Every day, more and more people engage in e-commerce. It is no longer surprising to find people buying and selling products on online marketplaces. These online marketplaces provide a venue for trading and communication between buyers and sellers. In India, Nykaa is a well-known online supplier of cosmetics and other beauty supplies. The internet offers a wide range of goods for both men and women, including cosmetics, skincare, hair care, and perfumes. Nykaa is well known for its affordable rates and high-quality products. There, one may shop for all of their preferred designer clothing and cosmetics.
Like any marketplace, Nykaa charges the vendor for the services provided by them. These charges are based on various parameters and rates and are charged for each order. This makes the Verification process very difficult.
So it’s important to review each report and cross-check vendor reports with Nykaa reports. Because it takes so much time and effort to clean, extract, and summarize data for analysis, this process is exceedingly challenging. Cointab makes it simpler to complete this crucial activity. You may switch to automated reconciliation using the Cointab system, where you can submit the data automatically and start reconciliation with the touch of a button. A seller only needs to wait for the findings, review them, and look for any internal issues before raising objections with Nykaa.
The commission fee is charged by Nykaa to the sellers using its marketplace to sell products. This Fee is charged at 25% of the item price for every product sold.
When a seller sells products Nykaa provides an Order report which displays all the product details like size, weight, category, etc. Based on these parameters, rates are applied.
Nykaa provides a Payout report to the sellers in which all the deductions for fees are present.
The system uses the rates by Nykaa and calculates the charges for each order. Then it compares these charges with the amounts charged by Nykaa in their Payout report and shows any differences.
Cointab’s system calculates the fee for every order based on the rate (25%) and item price. It then compares all these calculations, to the amounts in the Nykaa reports and shows the charges for every order and whether they have been charged correctly or not.