to Sell Online appeared first on unicommerce.com.

One such challenge is the occurrence of failed delivery attempts. But what if there was a solution to turn these setbacks into opportunities for improvement? That’s when you can leverage Non-Delivery Report (NDR) management – a potential game-changer to streamline delivery operations.

But what exactly is NDR, and how does the management of Non-Delivery Reports enhance the efficiency of delivery services? Let’s dive deep into the mechanism of NDR Management and explore how it can significantly reduce failed deliveries!

Understanding NDR Management

A Non-Delivery Report (NDR) is a record of unsuccessful attempts to deliver a package due to various reasons such as customer unavailability, incomplete address, or any obstacle that prevents the successful handover of the parcel. Effective NDR management not only helps in reducing the rate of failed deliveries but also enhances customer satisfaction and trust in a brand’s delivery services.

How NDRs Are Generated

NDRs are typically generated through a logistics management system. The process is as follows:

• A delivery personnel attempts to deliver a package to the recipient’s address.
• If the delivery cannot be completed due to any reason, the delivery personnel records the issue in their handheld device or mobile application.
• The issue is categorized into predefined reasons for non-delivery (e.g., “Address Not Found,” “Customer Not Available,” etc.). This information, along with the delivery attempt details, is uploaded to the logistics system.
• The system automatically generates an NDR based on the information provided, which is then communicated to the seller and, in some cases, the recipient, outlining the reason for non-delivery and the next steps.

Common Reasons for Unsuccessful Deliveries

Unsuccessful deliveries can occur due to various reasons, often leading to the generation of an NDR. Some of the most common reasons include:

1. Incorrect Address Details: One of the primary reasons for unsuccessful deliveries is incorrect or incomplete address details provided by the customer. This can lead to confusion and delays in finding the delivery location.

2. Recipient Unavailability: Deliveries often fail if the recipient is not available to receive the package. This can occur if the delivery attempt does not align with the recipient’s schedule or if there is no safe place to leave the package.

3. Issues with Contact Information: Incorrect or unreachable contact information can prevent delivery personnel from communicating with the recipient to confirm details or arrange an alternative delivery time.

4. Refusal of Package: On occasion, customers may refuse to accept a package due to various reasons, such as unexpected COD (Cash on Delivery) charges or the recipient deciding they no longer want the item.

By identifying and understanding these common causes of delivery failures, businesses, and logistics providers can work towards implementing solutions that address these challenges. 

How NDR Helps in Efficient Handling of Unsuccessful Deliveries – Benefits of NDR Management

NDR management offers more than just damage control after an unsuccessful delivery; it’s a proactive means to streamline logistics, reduce costs, and enhance customer satisfaction.

1. Streamlining Delivery Processes

Effective NDR management plays a pivotal role in making delivery processes more efficient. By analyzing NDRs, sellers can pinpoint common issues leading to delivery failures, such as incorrect addresses or recipient unavailability. This insight allows businesses to address and rectify these issues, potentially improving overall delivery success rates.

It also enables brands to quickly respond to delivery issues by facilitating the immediate re-routing or re-scheduling of deliveries. This not only helps in ensuring that the parcels reach their final customer but also reduces the time spent in transit, enhancing the efficiency of the delivery process.

2. Reducing Return to Origin (RTO)

A significant advantage of effective NDR management is the reduction in Return to Origin (RTO) incidents, which are costly and time-consuming for both businesses and customers. Properly managing NDRs can help in identifying alternative solutions to returns, such as arranging for a pickup at a nearby location or scheduling a re-delivery at a more convenient time. 

This reduces the likelihood of goods being sent back to their origin, saving on shipping and handling costs. Each failed delivery attempt, and subsequent RTO involves additional costs, including shipping, handling, and storage. Effective NDR management helps minimize these occurrences, thereby reducing operational costs and protecting profit margins.

3. Enhancing Customer Satisfaction

In today’s competitive market, the delivery experience is an important part of customer service. Effective NDR management contributes to a positive delivery experience by keeping customers informed about the status of their delivery, including any issues encountered along the way. 

