Sourceinfi: Making Supply Chains Smarter For Online Sellers

Embarking on a mission to redefine the dynamics of supply chain management, Sourceinfi emerges as a game-changer for Direct-to-Consumer (D2C) businesses and E-Commerce players. Founded by Paras Thakkar, an expert with a keen understanding of the market, Sourceinfi uses advanced technology to enhance the efficiency of the global supply chain.

In a detailed conversation with Opportunity India, Thakkar unveils the intricacies of Sourceinfi’s technological prowess and the innovative strategies that empower businesses. From sourcing premium products globally to handling customs clearance and managing inventory storage, Sourceinfi's comprehensive services cater to the diverse needs of its clientele.

Edited excerpts from the conversation:

How does Sourceinfi utilize technology to streamline and enhance the global supply chain for D2C enterprises and E-Commerce players? 

Paras: Sourceinfi's tech stack incorporates a distinctive feature—a curated list of top-tier suppliers offering premium products. This unique feature allows Direct-to-Consumer (D2C) brands to experiment with a variety of products within their niche. Subsequently, they can strategically align their investments based on the outcomes of these tests. Our platform facilitates the testing of numerous products, empowering brands to identify the most promising ones for further development.

On the technological front, we have a dedicated panel for suppliers that compiles the listings provided by suppliers. These lists are then presented to our D2C brands, offering them a diverse collection of trending products. Once a product is chosen, it can be seamlessly imported into their Shopify store, enabling them to promptly start receiving orders. Following this, a dedicated panel is available for suppliers to manage packaging, ensuring readiness for shipping. The selected shipping partner then collects the package and initiates the delivery process. This end-to-end visibility on a single platform, post getting an order, provides users with comprehensive insights into every stage of the fulfillment process.

Can you elaborate on the specific services that Sourceinfi provides, from product sourcing to customs handling and inventory storage?

Paras: Product sourcing involves collaborating with manufacturers, where our suppliers purchase the products based on our commitment to mitigating investment risks for new products. Our dedicated on-the-ground teams in sourcing countries fulfill client requests by procuring products and, if necessary, storing them in our warehouse prioritizing international orders. While Indian business fulfillment is exclusively managed by the suppliers, we have customs clearance agents who are adept in importing products category-wise, streamlining the entire process.

The crux lies in inventory management; as acquiring stock is pivotal. Inventory storage facilitates seamless clearance for both us and our suppliers. This strategic inventory approach ensures that our suppliers, responsible for fulfillment, don't incur expenses in processing orders—this task is efficiently handled by designated entities.

In what ways does Sourceinfi address the challenges commonly faced in B2B and B2C procurement, and how does it contribute to making the process hassle-free?

Paras: When it comes to B2C, securing inventory in India is readily achievable with the right supplier who fulfills orders at the appropriate price aligning with your marketing strategy while ensuring product quality. On the B2B front, staying abreast of innovations is crucial, and sourcing innovative products often involves importing from different countries. China, being a hub for technological advancements, becomes a focal point for our observations. We operate a warehouse in China, assessing the availability of products and procuring them accordingly. Upon confirmation of specific quality from the provided samples, an order is placed with a 50 per cent advance payment, divided into two parts—10 days before and 10 days after the product starts its journey from China. This systematic approach, facilitated by our platform, serves the needs of both B2C and B2B brands.

Could you share some success stories or examples of how Sourceinfi has empowered businesses by sourcing best-selling products from around the world?

Paras: The product that gained immense popularity in the US wasn't well-known here initially. We were pioneers in introducing it to this market, establishing our reputation for a more dependable supply chain. Subsequently, a trend emerged where individuals began creating micro brands, such as Relax Company, Baby Lama, Mommy Todd, Plug Gear, Spider HQ, Beyond Pink, Memorazo,and others. This narrative provides an opportunity to discuss stories related to these brands, particularly focusing on first-time entrepreneurs with no prior marketing experience. Many of them invested around INR 5 lakh and achieved returns of INR 20-25 lakh within the following three to four months.

These macro brands leverage our platform to explore new products, following which we arrange samples for them to evaluate the quality of products, and products are imported in a streamlined manner with the help of our fulfillment partners.

Considering the dynamic nature of global commerce, how does Sourceinfi stay ahead of trends and adapt to changes in the market to better serve its clients?

