A new app that compares wholesale prices and speeds up ordering processes for convenience retailers is launching.
The London-based business, called Coral, allows retailers to manage their orders all in one place by adding the wholesalers and suppliers they buy from into the app. It aims to simplify the traditionally lengthy ordering process retailers endure.
“My parents were convenience retailers and the amount of time spent just trying to make enough money to earn a living is a real challenge,” COO Colin Richardson told The Grocer.
“The idea of Coral is that we’re adding value where everyone is benefiting. What we’re not doing is trying to take away from the existing wholesalers and how they operate, we’re just automating the ordering process so retailers don’t need to have three screens open comparing prices across their wholesalers.
“We’re giving them that time and money back, because if you can’t spend the money, you have to spend time, which takes away from your family and adds stress during a time when prices are increasing. We’re just making it easier for people to find the things they’re already looking for.”
CEO Annika Monari explained once retailers have uploaded their chosen wholesalers and suppliers, along with their product listings, the app uses AI and data-driven technologies and works similarly to travel search engine Skyscanner, whereby a user can tailor their search to their needs.
“On Skycanner, I can find where I can fly to the fastest, the cheapest, or with the least connections,” she said. “From a retailer’s perspective, my search might look like: where I can find the cheapest products, which wholesaler has next-day delivery, or who has the lowest minimum order quantity.
“We want to give retailers all those options and show the different value proposition for each of their wholesalers.”
Richardson added: “For smaller retailers, they may be looking more at price, but if I’m a convenience store near Wembley Stadium, I might just want my delivery the next day and I’m willing to pay more for that. Or, I might be willing to pay more if the total order volume allows me to spend £200, rather than £500.”
The business has been developed over the past year by working closely with retailers to “understand their needs and problems”.
”We’ve been on this journey since January last year to basically understand the inner workings of the industry on the ground, and grasp the retailers’ needs and what bothers them, like managing orders and all of the different siloed systems of wholesalers,” said Monari. ”But we don’t want to disrupt the processes of any wholesaler or supplier. No one is buying from Coral, we are a system integrator.”
Coral is currently targeting small, unaffiliated independents, with 250 retailers across London signed up so far ahead of its official launch at the end of Q1.
It said it would be open to working with convenience retailers who were part of a symbol group or franchise as the business progressed.
The app is free but Monari explained there could be an opportunity to create a premium subscription, whereby retailers could gain extra support and account managers.
No comments yet