Also, by presenting customers with options for how they wish to proceed following an unsuccessful delivery attempt, businesses can empower customers and provide a sense of control over the situation. Whether it’s rescheduling the delivery, changing the delivery address, or opting for a pickup, having choices can significantly improve the customer experience.

Implementing Effective NDR Management!

The strategic management of Non-Delivery Reports (NDRs) is important for brands and sellers seeking to enhance their delivery success rates. By adopting an advanced logistics and returns management solution that incorporates effective NDR management capabilities, businesses can proactively address delivery challenges and mitigate the impact of unsuccessful deliveries on customer satisfaction. 

UniShip is one such solution that offers a unique feature for handling undelivered orders. With UniShip’s NDR management, orders are categorized based on issues like incorrect addresses or customer unavailability. With UniShip, sellers can also automate the return process, making it easier to manage and resolve delivery challenges efficiently.

Related read:

• How E-commerce Marketplace Payment Reconciliation helps E-commerce Businesses?
• How Shipping Notifications can benefit your E-commerce Business?
• Streamlined E-commerce Payment Reconciliation with UniReco

The post What is NDR Management and How it Helps in Efficient Handling of Unsuccessful Deliveries appeared first on unicommerce.com.

Every click, swipe, and purchase generates a number of financial activities. Tracking these transactions can sometimes feel like solving a puzzle with missing pieces and questions arises like:

• Did that payment from yesterday match the order from last week? 
• Are all your sales figures adding up correctly? 

Without a clear view of your financial picture, it’s easy to get lost in the chaos. That’s where marketplace payment reconciliation steps in – like a trusted friend helping you piece together the puzzle. It gives a clear view of all the transactions and easily tracks payments on marketplaces.

Let’s decode what payment reconciliation is and how it can be a game-changer for your e-commerce business!

Understanding Marketplace Payment Reconciliation

When discussing marketplace payment reconciliation, it’s important to understand the inner workings of a marketplace. 

Now what is a marketplace? 

It is an online hub where sellers set up their virtual stalls, and buyers surf around, picking out their favorite items. It’s all pretty seamless on the surface, but behind the scenes, many financial transactions are happening. Every time a customer makes a purchase, there’s a whole chain of events that follows: the payment gets processed, orders are fulfilled, and fees are deducted. 

With different payment methods, different commission rates, and transactions happening left and right, it’s easy to feel overwhelmed. That’s when sellers can reconcile payments to get a clear picture of transactions happening on the marketplaces.

You can match the transactions recorded in your internal financial records with the transactions processed by the marketplace platforms. This ensures that the money you receive from sales on platforms like Amazon, Flipkart, Myntra matches up with what you see in your own business records. 

Key Challenges in Reconciling Payments for Marketplaces

With a large number of transactions happening, reconciling payments from marketplaces can be tedious and challenging. Here’s a closer look at some major challenges a seller can face in e-commerce payment reconciliation!

1. Operational Leakages

Operational leakages which include overcharges can pose significant challenges in marketplace reconciliation. These occur due to fee discrepancies, hidden charges, incorrect deductions, billing inconsistencies, third-party fees, and complex refund processes. These leakages from sales revenue can lead to financial losses for sellers. 

2. Complex Fee Structures

Each marketplace operates with its own fee structures, encompassing various charges such as transaction fees, listing fees, and commissions. These fees may vary based on factors like product category, sales volume, or membership tier. Reconciling these complex fee structures requires attention to detail and a deep understanding of each marketplace’s policies.

3. Different Payment Timelines

Marketplaces often have different timelines for disbursing funds and updating payment information. Some platforms may disburse payments daily, while others may have weekly or monthly payment cycles. 

For example, Amazon’s and Flipkart’s settlement process repeats every 7 days while payments for Myntra are processed within 1-2 business days. Managing these different timelines and ensuring accurate real-time reconciliation can be challenging, especially for sellers with high transaction volumes.

