Reliance-owned fashion ecommerce startup Fynd, on October 16, launched a direct-to-retail platform Uniket to allow shopkeepers in Tier 2 and Tier 3 cities to get direct access to fashion brand’s inventory.
The platform allows shopkeepers to buy complete sets like in a wholesale market with a 45% margin. Moreover, it also lets shopkeepers buy a single piece at a 15% commission on customer orders.
By signing up for Uniket, Fynd will help shopkeepers set up their own website and app with a selling capacity of over 50K products from more than 50 brands. The Uniket app would enable shopkeepers to have a minimal inventory and products from high-in-demand brands. It also enables brick-and-mortar stores to accept online orders and provide doorstep delivery.
“Shopkeepers no longer need to worry about customers leaving their shop dissatisfied due to a lack of choices in their favorite brands,” the company said in a press release.
With the new platform, Fynd wants to empower Tier 2 and Tier 3 shopkeepers by providing technology solutions and help them offer the services at par with the retail chains and big retailers selling their products in malls. Uniket also aims to boost additional offline sales and enhance customer experience significantly.
“Brick and mortar stores still significantly dominate sales globally. By partnering with Uniket, shopkeepers can further grow their business and drive a wave of modernization by embracing technology,” said Harsh Shah, Fynd cofounder.
The company claims to have over 6,500 stores on board and has also established its presence in more than 350 cities across 24 states. In the next six month, the platform wants to target 60K stores in over 800 cities. For over 1,700 pin codes, Uniket has more than one shopkeeper using its platform.
Founded in 2012 by Farooq Adam, Harsh Shah, and Sreeraman MG, Fynd functions on an O2O business model and optimises delivery time by sourcing products from the nearest offline store. Fynd allows customers to buy products across various categories – including clothing, footwear, jewellery, and accessories, from prominent brands in the country. The company claims to have over 8000 stores on board and about 500 clients.
Recently, Reliance Industries Limited has acquired 87.6% stake in the company for INR 295 Cr ($42.33 Mn).