Fynd - Developing Omnichannel Solutions

The pandemic has brought about a significant change in the way products are brought to the market. Buyers prefer to do research online and buy online. In fact, as much as 93% of buyers say that COVID-19 has changed their buying patterns, and are primarily shopping online. And so e-commerce was brought to the forefront of several businesses, which didn’t even have a sizable digital presence before. Companies have turned to technology and e-commerce to adapt and thrive in the new normal.

In an exclusive interview with Analytics Steps, Farooq Adam, co-founder of Fynd, (India's largest omnichannel platform helping retail businesses accelerate growth which was acquired by Reliance in August 2019) gives insights into the success and strategies of Fynd.

 

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This wave of digitization in retail was supported by several providers of digital platforms and solutions, and among them is the startup that is said to be India’s largest omnichannel platform for retail businesses- Fynd.

 

The omnichannel retail experience puts your products out on different channels, like established e-commerce platforms, your company website, social media, and physical stores, but also makes them all seamlessly interconnected for a better customer experience. This is exactly what the pandemic demands. An omnichannel approach to retail isn’t a choice anymore, but a necessity.

 

 

About Fynd

 

“Fynd has been at the forefront of uniting offline-online retail since 2012.”

 

Fynd is the brainchild of Farooq Adam and Harsh Shah, two budding entrepreneurs wanting to launch a retail startup in 2012. They wanted to not just build new technologies but also make room for more opportunities. The company started as Shopsense, and was rebranded as Fynd in 2015, going from an in-store customer engagement solution to an Omnichannel store driven e-commerce solution.

 

Fynd has come a long way today, bringing innovative solutions into the retail landscape. Adam describes the present form of their company as-

 

“Fynd is now India's largest omnichannel platform helping retail businesses accelerate growth. We have made a huge impact with our tech-forward solutions and currently have 600+ brands and 10K+ stores across the country working with us. We are also an essential partner for Reliance and our technology have played a huge role in accelerating JioMart's go-to-market strategy.”

 

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Fynd Products and Solutions

 

Fynd lets businesses develop omnichannel solutions. All the different online and offline channels for sales are unified with integrated stock visibility for physical stores, brand websites, and marketplaces. This helps brands manage orders, inventory, customer data and logistics in a single platform, thereby maximising reach and preventing obsolete or excess inventory.

 

“Fynd removes this complexity that sneaks in when selling on multiple channels and locations. Brands are looking for comprehensive solutions such as our omnichannel platform to reduce sales channel complexities and fast track growth.”

 

The unification of inventory into a single platform, and the continuous evolution of Fynd as per the needs of the market, are what makes it stand out. Fynd prioritizes innovation and is constantly developing new solutions to fill new gaps that arise.
 

Fynd integrations and collaborations simply the selling process for brands and expands their customer bases. Speaking about their recent integration of Flipkart, Adam said-

 

“With the integration with Flipkart, brands can launch an online store on Flipkart quickly with Flipkart Assured tag from Day 1, and start selling their inventory to Flipkart's massive consumer base.”

 

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“Omnichannel is the foundation of our retail solutions,” Adam says. “With Covid-19 wreaking havoc, it becomes important that brands don’t rely on only one source for business.” Fynd’s toolkit is rich with omnichannel solutions-

 

• OpenAPI Marketplaces: This solution “integrates the brand with multiple marketplaces to expand reach, drive more sales and fulfil orders from either store or warehouse.” This helped brands during the pandemic because it helped them move their stock from warehouses or stores even in periods of lockdown.

 

• Brand Website: Fynd realizes the importance of a brand website and this “integrates all stock points (stores and warehouses) to a brand's e-commerce website making it possible for them to offer all brand inventory to customers regardless of location.” This too became popular in the pandemic with the rapid shift to e-commerce. 

 

• Fynd Store: Fynd’s “Endless aisle” in-store solution enables brands to “save the sale in case of unavailable stock, cross-sell to increase sales, as well as integrated logistics for smooth delivery.”  During the pandemic, Fynd Store also enabled brands to share product catalogues with loyal customers to drive assisted transactions.

 

• Fynd Platform: Fynd offers a no-code platform for entrepreneurs to set up websites and marketplaces. Those that have been reliant on social media for sales are gravitating to Fynd Platform for a better experience. “Leveraging Fynd Platform, these stores launched their online business swiftly and witnessed a 20%-30% increase in business.”

 

• Fynd.com: Fynd has its own e-commerce website with over 530 brands selling directly from their brand stores. Products like fashion and personal care seem to be the most popular here.

 

• Uniket: Uniket is Fynd’s wholesale marketplace comprising over 6500 stores in the country for direct B2B sales.

 

In addition to Fynd Platform, Fynd has also developed a range of SaaS solutions for SMEs in particular, which they feel is the “real need of the hour.” This comprises of -

 

• GlamAR: AR-powered, virtual try-on platform for beauty brands.

• EraseBG: AI Background remover and Smart Editor for social media, product photos, eSignature and such.

• Fynd Tra: E-commerce-style analytics are provided for physical stores.

 

 

Why SMEs Need Fynd

 

“We cater to the needs of businesses of all sizes. Our customers range from large enterprises to upcoming entrepreneurs. Fynd solutions are built for connecting businesses to their customers, be it online or offline.”

 

Fynd makes omnichannel marketing simple for all businesses, but particularly up-and-coming SMEs, who may find it difficult to navigate the retail terrain, managing at once storefronts, online marketplaces, logistics, and technological solutions. Fynd gives priority to entrepreneurs and the problems they face, and so is focused on developing solutions for them- whether their market is online or retail. They “help entrepreneurs take control of their business and explore their out-of-the-box ideas.”