4. Multifaceted Operations

Online marketplaces have numerous operational layers, each involving various stakeholders and processes. From order processing and fulfillment to payment processing and dispute resolution, there are numerous touchpoints where discrepancies can arise. Adding to the complexity are third-party providers, such as payment processors or fulfillment centers, whose involvement introduces additional layers of reconciliation.

5. Technical Limitations

Reconciling payments manually or using outdated tools like spreadsheets can introduce technical limitations and security risks. Manual reconciliation processes are prone to errors and inefficiencies, while outdated systems may lack the scalability and functionality needed to handle the complexities of e-commerce transactions. 

Benefits of Marketplace Payment Reconciliation

Automated payment reconciliation offers numerous benefits that significantly contribute to the efficiency, accuracy, and overall financial health of e-commerce businesses.

1. Enhanced Accuracy and Transparency

Reconciliation ensures that every transaction recorded in your system aligns with the corresponding transactions processed by marketplaces. This matching process enhances the accuracy and transparency of financial records, providing businesses with a comprehensive overview of their financial standing. 

2. Identify Payment Discrepancies

Reconciliation serves as a crucial tool for identifying discrepancies and irregularities in transaction data. By matching UTR (Unique Transaction Numbers) between the business’s records and marketplace platforms, sellers can ensure accurate accounting. Automating reconciliation processes using UTR information streamlines identification, enhancing accuracy and efficiency.

3. Hassle Free Returns Management

From identifying returned and delivered products to tracking pending returns, reconciliation fosters transparency in the overall return process. This approach allows businesses to address potential issues and optimize overall return management seamlessly.

4. Effective Dispute Management

Reconciliation provides a systematic framework for resolving issues with marketplace platforms in cases of billing discrepancies or payment disputes. Businesses can promptly address disputes and maintain positive relationships with stakeholders, preserve trust, and avoid potential financial losses.

5. Improved Cash Flow

Accurate reconciliation helps businesses identify and rectify overcharges, duplicate payments, or negative cash flows, resulting in cost savings over time. Timely reconciliation of payments and expenses provides businesses with better visibility into their cash flow, enabling more effective cash management strategies.

How Automated Marketplace Payment Reconciliation Works?

Automate reconciliation of payments can streamline the verification of transactions between sellers and marketplaces. Here’s an overview of how it operates:

1. Automation and Integration

Automated reconciliation systems integrate seamlessly with marketplace platforms, enabling real-time data synchronization. This integration automates the retrieval of transaction data and payment reports, eliminating the need for manual data entry and reducing the risk of errors.

2. Matching Transactions and Settlements

Upon integration, the system organizes transaction data into different sections, facilitating easy identification and management:

• Reconciled: Contains transactions where payment has been verified and accepted by the seller.
• Payment Awaited: Includes transactions for which payment reports are pending from the marketplace.
• Payment Overdue: Lists payments that are overdue for settlement from the marketplace.
• Disputed: Highlights transactions with visible discrepancies in settlements, allowing sellers to raise disputes with the marketplace.
• Return Payment: Tracks returned transactions where payments have been reversed.

3. Addressing Discrepancies and Reconciliation Process

Discrepancies, such as missing payments or disputed transactions, are addressed systematically. Sellers can raise disputes for discrepancies, and the system facilitates communication with the marketplace platform to resolve issues promptly. Returned transactions are also tracked, ensuring accurate reconciliation of payment reversals.

Choosing the Right Solution to Reconcile Marketplace Payments!

It is important to choose the perfect marketplace payment reconciliation solution for your e-commerce businesses, as it directly impacts financial accuracy, efficiency, and overall operational performance. 

UniReco is one such solution with advanced algorithm capabilities that facilitate the matching of orders, payments, and returns across various marketplaces. With UniReco, businesses gain access to real-time reconciliation status updates, empowering them to swiftly identify and address any discrepancies with ease.

