Prione Business Services Pvt Ltd, a joint venture between Catamaran Ventures and Amazon, has enabled over 100,000 small and medium businesses (SMBs) -- dealing in apparels, electronics, home and kitchen appliances, etc -- across 100+ cities in India to sell their products in the online marketplace and leverage digital payments for their growth.
Prione has helped these SMBs successfully sell online, and adopt digital payments for their business. This is a significant development in the e-commerce sector, as the first step to enable SMBs to succeed in the online marketplace is to ensure they are digitally enabled. In fact, the Indian digital payments industry is estimated to touch $500 billion by 2020 and a major contributor to this will be the SMBs in Tier I and II cities.
“The Indian e-commerce market is estimated to hit $84 billion dollars by 2021. A key driver of this growth will be SMBs, who are in excess of 50mn in the country,” said Sandeep Varaganti, CEO of Prione. “Prione started off with the objective to onboard SMBs onto the digital platform and we have spent five years striving to provide the best experience to SMBs. Taking our goal forward, not only have we enabled 100,000 sellers, but we have also helped them succeed by finding new avenues of growth and expansion for their business through the online marketplace,” he added.
Backed by a strong team across 25 cities with technology expertise and an extensive franchise network in over 30 cities, Prione helps SMBs quickly and seamlessly start their online business without the usual heavy investment required in traditional retail. The company organizes one-on-one sessions with SMBs across India to help them manage and grow their business online. Prione also helps SMBs identify the right products for the marketplace in order to increase visibility of the products, manage inventory, improve delivery experience, and offer the best price to customers.
Mohammed Irfan of Friske Knits, an apparel manufacturer from Tirupur in Tamil Nadu, shares insights on how his business has grown tremendously under Prione’s guidance, “Prione’s cataloguing service helped us put out more accurate information about our products which was a boon. The visual catalogue helped our customers choose the right product and reduced the number of product returns drastically. This resulted in my monthly turnover shooting up to INR 60 lakh from INR 15 lakh.” He further added, “Thanks to the descriptive details on the catalogue and the power of e-commerce, we were able to expand our business to newer markets like Hyderabad, Bangalore and Mumbai.”
By moving to digital payments, SMBs have given their growth a huge impetus. With benefits like cashbacks and offers on products, SMBs are able to tap into a larger customer base and ensure continued customer retention. The quick & easy transactions come with a 24/7 merchant and customer support, to answer all the queries through email and phone, ensuring seamless functioning of businesses. Additionally, it also facilitates same day settlement through UPI for merchants, thus eliminating the risk of accepting fake currency notes and arranging low denomination currency notes at the cash counter.