Swiss Military Fastracks Financial Reconciliation and Performance by 85%, with EasyEcom

COMPANY
Swiss Military

INDUSTRY
Travel, Home appliances and menswear

HEADQUARTERS
Gurgaon, Haryana 

FOUNDERS
Ashok Sawhney and Anuj Sawhney.

COMPANY SIZE

51-200 Employees

WEBSITE

https://www.swissmilitaryindia.com/

 

About Swiss Military

Swiss Military is a direct-to-consumer lifestyle brand that specializes in affordable luxury. The business started out with a single warehouse 8 years ago and now operates out of warehouses distributed across New Delhi and Bombay.

 

The recipient of the CSR Lifetime Achievement Award and recognized as the Best upcoming brand in Asia, Swiss Military is chaired by Ashok Sawhney, with its Menswear category headed by his son, Anuj Sawhney. The operations are distributed across 26 countries globally with 400 stores in the European area.

 

Unstructured Payments Reconciliation-  The Challenge

When Swiss Military commenced operations in 2015, the invoicing, payment reconciliation and adjustments were carried out manually. Since the previously used omnichannel eCommerce solution did not provide a sturdy payments reconciliation feature, the finance team had to verify transactions manually by order after receiving reports from the sales team. Elementary excel was heavily relied upon to verify marketplace deductions, shipping and carrier bills, and customer payments. The team soon realized that manual intervention would risk recording erroneous data and several transactions slipping through the cracks. 

Swiss Military decided to switch to the EasyEcom solution in 2018 after their warehousing partner recommended EasyEcom for its state-of-the-art return and payment reconciliation feature that works well across marketplaces.

 

Collaborating with EasyEcom

Swiss Military sells their products on different marketplaces such as Amazon, Flipkart, Fynd,Paytm and Magicpin. Harshit Gupta, the Deputy finance manager took us through the process, which starts with them receiving the payment from these eCommerce marketplaces. The amount gets deposited into the company bank account and the same reflects on the EasyEcom platform. From there, it’s a single click effort where the team just needs to click on “Sync payment” and look at the data from Tally.  

As stated by Harshit, “The simplicity and reduction in steps has drastically cut down on the team’s time and effort to scan bulk transactions by order volume, SKU or location. Besides payments reconciliation, the finance team finds the invoice and credit syncing features easy and simple to work with.” 

 Final Impact


Within 6 months of going online with their product catalog, Swiss Military successfully

 

  1. Reconciled payments of 30-40 lakhs from Amazon, TataCliq, Snapdeal, Paytm and Flipkart.
  2. Verified a bulk Amazon payment in May 2022 within three days of Amazon crediting the amount.
  3. Upscaled order volume by nearly 10x in 4 years, going from 15 to 20 orders to 300 orders present-day.
  4. Saved 120+ man-hours month-on-month
  5. Hit a record 99.99% accuracy in reconciliation within 135 days and stayed time-efficient by 70%.

 

Sachin Sharma, the Senior Manager for eCommerce sales, tells us that despite the dynamic nature of eCommerce, going on EasyEcom has made order management and reconciliation smooth for both the finance and warehouse teams.

The team creates location-based warehouses on EasyEcom. A team member updates the inventory online on a daily basis based on availability, which collectively goes up on all the marketplaces. Orders are routed to the correct warehouse based on the inventory available. For example, an SKU that is unavailable in Delhi shows up in Mumbai and vice versa.  Besides the facility to download invoices and shipping labels, the team can find out the exact reasons for any pending marketplace orders by tracking them, which is a huge plus!  

To quote, “ I would rate the warehousing, picking and packing processes an 8 on 10!”

What Swiss Military Says

“I give it a 4 out of 5. The invoice and credit note sync works perfectly well. I no longer have to scan paperwork and get onto calls with different middlemen to verify marketplace deductions, overcharges and tracing the payment source and mode of cash infusions. Besides being reachable anytime I need them, EasyEcom’s support team has been extremely hands-on in resolving any issues we’ve had in payment verifications”.

Harshit Gupta, 

Deputy Finance Manager, Swiss Military

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