Related read – 

• Top Inventory Management Challenges
• What is a Warehouse Management System (WMS)?
• Logistics vs Supply Chain Management: Key Benefits
• Order Management Process Flow: Key Steps
• Top Order Management System Challenges
• Benefits of Shipping Notifications
• UniShip – Advanced Logistics Tracking and Returns Management

The post E-commerce Marketplace Payment Reconciliation: How It Helps E-commerce Businesses? appeared first on unicommerce.com.

Think about it; a customer excitedly places an order, and now they’re in suspense—where’s their package? This is where we, as sellers, can turn it into a win-win. But how? Enter automated shipping notifications, your go-to integrated solution for elevating the post-purchase customer experience.

What are Shipping Notifications?

Shipping notifications are real-time updates sent to customers to keep them informed about the status and location of their shipped orders. These real-time order tracking notifications typically include key details such as order confirmation, shipment dispatch statuses, in-transit updates, delivery day reminders, and confirmation of successful delivery. 

The primary aim is to provide customers with a transparent and seamless experience, allowing them to track their packages, anticipate delivery times, and address any potential issues promptly. By offering a clear and proactive communication channel, shipping notifications contribute to customer satisfaction, trust-building, and the overall positive perception of a brand.

Types of Shipping Notifications

Here are different shipping notifications designed to keep customers informed at every stage, from order confirmation to successful delivery and returns processing.

1. Order Confirmation: Customers receive an initial confirmation when they place an order. This message includes details such as the order number, items purchased, and an estimated delivery date.
2. Shipment Dispatched: Once the package is on its way, customers receive a notification confirming the shipment dispatch. This update typically includes a tracking number for real-time monitoring.
3. In-Transit Updates: Customers are notified as their package progresses through different stages of transit. This may include information on arrival at local facilities, departure from sorting centers, and estimated delivery times.
4. Delivery Day Reminder: A notification on the expected delivery day serves as a helpful reminder. It may include a more precise delivery window and any special instructions for receiving the package.
5. Delivered Confirmation: The final notification confirms successful delivery. It may also include a delivery confirmation photo or additional details for added assurance.

A similar flow is implemented for returned products, encompassing notifications such as Return Initiation, Return Shipment, In-Transit Updates, Arrival and Quality Check, and ultimately, Refund Confirmation.

Impact of Shipment Notifications on E-commerce Business

Shipping notifications may seem like a small aspect of your e-commerce strategy, but their impact on your business can be monumental. Here is how these notifications can elevate your online business’s success.

1. Boosted Customer Satisfaction

Shipping notifications guide your customers through the journey of their purchase. As they receive timely updates on the status and location of their orders, it alleviates the anxiety associated with waiting for a package. This, in turn, leads to increased customer satisfaction. Happy customers are not only more likely to make repeat purchases but also to recommend your brand to others.

2. Building Brand Credibility

Trust is the foundation of any successful e-commerce business. When customers receive accurate and timely shipping notifications, it builds trust in your brand. They feel assured that their orders are being handled with care and precision. This trust can be a differentiator in a competitive market, encouraging customers to choose your e-commerce business over others.

3. Reduced Customer Inquiries

Remember those ‘Where is my order?’ messages mentioned earlier? Implementing shipping notifications significantly reduces these inquiries. When customers are well-informed about the status of their orders, they are less likely to flood your customer support channels with queries. This not only streamlines your operations but also allows your support team to focus on more critical issues.

4. Brand Loyalty and Repeat Business

Seamless post-purchase experiences contribute to brand loyalty. When customers have a positive experience with real-time delivery tracking, they are more likely to become repeat customers. Shipping notifications play an important role in shaping this positive experience by providing transparency and ensuring that customers feel valued throughout the entire shopping journey.

5. Operational Efficiency and Cost Savings

Implementing robust shipping notifications not only enhances the customer experience but also drives operational efficiency and cost savings for e-commerce businesses. In the absence of notifications, customers resort to seeking order updates via call and email. However, by automating various stages of the post-purchase process, from order confirmation to delivery, these notifications streamline internal workflows, reducing the need for manual intervention and minimizing the risk of errors. 

