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Importance of POS adoption for Indian merchants

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What do the narrow streets of Delhi’s Sarojini, crowded corners of Bangalore’s Commercial Street and vintage-item laden Mumbai’s Chor Bazaar have in common?

A staunch customer base.

Traditional markets are age old charms of Indian cities. From clothing, to jewelry to items fashioned in metals, these markets offer a blend of local culture, art and utility at affordable prices. While the mall culture is booming across every nook and cranny of the country, the charms of local markets are far from faded.

Most of the tier 2 or tier 3 cities have dedicated marketplaces for kiranas and medium sized shops. There are 12 Mn kirana stores across India right now and even for metros where the e-commerce presence has a good hold, people still prefer to shop offline and make purchases at decent scale. There is familiarity, trust and flexibility for customers to compare different products and purchase optimally, a tactic now reflecting at leading e-commerce sites.

Bargains and payment by cash have often been the common scenes across all these traditional markets. It is no secret how demonetization propelled digital transactions and it would be intuitive to assume people carry less cash and more cards in their physical wallets.

Let’s also look at the statistics of customer’s purchase habits. The payment landscape is changing for India. Recent reports suggest that fin-tech adoption has risen from 52% in 2017 to 87% in 2019 but the actual usage still remains at 4% when it comes to making purchases online or paying bills. The same report attributes to lack of financial literacy for this small usage. However, post demonetization, merchants from cities like Udaipur, Aligarh and Hubli opened up for QR code based payments showing a willingness to adopt digital modes of payment.

Additionally, as per RBI data January 2018 saw an uptick for debit and credit card ownerships. 4.23 Mn new debit cardholders were added contributing to 846.7 Mn debit cards, while the total number of credit cards that remained in operation were 36.24 Mn.

Cashlessness will continue to climb upward slope, and traditional markets and stores will have to opt for solutions that meet the different ways customers can opt to make payments. This calls for a point of sale solution usage by almost every merchant who could meet this demand head-on.

Let’s elaborate on how POS adoption can benefit an offline merchant:

  1. Ensure customer loyalty through cashbacks: A business doesn’t exist without customers, goes without saying, and yet most merchants overlook to reward customer’s loyalty. A good point of sale is built with that understanding in mind. It allows merchants to reward their customers with cashbacks, offers and discounts — one of the ways to ensure your customers always find their way to your shop.
  2. Streamlined operations: Running a shop is not easy. From managing stocks, to CRM to billing, every operation needs to be monitored and manned. Billing counters are constantly manned with tons of devices which can more often be replaced by an All in One type POS. All of this and also insights into sales reporting is a bonus.
  3. Easy GST filing: If a business is GST registered, filing is done on a monthly, quarterly or annual basis. A POS system that also takes care of easy GST filing with tax reports and reduced human dependency at decent pricing.

Paytm Smart Retail understands merchant side problems to the core and hence brings point of sale solutions that caters to your needs of running your shop smoothly. The cloud based solution is linked to the POS at your billing counter keeping a track of your sales, modes of purchases which are seamlessly fed into portal to check trends, highest selling items, and more! To make things easier, merchants who are already using Paytm to accept payments just need their Paytm credentials to access Smart Retail.

Ride the cashless wave and bring Smart Retail to your shops. Folks at Tuba Arabian Dates and Dolce Gelato have already joined the bandwagon.

To know more visit:https://pos.paytm.com/?utm_source=Paytm%20Importance%20of%20POS%20blog or call us at 91–97–4251–2093


Importance of POS adoption for Indian merchants was originally published in Paytm Smart Retail on Medium, where people are continuing the conversation by highlighting and responding to this story.


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