– Automated reconciliation of orders, returns & payments across multiple marketplaces
– Real-time view of payments due and leakages with transaction-wise details to manage multi-platform operations
Mumbai, 11th January 2024: Unicommerce, one of India’s leading e-commerce enablement software-as-a-service (SaaS) platforms, has announced the launch of its new product UniReco, which is designed to help brands and retailers automate the reconciliation of their payments and returns across multiple marketplaces. UniReco handles return payments by accounting for return logistics costs and any other expenses agreed upon between the seller and the marketplace.
As businesses expand their presence on multiple platforms, managing and reconciling payment for every order can become a challenging task. UniReco uses an algorithm to match orders, payments, and returns across multiple marketplaces and provides businesses with a real-time view of their reconciliation status, so they can identify and resolve any discrepancies.
Additionally, UniReco offers updated & detailed reports of real-time costs and earnings, which is an essential planning prerequisite for sellers as it enables them to efficiently manage their working capital.
E-commerce sales are no longer about listing, servicing orders and receiving payments after the deduction of marketplace commission. Modern e-commerce has multiple factors like discount offers, discounts of extra units purchased, buybacks, bundled offers, shipping costs, third-party logistics fees, and buy now pay later,- all of which increase the complexity around the final amounts that sellers are to receive and the timelines when various payments become due.
Payments of return orders further complicate the process for the finance team of the sellers. UniReco comes equipped with intelligent features, including pre-calculation of channel fees, automatic payment reminders, tracking of order-wise settlement, and providing transactional reports at multiple levels.
UniReco allows brands & retailers to get a summary of each transaction, ensuring clear visibility of charges, disputed payments, and expected revenue. This feature ensures that brands & retailers have order-wise revenue visibility, which helps them contest any erroneous or incorrect charges and also get a better sense of unit profitability by understanding how different products are contributing to company revenue
At the launch of the product, Kapil Makhija, CEO of Unicommerce said, “UniReco is a significant step forward in our commitment to providing comprehensive post-purchase management solutions. Working with thousands of brands allows us to understand the challenges that businesses face in reconciling payments across various marketplaces, and UniReco addresses this specific need.”
Key features of UniReco include:
● Multi-Channel Integration: UniReco seamlessly integrates with a wide range of online marketplaces, consolidating order and return data from different channels into a centralized platform.
● Payment leakages: Unireco assists sellers in detecting potential payment discrepancies and pinpointing any additional deductions related to return orders empowering sellers to enhance their revenue streams.
● Automated Reconciliation: The product automates the reconciliation process, minimizing errors and discrepancies in payment data. This ensures accuracy and transparency in financial records.
● Real-Time Updates: UniReco provides real-time updates on payment statuses, refunds, and returns, enabling businesses to stay informed and make data-driven decisions promptly.
● Customizable Reports: Users can generate customizable reports to gain insights into their reconciliation processes, helping them identify trends, analyze performance, and optimize operations.
● Scalability: UniReco provides consistent efficiency as brands expand their presence on new marketplaces to accommodate increased order volumes.
“Unicommerce eSolutions Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India. The DRHP is available on the websites of the Company at www.unicommerce.com, SEBI at www.sebi.gov.in as well as on the website of the book running lead managers, IIFL Securities Limited and CLSA India Private Limited at www.iiflcap.com and www.india.clsa.com, respectively. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the DRHP, including the section titled “Risk Factors”. Potential investors should not rely on the DRHP-I for any investment decision.”