Choosing the Right E-commerce Logistics Tracking Solution!

Selecting an appropriate e-commerce logistics tracking solution is a critical step in maximizing the potential of shipping notifications. A seamless e-commerce integration between your e-commerce platform and the logistics tracking solution is essential. This not only centralizes all logistic needs for your brand but also seamlessly integrates and streamlines your shipping notifications, providing real-time updates to your customers. 

UniShip is one such solution that simplifies e-commerce tracking ensuring a seamless post-purchase journey for your customers. The end-to-end tracking covers everything from order processing to delivery, providing real-time visibility and transparency throughout the entire order lifecycle. With features like instant WhatsApp updates and delivery alerts, UniShip significantly reduces uncertainty in order progress, enhancing customer satisfaction and loyalty.

Related read – 

• Top Inventory Management Challenges
• What is a Warehouse Management System (WMS)?
• Logistics vs Supply Chain Management: Key Benefits
• Order Management Process Flow: Key Steps
• Top Order Management System Challenges
• Ecommerce Payment Reconciliation via Unireco

The post How Shipping Notifications Can Benefit Your E-commerce Business appeared first on unicommerce.com.

One of the most critical components in customer experience on the internet is having a low lead time between placing an order and receiving the product.

Thus, efficient inventory management becomes one of the integral components for success in this e-commerce jigsaw puzzle. In recent years, several direct-to-consumer e-commerce brands have flourished in India by banking solely on various inventory management techniques including the use of ERP integrations.

Top 9 Inventory Management Techniques for Business Scaling

Inventory management is important for businesses because it enables effective control and optimization of their stock levels. By keeping track of items, companies can prevent stockouts, reduce excess inventory products in stock, and enhance customer satisfaction by ensuring products are available when needed. 

In current times, when every brand is vying for the narrowing attention span of the customer and where the crowded marketplace makes it difficult for brands to stand out, efficient stock management techniques can enable you to build a solid case for your brand. You can leverage various effective inventory management techniques to build a successful business in 2024 

Let us look deeply into various types of inventory management methods and understand how you can build a competitively ahead business with stock management.

Types of Inventory Management Techniques

A business can adopt several inventory management methods, but accurate inventory is crucial for success Some of the most popular ones are as follows:

1. ABC Analysis

Under this method, the stock manager is expected to identify the most popular and least popular types of stock and manage the inventory control accordingly, taking into account inventory levels. This is useful for businesses that sell a wide variety of products at different price bands. It is particularly useful for businesses in fashion and entertainment, among others. 

 2. Just-in-time (JIT) Method

As the name suggests, you are expected to maintain the lowest level of stock possible under this method and expect the goods to roll in just before they are supposed to be dispatched. Toyota perfected this method as part of its car manufacturing process. While it can result in capital savings, it is a risky proposition to follow the JIT method, as an unexpected demand surge can cause a shortfall in raw materials. To mitigate this risk, it is recommended to maintain a safety stock of inventory, also known as the reorder point.

 3. Dropshipping

Under this method, businesses are expected to outsource all aspects of managing the inventory, including warehousing. This method has some benefits but is suitable for only some businesses that do not rely on efficient stock management as the success factor. It is particularly useful for businesses that want to get into e-commerce but cannot afford or justify the cost of a warehouse of inventory management. 

 4. Bulk Shipments

Businesses following this technique assume that bulk buying is always cheaper. This is good for businesses where the products have consistent demand and will see a sudden increase in demand level. It is useful for businesses that have a majority of the production process done in-house and can handle unexpected demand surges. 

 5. Consignment

Under this method, the consignor (wholesaler) gives possession of the goods to the consignee (retailer). The consignee is expected to pay the consignor only after selling the goods in the market. This method is most popular in the informal sectors of the economy but can be made more efficient with the use of inventory management software.

