India’s first online marketplace, Shopclues offers a safe and efficient platform to connect online sellers and buyers with a customer centric approach while providing a favourable selling environment for sellers as well. At shopclues, a seller has to pay applicable fees only once his products are sold and multiple payment options are available to offer to customers.
Until now, Shopclues would instruct bank every Wednesday to process payments for orders processed on or before the Monday of that week. So every Wednesday, all sellers get paid for those orders which have reached “Complete” status. An order is “Complete” once it is delivered to customer.
Effective 15th April 2014, sellers will receive payment only after the “Order Complete” stage, which includes delivery of order to customer and 10-day Buyer Protection period. Once 10 days without returns or complaints from customer has passed, payment for the seller will be initiated and processed. This means seller would not get paid within a week of making a sale, thus making the payment cycle longer.
Shopclues Merchant Performance Program
However, merchants with a TRM badge (Top Rated Merchant) get special payment terms (faster payment processing) among other benefits. Shopclues recently launched its Merchant Performance Program for assessing sellers on the basis of multiple parameters like sales, SLA compliance, order cancellation by merchant and customer ratings.
Merchants are evaluated on the basis of their performance over a period of two months and accordingly categorized into three bands – Gold, Silver and Basic. Gold rated merchants are also given the TRM badge that gets displayed alongside the merchant’s store name on the site.
TRM is not a tool used by Shopclues to differentiate between merchants, rather it is a tool to benefit merchants in attracting more customers to their site as the TRM badge is associated with comfort and trust in a customer’s mind. It is given to merchants over a period of time after they have gained customers’ trust by providing good and consistent quality products, pricing, catalog quality, delivery time and post sale services.
Merchant reviews are performed every month to decide on who gets upgraded to Gold or Silver merchants and the TRM badge as well. If consistency has not been maintained in any of the above aspects, the higher category status or badge maybe revoked.
Benefits of TRM
- More favourable payment terms
- Higher trust in customers’ minds
- Differentiation from other sellers
- Vanity URL for online store
- Better filters for products that customers can use
- Preferred placement on homepage
- Preferred placement in Deals & Promotions
- First appearances in customer search results
Benefit for Indian online seller with TRM
Merchant ratings are periodically reviewed by the Shopclues team and based on performance, merchants will be upgraded to higher status, which includes more favourable payment terms accordingly.
Though a seller in the basic band would have to wait longer for payments, his payments would be faster once upgraded to higher status. As periodic reviews are conducted, this can be a motivation for each seller to improve and maintain his service and product standards which would ensure more customers and trust from customers.