 

The pandemic has perhaps affected SMEs the most, and a lot of them were tipped over past the point of recovery. Those that survived did so by digitizing and using platforms like Fynd. 

 

“The pandemic has changed the mode of shopping. SMEs that are looking to open up online stores while growing their offline storefronts can benefit from our Omni solutions that enable physical locations to act as fulfilment centres for online customers. We want to make e-commerce possible for everyone and have been working towards eliminating existing barriers.”

 

Adam adds that their own experiences in retail have contributed to the development of their solutions, and so SMEs can fully put their trust in Fynd.

 

In February 2021, they even launched a promotion offer to entrepreneurs with an opportunity to create and manage their online business at Rs.21 ($0.29) a month for the year. The low-cost initiative was intended to remove the barriers to online business and help Indian SMEs flourish.

 

This is through the Fynd Platform, which is specially targeted towards SMEs moving into e-commerce.

 

“This no-code platform helps entrepreneurs set up their e-commerce websites quickly without worrying about website development and individual integrations. Fynd Platform includes in-built features to manage inventory and logistics, run campaigns, monitor business, and even sell on marketplaces such as Amazon, Myntra, Flipkart and more.”

 

With the digital shift owing to the pandemic, new SMEs need to put an increased focus on their brand website and setting up e-commerce. SMEs can create brand websites almost instantly with the easy-to-use solutions of the platform. 

 

“Fynd Platform enables all brands-from homepreneurs to enterprises, to take their business online. While this might seem like a tedious process to many, using Fynd Platform brands can just plug and play their products and start selling online!"

 

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Leveraging Technology and Growing with the Industry

 

“Fynd is a tech-first omnichannel platform. We integrate with marketplaces, logistic partners, payment providers, even develop plug-ins with e-commerce platforms to make commerce better for everyone. There is a lot of room for growth in e-commerce, and our brand store integrations, tech platform and ecosystem partnerships allow us to work with everyone in the industry. We are constantly learning and bringing in features and integrations that serve the needs of the industry. Ultimately, all our integrations benefit our brand partners and help them grow their business.”

 

Fynd continuously adapts to the needs posed by the retail environment and develops new solutions powered by modern technologies. In this age of tech-savvy millennial entrepreneurs, expectations are high, and technology needs to be employed to tailor solutions that can keep up with the times.

 

“Our solutions meet the needs of the industry and grows with the industry.”

 

One of their solutions, GlamAR, is perhaps a prime example illustrating their innovative use of technology.  

 

“When we studied the demands of the e-commerce industry, we realized that selling makeup on online mediums is challenging for beauty brands. It’s tough because it’s only natural for buyers to reach a purchase decision based on physical product application. Our product journey started with this problem statement and the need for Virtual Makeup technology.”

 

GlamAR from Fynd provides a virtual space for customers to try on makeup and make decisions. GlamAR is a developer-friendly solution and can be easily implemented in both online and physical stores. The brand has control over the virtual product catalogues and can customize them, with real-time feedback while customizing the shade of makeup and tweaking it to the exact colour for a real product experience.

 

“But we do not stop here, it’s just the beginning. We are now looking to add Jewellery and Apparel try-on, so hang in there to experience the next revolution.”

 

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This solution especially found demand with the pandemic, and the need for contactless shopping it created. With the onset of COVID-19, all of the technological backbone of their platform became especially crucial.

 

“During the pandemic, with extended lockdowns, state restrictions and more, brands were able to continue their business by leveraging our platform. We helped them solve challenges by enabling their physical locations to act as warehouses and ship out products to customers shopping online. We also brought in many updates that helped brands reach their customers- virtual assistance, POS, logistic partners, and more. Our in-store solution, Fynd Store was innovatively being used by stores to share product information with loyal customers and drive assisted transactions. Uniket, our Smart Wholesale solution partnered with Rupifi to enable credit for SMEs at the point of purchase.”

 

Fynd emphasizes on how important a digital presence is for brands, new or old, small or big.

 

 

“A strong digital presence helps brands go beyond geographical limitations and connect to their customers everywhere. Also customers today prefer to research the brand, its product reviews, and prices before they make the purchase decision. Building a digital presence gives the brand an opportunity to not only connect with loyal customers but also creates awareness about the brand, and its products to reach newer customers.”

Although there may be challenges with product inventory, payment integrations, logistics, website development, and large costs, utilizing a no-code e-commerce solution like Fynd Platform could make this inevitable journey easier, while “ensuring that the brand's personality and business idea stays intact.”

 

 

Looking at the Future

 

“The world is going through a lot of changes right now. But we are one of the biggest markets in the world and have a young population that will shape our growth. We believe technology and e-commerce are only going to get bigger. In the next 5 years, we see ourselves as one of the best and fastest-growing technology company serving the needs of our customers. To get there, we need to continue building our omnichannel platform and add innovative products that bring steady revenue to the mix, while aligning our teams and partners to work towards the goal.”

 

Fynd has been carving a formidable presence in the retail industry since its inception, and the past year saw a significant increase in client base for Fynd. It looks like the momentum is set to continue throughout the future. They are also determined to make their solutions better with every increment, to help brands into the future. Plans for expansion are also underway, with Fynd looking to hire more than 100 more skilled engineers in 2021. They also launched a new initiative, the Fynd Academy, when they understood the value of good hires.

 

“The Fynd Academy program is led and built by engineers working on the latest technologies at Fynd. And the candidates who excel in the program will be offered a full-time position with us.”