Role of online and digital payments to play a crucial role in the marketing success of brands: Prem Kumar, Founder & CEO, SnapBizz
There was an increase of 36% in the FMCG sales this year as compared to the last two years. Online shopping continues to be preferred, due to the convenience of shopping and ease of payment.
By Prem Kumar, Founder & CEO, SnapBizz
“2021 has been a year of significant transformation in consumers’ tastes, preferences and buying patterns. With the Coronavirus seemingly under control, thanks to lockdowns and vaccination efforts, this year’s festive season saw some sense of “normalcy”. Shops had an increase in footfall, as compared to the same time last year. There was an increase of 36% in the FMCG sales this year as compared to the last two years. Online shopping continues to be preferred, due to the convenience of shopping and ease of payment.
Approximately, 10 million small kiranas serve the entire population of the country and are the backbone of the retail ecosystem. With consumers having a median basket size of less than ₹200 and shopping for up to 3 to 5 times per week, it has become very important to help these small businesses survive the digitisation era.
The government continues to discourage large gatherings, and festivals as a preemptive measure, so we can expect this trend to carry on well into 2022. On the business front, this has paved the way for even small businesses to make the switch to online payments to limit social contact. This trend will only flourish with digital payments being adopted increasingly by rural sectors, and leading to the “millennial mindset” becoming more prevalent. Furthermore, value based buying will see an increase in 2022.
The financial inclusion of small and medium businesses is led by various fintech companies. Digitising Kiranas have led these small entrepreneurs to be able to reach their customers in a more streamlined and safe manner. SnapBizz, for example, maps store performance indicators like median basket size, footfall, merchandise, stock turnover ratios, profile of shoppers and much more. Tools like this can make it easy for these businesses to strategize and make the most of their transactions. In my opinion, 2022 is sure to see the role of online and digital payments play a crucial role in the marketing success of brands.”- Prem Kumar, Founder & CEO, SnapBizz