Reliance Industries backed Mumbai-based startup Fynd that connects brick and mortar retailers with online stores and consumers has launched a direct-to-retail solution named “Uniket” to help shopkeepers in Tier 2 and Tier 3 cities go online and expand their businesses.
Uniket which aims to work as a buying platform that will help shopkeepers with sourcing will also help them launch their own e-commerce website and app with a selling capacity of over 50,000 styles and 50 brands.
“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, Co-founder at Fynd.
According to Shah, the Uniket store app offers up to 45% margin on bulk orders and 15% commission on customer orders.
The product is currently being used by 6,500 stores across 350 cities and plans to expand its reach multifold to 60,000 retailers in the next 6 months.
“Through Fynd Store, we are already able to help organized retail stores in metro cities get extra visibility and drive sales. With Uniket, our aim is to tap the unorganized retail market, support shopkeepers and offer seamless shopping experience to customers across the country,” said Shah.
Founded in 2012 by Faros Adam, Harsh Shah and Sreeraman MG, Fynd helps offline retailers sell their products to consumers directly through its online store and also enables them to connect with other “demand channels” such as third-party e-commerce platforms Amazon India and Walmart-owned Flipkart. Backed by Google in its early days the startup was acquired by the Reliance only recently in August 2019 for Rs. 295 crores.