Paras: Certainly, in essence, success in the market revolves around the fundamental aspects of any product, be it seasonal or long-term. The two pivotal factors that significantly influence a product's marketability are its quality and design. By ensuring excellence in these dimensions, one can successfully command higher returns. As the creators of the product, our technical expertise plays a crucial role in achieving this objective.

Our consistent presence in the market is marked by a commitment to innovation. This commitment not only distinguishes us but also positions us ahead of our contemporaries. Notably, in our country, there is currently no sourcing platform that has played an exclusive role in creating and building brands from scratch, and we aspire to bridge this gap. Our ambition extends beyond the current scope, and we aim to explore diverse categories simultaneously. This strategic expansion allows us to tap into the same audience while leveraging the collective resources of multiple contributors and their marketing efforts. The vision is to establish a robust ecosystem wherein quality products are delivered to customers, fostering success for all stakeholders involved. The realization of this vision holds the potential to create a highly effective and mutually beneficial market dynamic.

Can you shed light on the criteria and process involved in curating lakhs of best-selling products from various parts of the world? How does Sourceinfi ensure a diverse and attractive range for its clients?

Paras: Ensuring a competitive edge involves aligning with reputable suppliers capable of producing high-quality products. We collaborate closely with our suppliers, providing them with reference designs to craft exceptional products. Maintaining strong relationships with vendors is pivotal in this journey. Our approach includes sampling products, evaluating performance, and strategically selecting successful categories and subcategories for each quarter.

Attending trade fairs, such as the recent one in Delhi, allows us to identify emerging trends like Turkish lights, which have proven lucrative online. Our team remains actively engaged in the field, gauging consumer preferences and industry dynamics. This hands-on experience informs our strategic planning. Our ground team plays a crucial role in assessing product performance online, identifying top-selling items, and aligning goals with market demands. Trust in our vendors is paramount; once established, it enables us to launch entire product catalogues efficiently. Leveraging manufacturers' capabilities, such as those specializing in plastics, ensures adaptability to diverse product lines, enhancing our ability to offer quality products at competitive prices.

As a Global Supply Chain Enabler, how does Sourceinfi contribute to the growth and expansion of its client's businesses, both locally and internationally?

Paras: Whenever a product enters the Indian market, it is positioned as a premium offering, much like the setup in a mall. Consider the allure of a mall—it provides a convenient one-stop shopping experience with a variety of options. This analogy extends to the online shopping landscape as well. Take, for instance, a web-slinger on Amazon. Initially, a product is exclusively available on private platforms like Shopify for 2-3 months before transitioning to the marketplace. This interval allows for a comprehensive understanding of market dynamics and potential expansion.

Our role involves introducing new products to the Indian market. We actively engage with marketplace suppliers who guide us in their offerings. In this context, we envision ourselves as valuable partners for global giants such as Walmart. Much like them, we aggregate diverse product categories and invest in their success. By being a reliable source for a range of products, we aim to establish mutually beneficial relationships. We collaborate with local suppliers, list their products, and manage orders for marketers. Internationally, our warehouses serve as quality control hubs, ensuring that every product meets our standards before reaching the end consumer. Ultimately, our focus is on delivering quality and fostering growth, positioning ourselves as key players in the market.

How does Sourceinfi envision the future landscape of supply chain management, especially in the context of empowering D2C enterprises and E-Commerce players?

Paras: We aim for a seamless experience, desiring our customers to engage with convenience, much like Blinkit. Consider this: if Blinkit fulfils an order within 10 minutes, your task is simply to use your phone, place a request, make the payment, and await delivery at your doorstep. I envision our platform mirroring this simplicity. Users facing significant challenges in sourcing can input their requirements, allowing us to connect with multiple suppliers and swiftly fulfill their needs. Essentially, we aspire to serve as a hyper-local solution with our tech-powered platform, ensuring rapid deliveries. Introducing new products swiftly to Direct-to-Consumer (D2C) enterprises guarantees 110 per cent growth as a single winning product can compensate for any operational hurdles we encounter.

In what ways does Sourceinfi differentiate itself from other players in the market, and what unique value proposition does it offer to its clients?

Paras: We provide high-quality packaging, offering optional customized premium packaging for those seeking an attractive box. Our call centre facilitates constant communication with customers, enhancing overall delivery efficiency. Additionally, our unique B2B service, exclusive to e-commerce, sets us apart as the sole platform in India offering this.