Are you seeing reduced customers visit your store? Facing problems with keeping up and running your business? Well, in these unsure times we are all navigating through the same problems. All we can do is look for a way we can turn this problem into an opportunity. Now the question is what can we do? One of the obvious solutions which come to everyone’s mind is leveraging the power of technology. That is bringing in digital transformation in retail industry (digitizing our store) and here are the reasons why you should do so.
According to a recent report from RBI, digital transactions in India is going to rise from 100 million to 5 trillion a day on average in the coming 5 years. And is going to contribute to 30% of our total GDP.
Customer’s buying behaviours have changed and they are preferring to buy items or services online; at the comfort of a tap from their digital devices. Most, but not all transactions are done digitally. A lot of big companies like Amazon, Flipkart, Snapdeal, Swiggy, Zomato, etc have started leveraging the power of technology to provide grocery, medicine, clothing, and other services at the customer's doorstep.
This change has put almost 70% of the non-digitized Indian retail industry at risk and recording losses in business. One of the driving forces of our GDP - the Indian retail industry, especially in tier-2 & 3 cities, is at a huge risk. This is one of the biggest reasons why digital transformation in retail industry is of almost importance.
With an online store, you can allow your loyal customers to buy your product or services from the comforts of their home. This keeps them updated on the changes and additions to your store and reduces the risk of losing customers. You can also give some lucrative offers and discounts to motivate them to order more frequently and stay in touch. That's not all, bringing in digital transformation in retail stores will also give you a competitive edge over your competitors. You can attract more customers by increasing your serviceable area and sharing your store details over Whatsapp, Facebook, Messages, etc.
From giving discounts to customers on specific items to automating major tasks such as catalog management. You don’t need to rely on any person. Now, with apps like Bech, you can achieve all of this is just a few clicks. You can give discounts on near expiry products, create loyalty programs, buy out of stock products, and last but not least keep track of your sales and store expenses. Just imagine how much profits you could make with reduced resources.
This is a no brainer. Are you still using paper & pens for giving receipts to your customers? Well, these printed copies are going to be read-only once and then lost. Why waste our beautiful trees on them? So while billing, you can quickly send a digital receipt or eReceipt to your customer's email id or mobile number. They can refer to it at the same time and use it later for any grievances that they might have with a product or service, as well. You must agree, this digital transformation in retail industry is very practical and keeps customers happy.
Have you wondered why people don’t have enough cash for most of the transactions? Maybe it is because the ATM nearby is out of service or cash. Maybe that’s intentional by the government to promote digital transactions - to curb black money. A lot of payment apps like Paytm, PhonePe, BharatPe, etc have emerged as a result of that. The technology that all these apps use, to make transactions so quick and easy is UPI (Unified Payment Interface). The transactions are done using UPI to happen in near real-time. Also, by using this tech you are not just limited to accepting payments, but you can also accept credit from your customers.
If your store is fully digitized, which means that whatever you buy, sell, and spend on your store is recorded digitally, you never have to worry about filing taxes and losing money just because a receipt was lost. With every transaction being recorded digitally, you can never go wrong. Instead, you can save a lot of time and restore your peace of mind. This means a digital transformation in retail industry will also lead to a hassle-free and accurate accounting system.
All of these problems are addressed in our all in one POS app Bech — it’s free, secure, reliable. It enables you to leverage the power of technology and helps you to increase your sales, and saves a lot of your time.