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By Sunil Param | October 09, 2020
Sunil Param is the Head of Content and Communications at Pine Labs.
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If life were a video game, most of us would have come out of a bad start by restarting the game. Unfortunately, it is not! The COVID-19 pandemic and the subsequent business disruption is real and cannot be undone. Having said that, all consumer-facing businesses and especially India's retail sector now has an opportunity to seize the moment and adapt quickly to the new normal.
With economic concerns, financial instability and job insecurity, consumers today are quite mindful of how they spend and where they spend their money. It is here that the importance of how you make products affordable for the consumers comes into play. Today, your consumers will love the idea of a buy now, pay later offering where they do not have to pay the lumpsum amount but can avail no-cost EMIs in a few taps of a PoS device during the checkout process.
Are you offering the pay later option at the point of sale to this shopping cohort seeking affordability?
At Pine Labs, we have one of the biggest networks of participating banks offering the pay later option via credit and debit cards. What is most exciting is the fact that the experience around availing these EMI options is as seamless as it can be. Using our Plutus Smart Android PoS, you can quickly calculate EMIs and offer it to your customers as an option. Here is a video that explains the pay later proposition on debit cards:
Another area of opportunity for you is in leveraging analytics and arriving at data-driven insights to restart your relationship with consumers in the post-COVID world. A closer scrutiny of your in-store data can reveal a lot on consumer purchase behavior and help you better manage your inventory. If you haven't already, now is the time to think of a PoS-integrated analytics solution to make intelligent business decisions.
In retail business, the leaders and laggards of tomorrow will be determined by how they are able to use available technology to their advantage. Fintech innovations like pay later via PoS are making it possible to improver shopper experience, reduce high spend apprehensions of consumers and enable sales at a time when you need it the most.
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