Negotiation as a catalyst for merchant onboarding and retention: driving sustainable business growth at REDX Logistics

Abstract

The main purpose of this report is to outline my internship experience at RedX Logistics Limited, where I have emphasized on negotiation strategy’s impact on merchant onboarding and retention. The following report explains the importance of negotiation in merchant onboarding and retention procedure and how it drives the sustainable business growth of the company in the long run. RedX Logistics have a dedicated sales team who works on onboarding and retaining them. Negotiation is not used merely as a tactic but it is used as a strategy for driving the attention of the new merchants and retaining them. The report focused on explaining how the company uses negotiation approach for the onboarding process and then how this strategic approach also influences the long term retention of merchants. RedX Logistics uses a flexible negotiation approach for onboarding merchants. The company have some decisive factors but the negotiators have the flexibility to offer customized service to the merchant. The customized negotiation approach strengthens the relationship with merchants and it also helps in recusing churn rates. The collected data from interviews show that, the merchants who was offered customized service based on the negotiation during the onboarding procedure had a much higher retention rate than others. Negotiation is a influencing factor in merchant onboarding and retention procedure. The RedX logistics flexible trading approach gives the company an edge in the industry. But, structured negotiation approach is a better tool that can help to track the negotiation points and it will provide a clarity of the negotiation.