Bhubaneswar,(The CommonTimes):As a business to business (B2B) ecommerce startup targeted at the retail industry, Soptle wants to disrupt the entire supply chain management where every participant stands to benefit. SOPTLE was incorporated in June 2020 and launched its operations Five Months ago, and created waves in the startup world by achieving fastest growing status in October 2020- and above in the shortest time. The founder Pravas Chandra Giri who were formerly with RFT, understood the big picture of India’s retail industry. He realised that technology could be the game changer and believe Soptle’s journey has just begun. The challenges the pulse of India’s economy, to a large extent, rests on the retail industry as the nation is driven by consumption, which is expected to touch $3.6 trillion by 2020 from $1.8 trillion in 2017. Powering this consumption will be the retail industry, which is expected to cross $1.1 trillion by 2021. The driving force behind this is consumption of goods like food grains, fruits and vegetables, medicines, clothing, and even mobile phones. However, here lies the challenge. Despite the size of the industry, the organised segment accounts for just about 10-12 percent of the sector and is expected to reach 22-25 percent by 2021. Outside the ambit of the organised player, millions of small retailers across the length and breadth of the country were untouched by technology. As a result, they were shortchanged by intermediaries or middlemen, largely on price and, to some extent, quality. Soptle is enabling this business to business (B2B) transaction, bringing together all participants onto a single platform - be it manufacturers, suppliers, and the small retail shop owner. All this comes on a single RFT, understood the big picture of India’s retail industry. He realised that technology could be the game changer and believe Soptle’s journey has just begun. The challenges The pulse of India’s economy, to a large extent, rests on the retail industry as the nation is driven by consumption, which is expected to touch $3.6 trillion by 2020 from $1.8 trillion in 2017. Powering this consumption will be the retail industry, which is expected to cross $1.1 trillion by 2021. The driving force behind this is consumption of goods like food grains, fruits and vegetables, medicines, clothing, and even mobile phones. However, here lies the challenge. Despite the size of the industry, the organised segment accounts for just about 10-12 percent of the sector and app on the smartphone. Enabling factors Amidst all this, a positive disruption has begun for the B2B retail commerce through various elements: proliferation of internet (especially on mobile phones), growth of ecommerce, greater acceptance of digital payments, a uniform taxation system through goods and services tax (GST), and presence of advance technology such as artificial intelligence and machine learning. According to pravas, demonetisation and GST proved to be a big boost for Soptle. The shift towards digital payments and a single tax structure created a smoother road. Taking all these factors into consideration and with an aspiration to provide a level playing field where all participants in the entire chain of the retail industry get their fair share is the path taken by Soptle.

2020-11-16 | Bhubaneswar