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There goes an old adage: Where there's a will, there's a way!
While the outbreak of COVID-19 and the subsequent lockdowns that followed did slow down the Indian economy, brought non-essential businesses to a grinding halt, and kept Indian consumers to the confines of their walls, all is not lost yet.
It would be totally unfair to write-off the Indian consumers, especially the country's burgeoning and aspirational middle class. This festive season presents an opportunity for you to recalibrate your approach towards your retail business and woo consumers through attractive offerings. One such potent tool in your hands is the 'Buy Now and Pay Later' proposition.
Let us take the consumer durables segment as an example. Appliances and consumer electronics industry is expected to double to reach Rs 1.48 lakh crore (US$ 21.18 billion) by 2025.1
India's aspirational middle class has the will to buy these big-ticket items, the only issue post-COVID-19 is that most of these consumers are now in a cautious spending mode and therefore will have to be wooed differently. For instance, your consumers will love the idea of a no-cost EMI-led or Pay Later purchase option instead of paying full for the product. How do we know that? We did a deep dive of our own data for the quarter ending September 2020 and observed that there was a robust growth in EMI-driven purchases in the Consumer Durables Segment.
It is therefore important for your point of sale infrastructure to be ready for facilitating these Pay Later transactions. At Pine Labs, our Plutus Smart product is a state-of-the-art Android PoS capable of seamlessly executing these Pay Later transactions in a few taps of the device. Using Plutus Smart, you can offer the latest bank and brand EMI offers to shoppers and close sales quicker through the Pay Later feature. In fact, Pay Later transactions on a Pine Labs' Plutus Smart can happen in less than 40 seconds, thereby resulting in the fastest EMI checkout experience in the market today that your customers will love. So, if you're looking for a firework to boost sales this Diwali and the rest of the festive season, look no further than the Pay Later option on Pine Labs Plutus Smart.
To know more, please reach out to us at firstname.lastname@example.org.
1 Source: https://www.ibef.org/industry/indian-consumer-market.aspx
By Sunil Param | on April 05, 2021
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