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A young demographic, aspirational middle class, and the fact that rural per capita consumption is expected to grow 4.3 times by 2030 are reasons enough to believe strongly in India's retail growth story. In fact, retail in India is expected to reach $1.75 trillion by 2026, up from $0.79 trillion in 2018 as per a projection by Invest India.1
Any retailer operating in this promising space has reason to believe that good times will be back again despite this momentary decline in business due to COVID-19. The wish of every offline retailer is to see massive footfalls in their stores, and this holds more importance now than ever before since the businesses started reopening post a prolonged lockdown. With the pandemic hitting in, it is no hidden fact that businesses have been adversely impacted and retailers are seeing a considerable change in the consumer shopping behaviour and trends. However, there are green shoots in the economy now and businesses across segments have started getting back on track.
Post reopening, the biggest challenge for businesses is to woo customers back to the stores but with the festive season ringing in and situations beginning to ease now, shoppers are visiting stores and making purchases.
#1. Offer customers the option of Pay Later
Shoppers are always looking for the best offers and affordability options at the time of buying. Offering the Buy Now, Pay Later option during checkout is one good way of boosting sales. Pine Labs PoS terminals provide the Pay Later option from leading banks and brands which can be availed on both credit and debit cards. The experience of processing these EMIs is also superior as Pine Labs PoS provides the fastest EMI checkout experience in the market. Know more about Pine Labs Affordability Solutions.
#2. Say goodbye to long queues at checkout
Retailers who are lucky enough to see a good number of customers visiting their stores post reopening, must efficiently manage the checkout queue. A lengthy queue can turn off customers and is a health hazard especially during the ongoing pandemic. It is therefore important to provide a quick, smooth, and secure checkout experience to all customers. Adding a smart PoS terminal to the billing counter can help smoothen business operations. Pine Labs Plutus Smart is one such effective Android PoS that accepts multiple modes of payments, captures customer feedback, ensures quick and secure payments, calculates and compares EMI offers, and does a lot more.
#3. Offer unique in-store experience to customers
Customers love personalisation and the first step towards creating a personalised experience is by collecting the right data. Data-driven insights can help retailers understand things like purchase history, frequency of visits, shopping patterns, etc. and then create a personalisation strategy around it. Not only this, promotions, discounts, and loyalty programs can be customised accordingly to ensure higher in-store conversions.
#4. Go cashless
Owing to the COVID-19 situation, customers are limiting the use of cash and stores that offer them the option of making cashless payments are the first choice for them. Using products like Plutus QR and ePOS by Pine Labs retailers can offer their customers the convenience of making cashless payments.
We hope these growth hacks work for you in the times ahead. If you're interested in knowing more about Pine Labs PoS or any of our other products, please reach out to us.
By Vinisha Kataria | on February 28, 2021
By Vinisha Kataria | on February 25, 2021