PriyoShop Digitalizes Bangladesh’s Small Retailers by Improving Sourcing and Supply Chain

There are a heaps of mom-and-pop stores in the areas, and that is where individuals go to purchase staple products. Perceiving the possibility to change how these microbusinesses worked, PriyoShop Retail was established in 2020. The objective is to help traditional retailers work all the more proficiently and foster the resources to enhance income and grow their scale.

Most small retailers and mom-and-pop stores in the Southeast Asian nation actually face a bunch of difficulties in obtaining stock and working capital, and keep on depending on a well-established inventory network. Bangladesh was at a point during the COVID time frame where innovation was essentially influencing retail, and the retail sector was prepared for enormous improvement and change.

PriyoShop manages a wholesale eCommerce marketplace for small and micro retailers. It assists retailers with digitizing their supply chain and stock management. Ordinarily, mom-and-pop stores sell things like rice, noodles, cooking oil, flour, dairy, and other staple merchandise. They likewise stock family supplies.

Indeed, even a couple of months ago, small retailers needed to close their shop during ordinary business hours at whatever point they needed to visit wholesale market to procure stock. This was an expense as well as elaborate burning through cash on a rental vehicle.

Inefficient sourcing, lack of access to items at reasonable costs, and poor supply chains are normal difficulties for mom-and-pop stores, particularly in little urban communities. However, PriyoShop is evolving this. Its application lets small retailers request new items that are conveyed straightforwardly to them.

Services

Operations are substantially more complicated in some remote areas in Bangladesh. To conquer the challenge, PriyoShop operates its own logistics for conveyances to work with smoother coordinated factors processes. PriyoShop is attempting to redo the retail distribution ecosystem with a momentous technology overlay. It is associating probably the biggest players in the stockpile side to the smallest retailers and purchasers.

PriyoShop has a pay-later service for retailers who have limited working capital. A small store has typically no business bank account, so they need to take out the money from individual reserve funds to purchase stock. In addition, most retailers experience issues getting advances from banks since they don't have credit and computerized identities. So PriyoShop is attempting to explore more partnerships to assist with taking care of this issue.

Traction

PriyoShop currently works with over 14,000 or more enlisted retailers, the greater part of which are located in remote regions. PriyoShop wants to reinforce its presence in Dhaka regions by developing its item assortments to fill demands, which might differ from one area to another. PriyoShop'll likewise add more categories and intend to grow geologically.

Bangladesh has an exceptionally divided FMCG market with 4.5 million MSME retailers that record for 97% of the nation's retail sector and a yearly turnover of $34 billion.