Blog
How to Scale Up a Retail Business?
While the arrival of technology has significantly changed the SME sector in the country, it hasn't been easy for small-scale vendors, especially those from the retail industry, to adapt to the technological shift. For instance, switching to cashless payments can be a challenge for vendors from smaller cities or for those operating on a relatively narrower scale. But in this 'new normal', transitioning from traditional methods of doing business to more digital ways to reduce physical presence is a must.
Digital payments offer several benefits - convenience, security, swiftness and efficiency. Furthermore, with platforms such as HDFC Bank SmartHub, taking the digital route is now simpler and safer than ever before. SmartHub offers digital payment and management solutions to retailers of all sizes, operating across the most varied industry verticals.
Below are the key benefits of getting onboard with SmartHub and how it can contribute to your business growth:
Faster queue management On a busy day, you might attend to over a hundred customers. And physical payments require printing a bill copy, receiving cash, and tendering change to the customer. This can sometimes be time-consuming, and if you aren't careful, it could lead to errors. Adapting to a digital platform such as SmartHub ensures quick billing and payments, leading to faster queue management at the counter, all while reducing the chance of faulty payments.
Contact-free and convenient In the current scenario, where everyone is advised to stay away from crowded spaces and minimise contact, exchanging cash is something that customers are trying to avoid. Cashless transactions which are made possible by digital payments ensure zero contact and complete safety for both you and your customers. Platforms such as SmartHub cover multiple acceptance solutions - scan and pay, tap and pay (Mobile Card Swipe Machine POS), wireless card swipe, online payments (credit card, debit card and NetBanking) and UPI (PayZapp). All these payment options are integrated with merchant billing systems for easy reconciliation and provide customers with the flexibility to pay through their preferred mode.
Easy follow up on payments Modern payment platforms such as SmartHub enable you to email/SMS invoices with the payment link to vendors or partners for easier tracking and record keeping. This way, you can do away with physically following up on receivables. You can even document proof of delay, non-payment, and so on for future reference.
4. Simplified refunds SmartHub enables smooth transactions through easy gateway management, inquiry transactions and simplified refund options in case of returned commodities or failed transactions. This way, you no longer have to face challenges when it comes to reconciliations.
5. Better in-store and online order management With the world now at our finger tips, taking your business online has become a necessity, as most customers are opting for online shopping. SmartHub can be of great help as it enables better in-store and online order management by allowing you to track orders received, tally the status of payments and check other details with just a few clicks.
With the world now at our finger tips, taking your business online has become a necessity, as most customers are opting for online shopping. SmartHub can be of great help as it enables better in-store and online order management by allowing you to track orders received, tally the status of payments and check other details with just a few clicks.
Related Articles
Grow digitally with
a trusted partner
Get in Touch
