The new feature enables Shiprocket sellers to receive COD remittance on a daily basis and unlock their locked-in capital.
Shiprocket has now launched its ‘Early COD’ feature in India. It will enable all Shiprocket sellers to receive COD remittance on a daily basis as compared to the industry norm of 10-15 days from the date of delivery.
Even as more customers continue to shift towards the digital domain, the spending habits of day-to-day consumers – especially the ones dwelling in tier II and tier III cities – have somehow remained the same. A RedSeer report indicates that COD payments are expected to be stagnant at 50% till at least 2020. COD remittance, however, is a labyrinthine process that includes cash collection, receipt collation, reconciliation of accounts, etc. with all processes adding their own technicalities and delays to the payment. The delayed COD payments nevertheless become a burden for small sellers, making them wait anywhere around 1 to 2 weeks from the delivery of a package. As a result, eCommerce sellers often have to turn towards formal and informal loans to unlock this locked-in capital.
This is the first time in India that sellers will receive COD remittance irrespective of the receipt of COD from the final courier. The Shiprocket sellers will receive guaranteed remittance based on the promised time (2,3,4 days after delivery) as per the different plans. To know more, log on to www.shiprocket.in.
Shiprocket leverages new-age technologies including Big Data and Artificial Intelligence in order to create superior visibility towards turnaround time (TAT) and cost-effectiveness of a shipper for its sellers onboard. The logistics aggregation platform has more than 1.5 lakh sellers onboard at present and has active channel partnerships with around 15 courier companies. The platform currently ships to more than 220 countries as well as 26,000 PIN codes in India and is hailed for its cost-effective services, witnessing 300% YoY growth since inception.