From being an idea to being the most sought-after technology partner in the retail industry in India, Increff is known for its out-of-the-box products that can transform every major retailers’ nightmares into pleasant daydreams. Today, at The Startup Journal we’re talking about how this startup has developed products that take its roots from the science which runs deep in the ecosystem of brands, warehousing companies, retailers, and end-consumers.
What exactly is Increff all about?
It all started when two IITians, Rajul Jain who served as the supply chain head then in Myntra and Anshuman Agarwal, the SVP operations then at Myntra – each having more than 15 years of experience in e-commerce, supply chain realised that the brands were unable to fulfil customer orders even though they had the complete inventory and were unable to showcase the same on different sales channels, all leading to a huge loss to the brand name. And that’s when they met Romil Jain (also an IITian), a Chief architect then at Trilogy who possesses more than 13 years of expertise in Enterprise Software Design and Development. Together they decided to develop technology that would solve end-to-end problems in the industry.
How does Increff work?
In today’s age of multi-channel retail, brands often deal with multiple sales markets, providing more variety and cater to multiple sales events. That being said, brands are often unable to provide a single view of inventory to all sales channels. Poor demand prediction, lesser inventory turns, increasing working capital ultimately leads to the revenue growth loss of up to 30% that can prove to be an existential threat to the brand.
Increff strives to contain this situation and brings forward technology to restrain the brands from stepping into such pitfalls. Increff has designed two digital products that ensure a complete growth of the brand:
- IRIS: An end-2-end merchandising product catering to demand sensing, open to buy, distribution, pricing and business intelligence. Increff IRIS analyzes the store level DNA through complex algorithms at the store level and product attribute level. For example, a cotton shirt with red collar sells well at an Indiranagar Store in Bengaluru. Such granular algorithmic analysis results in far better predictions as opposed to conventional methods.
- ASSURE: An end-2-end inventory management and order fulfillment product catering to the new age of multi-channel sales, 99.9% inventory and, 99.9% fulfillment accuracy. It uses Unique Piece Barcoding, which ensures that every piece of inventory can be traced with respect to storage and order fulfilment. Having a simplistic UI to train and onboard warehouse workers at scale, Assure is integrated with all major e-commerce channels in India (Amazon, PayTM, Flipkart, Myntra, Snapdeal, Tata Cliq). In case of Amazon, Flipkart, Increff customers can get fulfilled by Amazon and F-assured statuses which leads to higher visibility of products and hence higher sales.
How has the market been to ASSURE and IRIS?
IRIS and ASSURE can be availed with a monthly fee, which seems insignificant to the results that you achieve after implementing the same namely – lower working capital, higher visibility, up to 100% accuracy in inventory and order fulfilment, lesser Days of Hold of Inventory (DoH) to provide a rich shopping experience to your customers.
Increff was first launched on 1st August, 2016 in Bangalore and now has a team of 60 members and since then hasn’t looked back. From securing over $2 million in December 2016 from Sequoia Capital to digging deeper for revolutionary solutions for the retail industry, it can be inferred the potential this startup possesses. Currently, Increff has an extensive clientele namely Ajio, Myntra, Vero Moda, Zivame, Campus Sutra, Wrogn, Imara, Echo, Highlander, Vishuddh, Tokyo Talkies and has now become staple for every retailer in the nation. According to the founders, Increff plans to hit foreign markets by the end of the third quarter this year.
Godspeed to you guys!