One of India’s largest e-commerce marketplaces is Firstcry, devoted to selling baby items at retail. By 2020, the company had around 380 outlets throughout India. Firstcry focuses on giving clients who shop in its marketplace a smooth experience and high-quality goods. Toys, diapers, clothing, footwear, and several more items for infants and children can be found on its marketplace. Due to their positive client experiences, Firstcry has a large customer base of people who use them to purchase baby supplies. Because of this, it’s a perfect spot for internet retailers who sell goods for babies and children. Selling on Firstcry will result in a high volume of daily transactions, which is encouraging business expansion. Since accurate reconciliation is required to verify all payments, fees, and amounts for such a high volume of transactions, keeping track of all of these transactions can be exceedingly challenging. It is challenging to clean and extract data for effective analysis from reports since they are so raw. Here, Cointab’s automated reconciliation software comes in handy. It does Firstcry fee verification seamlessly. It automatically loads data after configuration and cleans, links, and extracts the data into a result that is extremely simple to evaluate. It automatically loads the data as planned. This helps the seller save a lot of time and effort, enables him to swiftly and properly validate all the transactions, and helps him make data-driven decisions.
The Reconciliation process is done as follows:
The reports needed for reconciliation:
Firstcry Invoice Report
The report contains all the transaction order details for the orders dispatched via the Firstcry marketplace.
Firstcry Debit Note
All the orders which have been returned or canceled are present in the report along with their details.
Firstcry Payment Report
The Payment report has all the transaction order details for which firstcry has settled the amount with the sellers.
Fee verification is done to make sure the fees charged by Firstcry for every order are accurately charged. This can help a seller avoid being overcharged for any dispatched orders and can avoid unnecessary loss. The software does the fee verification by calculating the fees based on different rates. The rates used to determine the item price and the parameter from each item’s SKU master are utilized by the software to determine the commission charge for fee verification. The computer splits the amounts after comparing the calculated fees with the Firstcry fees. Given how it is organized and condensed, the result is simple to analyze.
The result is displayed as follows:
Correctly Charged Fee
The output displays the total number of orders as well as the accurate order total.
The number of orders and the total amount that was overcharged are then displayed in the output. This indicates that the computed fee is less than what Firstcry charges.
Orders which were undercharged are displayed here. When the calculated fee is greater than the fee set by Firstcry.
The presented results allow us to see how the Firstcry fee verification is carried out. The software automates data loading and accepts customized input data, which simplifies reconciliation for a seller. Because the software does all the work, a seller merely needs to wait for an easy-to-read report for smooth analysis. A seller can save a lot of time and ensure that all decisions are made after a thorough analysis of trustworthy data by using this software to reconcile. This will allow for quick and accurate data-driven decisions and ensure that the business may expand without running into any unforeseen risks or challenges.