The role of technology in shaping the future of commodity distribution
It’s no secret that any organization or industry can reduce supply chain expenses by using modern technology applications. It is only when the efficiency of structure, management and services can increase the conversion rate of Indian companies that smart supply chain innovation (SSCI) will take place.
Commodity distribution platforms that can be tailored to the requirements of any business and its user/customer demographics are desperately needed, not just in India, but across the globe.
State of the Commodity Distribution Market in India in 2022
The fact that the Indian subcontinent is still considered a “developing nation” and has not achieved global recognition as a technologically superior nation is one of the main concerns of its people. Lack of contemporary or technology-driven solutions, awareness and know-how are unfortunately just a few of the many factors preventing India from realizing its full potential of streamlined and technology-driven commodity distribution platforms. the data.
Also, grassroots users in the Indian supply chain are discouraged from devoting resources to mastering the technology due to lack of funding.
The fact that a country can export 60% of its profits on commodities from the commodity sector determines its dependence on commodities. The challenge faced by providers of international commodity distribution platforms is the lack of understanding of user behavior. Rather than fostering a system that suits user behavior, they have inadvertently and inadvertently attempted to change user behavior, resulting in reduced user experience performance and engagement. (UX).
The commodity distribution ecosystem in India is better in the hands of local platforms to enable greater efficiency in every retail and commercial supply chain, domestic and international, and thus lead to better conversions. The implementation of Smart Supply Chain Innovation (SSCI) in India is only possible with the use of advanced web-based applications that can support an accurate transaction system, taking into account the need for remote solutions following COVID -19 lockdowns.
The best case scenario for businesses in India is to look to domestic technology vendors for product distribution because:
• They have a more detailed understanding of Indian supply chain use cases:
• They have practical market data and feedback for unilateral multi-channel/omni-channel integration of various industrial supply chains.
• They can devise a streamlined design/methodology/technology approach for tailor-made solutions for the end-to-end distribution of supplies in the Indian market and its international imports/exports.
Thus, a state-of-the-art SSCI with both short-term and long-term value through successful user engagement is needed for India’s commodity distribution domain: an interface that encourages familiarity is backed by excellent technology and does not need to change user behavior.
Benefits of technology integration in SSCI
A robust Indian supply chain economy has always been supported by healthy competition among businesses. Therefore, SSCI is nothing more than a high-end, user-profiled, data-driven enhancement of the commodity distribution process using fad, low-tech software.
End-to-end technological equalization of user personas
The lack of a level playing field in terms of technology is the main problem in India’s commodity distribution market. We have already explained how SMEs, SMEs and MSMEs are prevented from investigating cutting-edge fintech services that multinationals can take advantage of due to a lack of funding or interest. Therefore, these modest commodity distributors want access to low-tech countermeasures to their competitors.
All B2B/B2C commodity distributors can generate more revenue with a simplified buying and selling process. These distributors need a financial services aggregator for localized commodity distribution that they can rely on for transparency. This helps build customer confidence in secure transactions based on digital ledgers.
Speed of transactions and communication
The speed of financial transactions will inevitably increase user engagement with fintech commodity delivery systems. Users will inevitably rely on technology when it comes to a reliable system that performs multiple functions seamlessly; and, if this technology uses low-tech/no-code solutions, so much the better!
Additionally, increased transaction speed translates into better interactions with businesses, faster evaluation of information, and more open distribution of products.
Reinforcement of service functionalities intended for users
B2C supply chains as well as B2B distributors benefit from better fintech aggregation. Consumers will trust brands more if they can understand how mainstream technology is integrated into more effective business activity.
This, in turn, improves profits for B2B brands in the retail industry by increasing brand loyalty, conversion, and retention.
Scalability of Enterprise Supply Chain Functions
Brands will need commodity distributors who can quickly handle an increased volume of distribution requests as their business grows rapidly. Businesses are able to pursue greater goals and returns by increasing scalability with contemporary API-based, easy-to-use fintech software.
Robotic Process Automation of Commodity Distribution Functions
The emergence of AI/ML-based technology has made robotic process automation, or RPA, a necessity for companies that distribute commodities. This means brands can accelerate their operations by thousands and thousands in the blink of an eye.
Additionally, they can also rely on digitized systems for accuracy and aggregation/integration of omnichannel fintech processes.
Therefore, a path of innovation, acceleration and growth using streamlined, cross-platform fintech software can help any Indian organization looking to increase operational efficiency in supply chain-based distribution.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)