Supercharging your e-commerce growth by partnering with the right fulfilment provider like WareIQ
Did you know that partnering with the right 3rd Party Logistics provider (3PL) can be the X-factor to growing your e-commerce business?
Well handled logistics is what ultimately brings the value you promise to the doorsteps of your customers. Any mistake in this process, like misplacing inventory, damaging the stock, performing wrong deliveries, etc. can be costly for your brand. It not only affects your immediate profits but also long term potential as customers who fall victim to these errors may not place further orders with you.
Whether you manage your own warehouse or partner with a 3PL provider, it is important to keep track of a few metrics in your business, given the scale at which this can affect you. It might also be possible that you are not tapping into the complete modern-day benefits that a good 3PL provider can give.
Noticing the red flags- When should you consider changing your fulfilment provider?
There are a lot of things that can hold you back when it comes to fulfilment providers. Here are some of the prominent signs that are an immediate red flag.
- The cost of your logistics are rising but not your profits.
- Your inventory is not in the right place at the right time to cater to the increasingly distributed demands of your customers.
- You are repeatedly failing to make those deliveries on the committed timelines.
- You see a rise in cancellations and return of orders.
- The customer reviews and ratings are plummeting. Remember that these ratings are heavily influenced by how the product is delivered to them by your 3PL partner.
- You are planning to scale your business to new cities but facing challenges in the same.
- You seem to miss out on the latest technologies and order tracking/reporting software that can collect key metrics and optimize your supply chain.
All these observations are a direct result of how your 3PL provider manages your logistics. Once you notice that things are not working as expected, it is time to change your strategy and look for a new partner.
Questions to ask while choosing your new 3PL provider (and why WareIQ is the perfect answer to your requirements)
You have to consider a bunch of factors while choosing a fulfilment provider. Here are some important questions to ponder before you make your decision:
- Does the 3PL provider have a PAN-India presence? It is your key takeaway in partnering with a 3PL and cannot be compromised. For instance, WareIQ has a network that can cover 90% of cities in India with over a million population for next-day delivery. That’s the kind of presence you should look for.
- How easy is it to scale? Traditional 3PLs that have vertical integrations face certain limits in this aspect. A decentralised network that WareIQ has allows us to scale to new demand centres quickly.
- Does the fulfilment provider have minimum requirements or rigid contract sizes, terms, etc? You will find that most providers would have certain criteria which may not be favourable for all parties and at all times. A good provider must be flexible with client requirements. For example, WareIQ provides the option of micro-fulfilment where you can start with something as small as a single rack.
- Does the provider give technology-powered value-added services? In today’s data-driven world, analytics on inventory placement and supply chain can be extremely helpful in staying efficient and cost-effective in all our operations. WareIQ is able to provide the same with its in-house software platform.
- How easy is it to integrate your business into the supply chain of your 3PL partner? When you are shifting to your new partner, you might not want to wait for too long before the end to end flow is setup. A traditional 3PL firm might take from 3 to 6 months for the same. WareIQ is able to onboard new partners within a week!
How will partnering with the right 3PL provider make things better for your business?
The immediate and the most important benefit you can get is the ability to safely deliver your products across the country (including tier 2 and 3 cities) faster than ever before. It will give you the wings needed to provide an Amazon level service. Beyond this, there are other interesting benefits.
- Once you hand over the management of logistics to a right 3PL provider like WareIQ, you will be able to make time to focus on other important aspects of your business like brand marketing, launching new products, etc. The job of getting them to your customers is out of your concerns with a trusted partner.
- WareIQ platform is powered by cutting edge technology that makes it super easy to track and monitor your orders in real-time.
- Features like smart inventory placement offered by WareIQ can further help your business drive the sales on time at high demand locations.
The services offered by your 3PL provider play an important role in positioning your brand well among the customers. How your products reach the hands of your customer influences their loyalty. A seamless delivery can prompt them to place repeat orders and give positive reviews/ratings online. As such, choosing the right partner for your business can directly impact your growth.
A great fulfilment partner is one that can provide maximum customer satisfaction by meeting their expectations and are very easy to do business with. WareIQ is able to deliver to these benchmarks and provide a robust solution to all your logistic needs.