 6. Cross-docking

Under this method, you are expected to hold the stock for the least amount of time. As soon as the goods are received, they are packed and shipped for real-time delivery, ensuring efficient fulfillment. This system theoretically eliminates the need for any stock. This method is useful for e-commerce businesses that are following the marketplace model. 

 7. Barcode Scanning

This method involves scanning a barcode before you handle an item in the warehouse. The fact is that barcodes are affordable, and human mistakes are costly. Therefore, it is important to have a system that lets you follow a scanning system to receive, ship, or alter an item in a business. It is particularly relevant for companies with more than a handful of items to handle,  as it ensures efficient replenishment of inventory.

8. Backordering

A backorder is when a business is open to accepting orders for the stock that it does not have in the warehouse when the order is placed. Backordering works well for pre-launch or products that have a strong hype driving their growth. It is particularly relevant for products with a history or which have a celebrity driving strong word-of-mouth marketing. This process of ordering products that are not currently in stock is known as backordering.

 9. Demand Forecasting

This method uses predictive analysis to forecast the possible changes in consumer demand in the future. In today’s business environment, it is critical to have a strong demand forecasting strategy on your side to foresee the expected changes in the marketplace. A good technology platform will let you access such data analytics, which can equip you to make such demand forecasts.

Conclusion

These are the most popular inventory management techniques that you can adopt in your business to make your processes more efficient. With the e-commerce industry expected to grow rapidly in the coming years, the inventory management system is expected to become all the more significant for the success of any business.

Schedule a FREE demo with Unicommerce Warehouse Management consultants.

Suggested Read:

• How does Warehouse Management System Works?
• Role of Warehouse Management in the FMCG Industry in India
• Solutions, Strategies & Benefits of the D2C Business Model
• Apparel Industry in India – Trends, Challenges, Opportunities & Solutions
• Footwear Industry in India – Trends, Challenges & Solutions
• How to Sell on Lazada Marketplace in Southeast Asia?
• How to Sell on Noon in the Middle East?
• Key E-commerce Challenges & Opportunities in Malaysia
• Omnichannel Retail Trends in the Middle East
• Order, Inventory, And Logistics Management Challenges in the UAE

The post Top 9 Inventory Management Techniques for Business Scaling appeared first on unicommerce.com.

It is why most of the current e-commerce businesses have shifted to a more clutter-free approach – an inventory management system. This software offers significant advantages over the traditional manual or spreadsheet approaches and gives you granular control over your stock while improving transparency.

But given the plethora of inventory management systems on offer, how do you choose the right one for yourself? This article discusses the thought process and criteria behind choosing the best inventory management software for your e-commerce business.

Questions to ask before looking for an Best E-commerce Inventory Management Software – 

A myriad of factors decide the best-centralized inventory management software for your e-commerce business, and most of them have more to do with your business than the solution itself. So here are the questions to answer before embarking on choosing the best inventory management system.

1. What inventory challenges do your business face?

A great way to start your tryst to find the best inventory management system would be to understand your inventory’s challenges first. Do you feel there is a lack of transparency in managing it? Do you frequently run out of critical items? Can you efficiently handle safety stock, replenishment stock, and average stock level individually? How efficient are you in handling fluctuations in customer demand?

Finding the relevant business issues that you want to cater to would help you refine the options available and find vendors offering the features you need.

2. Do you need a server-based or an online inventory management system?

Several e-commerce businesses still prefer legacy systems and purchase on-premise, server-based inventory solutions even after years of cloud being around. So it is imperative for you to understand the pros and cons of both options and choose one that would suit your business the best.

For example, are you willing to spend higher on an on-location inventory management system, or are you happier with a cloud-based solution to handle your stock requirements effectively? Is your team well acquainted with the former and is showing reluctance to shift? Or are you better off with the 99.9% uptime guarantee that cloud providers guarantee?

All of these would help you make an informed decision about the type of inventory management system to deploy.

