E-commerce is growing in acceptance every day. It is no longer unexpected to find people purchasing and selling on online marketplaces. These online markets give consumers and sellers a place to trade and communicate. A well-known online retailer of apparel and groceries is Jiomart. It is renowned for its affordable prices, wide selection of offers, and high-quality products. Selling on Jiomart may be particularly beneficial for a business’ growth because it enables it to expand its reach, which would be impossible without eCommerce. Jiomart offers various services to make the customer experience satisfactory.

Like any other marketplace, Jiomart assesses various fees to the vendor for each item shipped via their marketplace. It charges these fees for the various services and benefits it gives a seller. As a result, a seller must regularly assess all reports from Jiomart to ensure that the fees they are being charged are accurate and reasonable. This process is very challenging since it requires a lot of time and effort to clean, extract, and summarize data for analysis. This vital activity is made simpler using Cointab. When using the Cointab system, you can switch to automated reconciliation, where data is automatically uploaded and reconciliation is started with a click. Upon receiving the findings, the seller merely needs to review them, look for any internal issues, and then submit any objections to Jiomart.

The Fees Charged by Jiomart are:

Commission Fee

A commission Fee is charged to sellers by Jiomart based on the type of product and brand. Based on this a rate is applied to the item price to calculate the fee. An example of the rate card is as follows.

Fixed Fee

The fixed fee is charged by Jiomart to the sellers selling via its marketplace. This fee is charged according to the item’s price. It is calculated using the below rate card.

The Reports needed for Reconciliation are:

  • Rate Cards
  • Jiomart Service Invoice Report
  • Jiomart Disbursement Report

Fee Verification

Cointab calculates the commission fee for fee verification depending on the rate (40%) and the item price of each item. The system then contrasts the sums and compares the fees computed with the fees imposed by Jiomart. Given how it is arranged and condensed, the outcome is simple to examine.

The result is displayed as follows:

  • Total Charged
    • Total amount charged as each of the fees, i.e.: Fixed and Commission fee is recorded in this line item.
  • Correctly Charged Fee
    • When the computed fee and the fee imposed by Jiomart are equivalent they are recorded in this line item.
  • Overcharged Fee
    • The total number of orders and the overcharged amount is then displayed in this line item. This indicates that the computed fee is less than what Jiomart charges.
  • Undercharged Fee
    • If the computed fee is more than the Jiomart fees, then the total number of orders and the undercharged amount is then displayed in this line item. 

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Reconciliation