The human race has adapted and evolved their lives with the new technology over the years. They shed their old habits and adjust to the new ones with new trends. A newspaper is dropped at our doorstep every day, it encourages us to learn something new. Hence, we feel obligated to read it. It’s not much different with the constant new technology being launched frequently which creeps its way into our smartphones and we feel obligated to let it. Every day we witness a new trend getting famous and some burns out while some stays. Smartphones were a part of this trend, with it came the mobile applications and it seems like that’s the trend which is here to ‘stay’.
From younger generations to old ones, everyone is part of the new culture happening online. The same mobiles are now used by an individual living in a 3-bed room flat and a street vendor. Even the vegetable sellers have been keeping up with the trend of using Paytm or google pay.
We’ve been shopping, travelling, conducting business, deciding what to eat, Online. Since there is a huge consumer market, it only makes sense that there are businesses providing the market to create this amount of demand happen.
The essential retail stores are one of them. The demand for many other products goes haywire according to the financial conditions of people and the economy of the country. But the want of essential items remains consistent. Since the demand is already present, moving the business online opens the door to many opportunities.
Why you should move your retail shop online?
Connecting the Neighborhood:
It completly eliminates the tiring expedition of travelling to the colourless and slow moving life of banks. One cannot waltz into a bank whenever they see fit. We can be at home doing all the work through our smartphones. Since its open 24*7, one doesnt have to plan every hour of the day according to the lunch time of its employees. It gives us the liberty to have access anytime and anywhere.
Expands the Business
Just like in examinations there are a set of instructions provided at the beginning, the online mobile baanking ad financing have a set of FAQs for every person to solve there queries. If they face some other problem, people are availble at their beck and call. This give a personalised touch to the whole online experince.
Operational Cost
The operational costs are immensly heavy. We have all read in our 4th standrad enviornmental scinnce books that resources are limited but we never realised the weight of the topic till we grow up. The recent industrial ‘ shift ‘ of providing a tangible experince to moving towards paperless and online economy has been phenomenal. This move removed operational costs, resources, energy and most importantly money.
Customer Engagement
Some conservatives might like to believe that the old systems were more secure and technology did make things easeir yet have complicated things than ever more. There is nothing wrong with that. Others on the other hand are just influenced by serials like crime petrol and savdhaan india.
Hassle-Free Shopping
Since so many mediums are already connected to the online mobile banking services, the consumers which they have in common are provided more services than others. For example, people using paytm, google pay, amazon pay get various discounts in other services if they use these applications. So the benefits are doubled since it becomes efficient as well as simple.
Online Payments
Through this, agencies can easily track the customers. Features like PTP tracking, follow up tracking, real-time customer information, address locator saves the lenders from many deliquencies. It dampens the rate of non performing loans ( NPLs ). It removes such scenarios from the whole process.
Customer loyalty
This isn’t like before when a customer borrows a loan and consider themselves out of the equation. But now, from the time the loan is provided till every last penny isn’t returned, everyone stays connected which leaves the consumer as well as the lender with a wholesome experience.