3. What are your integration needs?

In the traditional days, most software would run solo and had no interdependence. But in the present day, seamless collaboration has been the way forward. B2B e-commerce brands are looking for solutions that can seamlessly integrate into their present software ecosystem without tweaking what works for them.

A robust inventory management software has also been a critical business differentiator and has enabled e-commerce players to be flexible with regards to their inventory handling and ordering, allowing them to gain an edge over their competition. 

In addition, seamless integration would enable e-commerce businesses to derive critical insights from the inventory management software and feed them to other business processes in a clutter-free manner to achieve impeccable actionable insights.

How to Choose Right E-commerce Inventory Management System?

Now that you understand your business needs, the next step is to look for the following while choosing the best software for inventory management in India or abroad –

#1 Ease of use

Ease of use is one of the primary constraints while looking for the right inventory solution for your e-commerce business. An easy-to-use software will allow your workforce to handle it better and improve their stock handling capabilities.

#2 Scalability

E-commerce businesses are born with the idea to be scalable, and every software choice they make must resonate with the same idea. So it is imperative for you to choose a scalable solution and offer you the bandwidth you seek.

#3 Features

Every e-commerce business has specific requirements. So choose an inventory management software that caters to your particular needs, such as batch tracking, bundling, real-time inventory update, barcode tracking, and more.

#4 Valuable insights

With the advent of data-heavy solutions, it has been easy to derive critical analytics. Analytics play a vital role in the way your business is handled. So, while looking for the right inventory management system, make sure you choose the one that offers a wide range of palpable and practical insights.

Read Inventory Management Case Study – How Multi-Brand Car Service Company attained 9X Sales Growth  

Wrap up

Choosing an inventory management system that is easy to use and caters to all your stock needs is a vital decision. It makes the task easier for your workforce and contributes to better catering to your customers.

Schedule a FREE demo with Unicommerce Inventory Management consultants.

Related Read:

• Order, Inventory, And Logistics Management In The UAE – Challenges & Solutions Associated With The Processes
• What is Inventory Cycle Counting & Why to Use it for Effective Warehouse Management?
• How can you Streamline Inventory Management using Barcode Scanning?
• How to Implement a Barcode System with Inventory Management Solution?
• Overcome Inventory Challenges With FIFO Based Picking
• FMCG Industry challenges in India
• Healthcare Industry: Trends, Challenges, Opportunities & Solutions
• What is Warehouse Management System?

The post Choosing The Right Inventory Management System For Your E-Commerce Business appeared first on unicommerce.com.

So, here we are with the most effective tips for choosing the best shipping automation solution in Tier 3 markets! These tips will be the guiding light for businesses aiming to conquer these markets through the implementation of effective shipping automation

Tips for Choosing the Best Shipping Automation Solutions – 

1. Maximum Pin Code Accessibility

Tier 3 markets have their unique charm, but they can look like a puzzle for brands that don’t have an efficient shipping automation solution. Our first tip for choosing the best shipping automation solution for the tier 3 market revolves around it!

One of the factors that you should consider while selecting a shipping automation solution is that it should offer a comprehensive network covering a multitude of pin codes. The wider your reach, the more your brand can enchant those lesser-explored regions. From remote villages to bustling towns, ensure your solution can connect every dot on the map.

2. Seamless Order Fulfilment Process

In Tier 3 markets, the key to triumph lies in a flawless order fulfilment process. This process transcends mere product delivery; it is about curating an unforgettable customer experience.

From the moment an order is placed to the instant a shipping label is generated, the process should flow as effortlessly as it can. Furthermore, you should go for a solution that offers auto-allocation of carriers based on the fastest delivery to a pin code, cheapest carrier options, best delivery providers, etc. 

Just as a maestro ensures every note blends harmoniously, your shipping automation should guarantee that each order is orchestrated with precision. A seamless process not only elevates efficiency but also helps in delivering a smooth customer experience, as you can impress customers with on-time or early delivery.

