The Retail Industry in India accounts for more than ten per cent of the GDP. It has a place for small neighbourhood shops, big and international players as well as retail chains. With growing purchasing power and exposure of consumers to goods in both national and international market, the industry is growing even more. To meet growing demands, and digitization, retail stores have to be more organised and tuned to the customer’s choices and preferences.
Founded in the year 1996, RanceLab has evolved as a one-stop-shop for Retail Software and Point-of-Sales (POS) hardware products for the retail industry. It offers networking services and customized software and reached its 100th installation mark with a team of just six members in four years of hardship and learning.
The Exponent and the Industry
The company is a handiwork of Navin Ladha, Founder and CEO, and a food connoisseur by passion. He has over fifteen years of experience in various IT related products, services and solutions, specializing in Retail and F&B businesses. His efforts in delivering IT solutions have reaped consistent growth in sales and profits of over five hundred retail stores, restaurants and food courts.
Navin and RanceLab have kept up with India’s retail industry that has been growing steadily over the years. The retail industry has witnessed many regime changes from malls to multi-storey shopping centres that offer shopping, entertainment and meals throughout the day under one roof. Retail business is showing an accelerated growth, with retail growth not only to cities and metro but also in Tier-II and Tier-III cities. The purchasing power of consumers is growing in categories such as clothing, cosmetics, shoes, watches, beverages, food and jewellery.
The opportunity is also marked by challenges like consumers choosing multi-channel shopping experiences, and expecting a perfect experience. Retailers, on their part, need an extraordinary experience to keep their customers and a silent marketing infrastructure makes receiving messages expensive and difficult to manage. There are many technologies to increase marketing and sales, but they do not seem to work together. Overall, RanceLab addresses these challenges and helps bring growth to retail businesses.
Serving the Industry with Distinguished Products
RanceLab has three distinct products – FusionRetail (its flagship product), FusionResto and FusionPMS which are ready to use software for the retail, restaurant and hotel business respectively. Apart from these, it also has FusionERP which is an all-in-one integrated ERP for Retail and Hospitality businesses and FusionMobi – a suite of Mobile Apps for Tab Ordering, Mobile reports, Customer Feedback and Kitchen/Service Display System. Its expertise also lies in working with hardware products consisting of the latest range of barcode and POS products. Marking its presence in over 40 countries with 35000+ installations, the company today has offices in India, UAE and Africa.
As a company, it always ensures that the products are not just market or industry ready but also future ready, meaning it not just looks into customer’s current requirements but also supports its growth down the line. It constantly works towards improving its products by inculcating the latest trends and business practices.
Its journey has been marked by several appreciations for its work, which keep the momentum going at RanceLab. Navin says “It motivates us and keeps us going forward.” It received the ‘Best Value Software’ by COMPASS and also ‘Innovative Software Developer Company’. It was also recognised as the ‘Best ISV – Retail Solution (East) 2018’ at ITPV Partner Leadership Summit, “Emerging Company from East” by NASSCOM in 2012 and “Innovation on Display” by Khadhya Khurak.
Being a Holistic Company
With so much happening in the industry, the workforce commitment has increased. The Corporate Social Responsibility (CSR) has become the most important outlook for any organization where it seems more attractive to employees but all the organization looks for is the workforce who thinks and has the potential to make an impact. The best thing that the employees at RanceLab are motivated for is the creative ways of working and bringing out practical as well as logical ideas. The organization supports and gives the workforce the space for their creative ways and they are never constricted from their innovative working ways. This brings up better employee engagement relations and also brings a feel-good nature of the organization’s CSR involvement.
Inspiring the Young Guns
For any startup or the aspiring entrepreneurs, the key to success is to keep moving forward consistently. Navin adds, “Many a time I have found that people lack focus. The enthusiasm and passion that they start their venture with, seem to fade away as it progresses, they succumb to the challenges that the industry and the market throw at them.” He shares the mantra as “The mantra is to believe in yourself, your product and your company and to not give up on your vision that you started with.”
Chalking out the Future
RanceLab’s future lies in recognizing what the customer is going to demand and how retailers plan to meet that demand. Navin muses, “What the organization looks for is the main source of consumers, what they focus on and what they need. As we believe that the future industry will be more automated, the technological inclusion will have Block-Chain, Artificial Intelligence, Natural Language Processing and more.”
RanceLab is and will continue to be the preeminent provider of world-class technology to its customers. Exploiting new technology to bring more simplicity and ease to the frequent and habitual business processes is what it believes in. The company is all set to provide assistance and bring growth to the retail industry over the coming times as a completely automated solution.