PriyoShop: Connecting local brands and mom-and-pop shops by facilitating product distribution
In the bustling streets of Bangladesh, mom-and-pop shops, also known as 'mudir dokan' in Bangla, stand as pillars of commerce, signifying an economic revolution that is steadily reshaping the retail landscape. At the forefront of this transformation stands PriyoShop, a B2B e-commerce startup that is connecting the dots between brands and mom-and-pop shops, revolutionising the product distribution of local Micro, Small, and Medium Enterprises (MSMEs) in the process.
Bridging the gap between brands and mom-and-pop shops
The heart of Bangladesh's retail sector beats within its countless mom-and-pop shops, serving as lifelines for communities across the nation. With over 5 million mom-and-pop shops fuelling 97 per cent of retail transactions in Bangladesh, these small stores have established a powerhouse economy in their own right, directly contributing to 25 per cent of the country's GDP. However, despite their paramount economic importance, these shops often face challenges in sourcing supplies, managing inventory, and staying competitive in an ever-evolving market. PriyoShop steps in as a lifeline, addressing these pain points head-on.
Through its innovative platform, PriyoShop bridges the gap between mom-and-pop shops and supplier brands, offering a seamless experience that empowers these businesses to thrive. By providing access to more than 4,000 products from over 200 brands at competitive prices, PriyoShop ensures that small retailers can meet the diverse needs of their customers while maximising profitability.
Moreover, PriyoShop's streamlined supply chain and inventory management solutions enable mom-and-pop shops to operate more efficiently and adapt quickly to changing market conditions. With real-time inventory tracking and fast restocking options, these businesses can minimise stockouts and capitalise on emerging trends, enhancing their overall agility and competitiveness.
Financial inclusion: empowering MSMEs for success
PriyoShop does more than just facilitate buying and selling; it plays a crucial role in boosting the financial health of small businesses. By meticulously documenting orders and transactions, PriyoShop effectively creates a financial profile for these businesses. This profile serves as reliable proof that makes it easier for them to access loans and financial support for business growth.
For small businesses, obtaining loans can be a daunting task due to the stringent requirements set by banks. However, PriyoShop's system acts as a bridge, providing evidence of their credit-worthiness and encouraging banks to lend to them. With access to loans, small businesses can invest in upgrading their operations, expanding their product lines, or even hiring more staff, fuelling their growth and contributing to the overall economic development of Bangladesh.
The impact of PriyoShop's financial inclusion efforts extends beyond individual businesses. As these businesses thrive and expand, they create job opportunities, stimulate local economies, and contribute to the country's overall prosperity.
The 'asset-light' model: redefining efficiency
PriyoShop has revolutionised the way mom-and-pop stores operate by eliminating the need for them to track down products themselves, adding an alternate method to the old, physical product distribution system. Through its platform, PriyoShop directly connects these stores with distributors and brands, allowing them to effortlessly place orders and stay updated on delivery statuses. Once an order is placed, PriyoShop takes charge, confirming availability with suppliers and arranging for pickup and delivery using existing delivery services or the suppliers' own logistics.
Understanding the challenges posed by varying levels of tech literacy among mom-and-pop shop owners, PriyoShop has prioritised accessibility. Its user-friendly app, available in Bangla, simplifies the process of navigation and ordering. Moreover, PriyoShop's integration with WhatsApp expands its reach even further, enabling transactions to be conducted through a familiar and conversational platform.
By streamlining the supply chain and establishing a robust data network, PriyoShop ensures that shops receive their products promptly and efficiently. This 'asset-light' approach adopted by PriyoShop not only keeps costs low for small shops but also helps them generate 20 per cent more revenue.
PriyoShop also offers unique services such as nationwide access, smart QR support, dedicated KAM, sales force automation, and digital inventory tracking, and boasts the fastest supply chain financing in the country - making the platform an essential logistics solution for small retailers to rely on.
Expanding horizons: a nationwide vision
Since its strategic pivot to serve micro, small, and medium enterprises (MSMEs), PriyoShop has embarked on a journey of expansion and innovation. Beginning its journey by catering to small retail shops in Dhaka immediately following the pandemic, PriyoShop has rapidly grown its footprint to encompass 70 areas across Bangladesh, including various regions in Dhaka, such as adjacent areas like Tongi, Gazipur, and Savar, and even places outside Dhaka such as Chattogram, Feni, Chandpur, Cox's Bazar, and Mymensingh.
To enhance its logistics capabilities and extend its reach even further, PriyoShop has also introduced an innovative low-cost logistics option. This initiative involves the utilisation of rickshaw-style paddle vans to facilitate deliveries over short distances. By leveraging these cost-effective and nimble vehicles, PriyoShop aims to reduce logistics costs and penetrate deeper into remote areas where conventional large vehicles may face accessibility challenges.
In a world where agility and innovation are paramount, PriyoShop emerges as the definitive solution for digital distribution. Its commitment to excellence, ease of use, and nationwide accessibility makes it the go-to platform for mom-and-pop shops looking to bridge the gap between their retailers and suppliers.