3. Earliest Delivery Option

When considering the best shipping automation solution for Tier 3 markets, it’s crucial to factor in an “Earliest Delivery Option.” Customers are always keen on early delivery and are more likely to purchase from a brand that offers the same.

Today, shipping automation companies provide features like next-day delivery or 2-day delivery choices. With early delivery options, brands can actually offer a flawless and smooth post-purchase experience to customers.

4. AI-driven Tracking & Notifications

Transparency and timely updates about the order are something modern customers expect from all brands, no matter whether they live in Tier 2 or 3. In the realm of e-commerce, where sellers and buyers often stand separated by distances, providing real-time updates becomes the cornerstone of this transparency. Thus, let’s take you through the next on our list of tips for choosing the best shipping automation solution.

In today’s landscape, customers anticipate staying in perfect sync with their purchases, tracking orders with real-time updates spanning from dispatch to delivery. Moreover, timely notifications in harmony with these expectations fashion a symphony of trust. Each notification, seamlessly aligned with the customer’s journey, transforms a routine transaction into a delightful post-purchase customer experience.

5. Automates the Returns/Exchange Process

Returns are an integral part of e-commerce, and in Tier 3 markets, brands should focus more on it. The main spotlight should be on the returns process. Thus, the next tip for choosing the best shipping automation solution is that you should offer a shipping automation solution that streamlines the returns process.

A returns process that is intuitive and easy to follow reassures customers and lays the foundation for future purchases. Today, shipping automation solutions offer various services like a one-click exchange, a branded returns page (where you can upsell and cross-sell products), instant refunds, and more. You should opt for a solution that offers it all. In Tier 3 markets, where every facet of customer interaction holds immense value, a comprehensive returns process introduces a note of reliability.

6. Provides Early COD Remittance Feature

India is a cash-rich economy, and people prefer the COD payment method. Therefore, e-commerce brands have to accept COD payments. Now, brands receive COD payments from shipping solutions quite late, and this leads to restrictions on cash flow and disrupted working capital.

Therefore, e-commerce brands have to accept COD payments. Now, brands receive COD payments from shipping solutions quite late, and this leads to restrictions on cash flow and disrupted working capital. 

In short, with our most important tip for choosing the best shipping solution in Tier 3 markets, we would like to highlight the importance of the Early COD Remittance feature. Today, shipping solutions are offering an Early COD remittance feature at nominal charges, and with it, you can receive the amount in 2 days or max 4 days(depending on the plans). The smart tip will be to choose a shipping solution that offers this feature so that the cash keeps flowing and you can easily manage other tasks.

7. Innumerable Integrations

When selecting a shipping automation solution for your business, it’s imperative to choose one that seamlessly integrates with various marketplaces and platforms. An effective shipping solution should act as a bridge between your brand and the multitude of online marketplaces where you showcase your products. 

This e-commerce integration streamlines your operations by consolidating orders from different sources into a centralised system, enabling you to manage everything efficiently. Therefore, a shipping automation solution that harmonises with various marketplaces amplifies your reach, enhances operational efficiency, and elevates customer satisfaction in one orchestrated solution.

8. Customer Support

It’s time for the last and another effective tip for choosing the best shipping automation solution in Tier 3 markets. Go for a solution that has responsive and trustworthy customer support. Read reviews, do a little research, and you’ll know which solutions brands are happy with and are getting incredible results. 

Final Takeaway

Selecting the right shipping automation is the first thing that brands should do while targeting the Tier 3 markets. With these seven tips, you’re armed to choose the perfect automation solution that will elevate your brand to the dazzling heights it deserves. So, go ahead and set sail on this exhilarating journey, and watch your business transform the e-commerce landscape, one automated shipment at a time!

Sign-up today or Book a Demo with one of our E-commerce Experts to see if Unicommerce is right SaaS Platform for your E-commerce Business.

Related read –

• What is a Warehouse Management System (WMS)?
• FMCG Industry Challenges & Solution In India
• Healthcare Industry Trends, Challenges & Solutions in India

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