New Delhi [India], Dec 26 : On-cloud B2B marketplace which aims to tech-transform order fulfillment processes in the conventional retail distribution systems for retailers, distributors and manufacturers Shotang has announced that its 'Go Cashless' initiative garnered overwhelming success.
The initiative was launched so that retailer's business steers out unaffected in the face of the Government's recent demonetization move.
The Indian retail industry is impacted adversely in the short term due to lack of cash in the economy.
Shotang focused on enabling digital payments from their retailers thereby making sure that their businesses are not affected by the severe cash crunch.
The company witnessed 76 percent of the transactions happening in cashless mode, post the launch of the initiative.
This is a huge improvement considering that the retail distribution industry traditionally was used to operating primarily in cash.
"Right after the Government's announcement, 86 percent of the currency in circulation became invalid for commercial transactions.
Thus, retailers and suppliers in our country, who rely mostly on transactions in the form of cash, suffered the most.
As a result of demonetization they were finding it difficult to procure inventory from their traditional distribution channel," said co-founder and CEO Shotang, Anish Basu Roy.
"We have been providing retailers on our platform with a host of alternate payment solutions so that their business doesn't get impacted.
Interestingly, the initiative was hugely successful and we witnessed a steady six times rise in digital transaction volume," added Roy.
At Shotang, retailers have the convenience of multiple modes of payment like cash or card on delivery, Net banking etc.
To further add on to the convenience of doorstep delivery, we have also launched credit facility for our retailers, which enables them to grow their business at a rapid pace.
So far, Shotang has registered nearly 10,000 retailers across five cities and lists over 110 brands on its platform.
It plans to expand its operations across 10 Indian cities, and hopes to establish a strong presence across four to five top product categories.