It may have been over a year since the Modi government envisaged a digital India, but the actual availability of digital payment options is still low among many retailers, especially kirana store owners.
The push for cashless India has been phenomenally high ever since the note ban was enforced. However, even after a year, retailers and consumers are finding problems in digital transactions due to limited internet, a recent survey has concluded. The survey ‘Going Cashless’ was carried out by Indian Institute of Management-Bangalore (IIM-B) in association with Centre for Digital Financial Inclusion (CDFI). According to the findings of the survey, post demonetization, ownership of mobile phones was substantially high among consumers and retailers. As much as 94% retailers and 85% consumers, including in urban and rural areas, were found to possess mobile phones. Despite such high penetration of mobile phones, lack of infrastructure for digital payments deterred consumers and retailers from using mobile payments, the survey said.
Observing that mobile phone payments are playing a key role in digital payment platform, CDFI executive director, Krishnan Dharmarajan, in his report, writes, “Innovations in digital payments space predominantly uses mobile phone. Digital payment options using mobile phones today have become so common that even traditional players such as card technology and payment service providers have been forced to rethink their digital payment instruments to accommodate mobile phones.”
He further said that there was a huge untapped potential for mobile payments at unorganized kirana stores, where most Indians go to fulfill their daily needs.
“As much as 94% of shopkeepers have mobile phones, of which only 41% have access to smartphones. The recent influx of low cost smartphones bundled with internet should further push the surging interest in digital payments across both rural and urban India,” he suggested.
The survey found that mobile phone penetration was highly widespread in locations with both sizeable and moderate consumption levels in urban and rural areas.
The survey highlighted that post demonetization despite the intent amongst retailers to adopt cashless transactions, actual availability of digital payments options were low due to lack of infrastructure, non-availability of POS devices, procedures for obtaining a POS device, documentation, lead times, digital and financial literacy which made the process a little difficult and far-fetched.
D.Krishna Sundar, chairman, Digital Innovation Lab, IIM-B, said: "To get closer to a cashless economy, it is important that the number of digital transactions increases across the country amongst all segments and through a variety of payment options. Since one of the main contributors to the cash-based economy is the unorganized retail sector, this is a segment which cannot be ignored in the cashless journey.”
In today's fast-paced world, where convenience and speed are paramount, same-day delivery has emerged as a crucial factor in the success of online businesses. As an online store owner, implementing a reliable same-day delivery service can significantly enhance your customer experience and drive growth for your business. This article will explore the importance of same-day delivery and provide valuable insights on how to leverage this service to grow your online store in 2023.
The Rise of Same-Day Delivery
In recent years, same-day delivery has become a game-changer in the e-commerce industry. Customers now expect their purchases to arrive quickly, and businesses that can meet these expectations gain a competitive edge. Same-day delivery offers the convenience of instant gratification, eliminating the waiting time between purchase and delivery. By providing this service, online stores can enhance customer satisfaction and loyalty.
Implementing same-day delivery for your online store comes with a myriad of benefits. Firstly, it gives you a significant advantage over competitors who offer only standard shipping options. By providing fast delivery, you increase customer satisfaction and loyalty, leading to repeat purchases and positive word-of-mouth. Additionally, same-day delivery enables you to tap into the impulse buying behavior of customers who prefer instant gratification.
Implementing Same-Day Delivery for Your Online Store
To integrate same-day delivery into your online store, you have several options.
Overcoming Challenges in Same-Day Delivery
While same-day delivery offers numerous advantages, it also presents challenges that need to be addressed to ensure smooth operations.
Tips for Successful Same-Day Delivery
To maximize the benefits of same-day delivery, consider implementing the following tips:
In the competitive landscape of online retail, offering same-day delivery is no longer a luxury but a necessity. By implementing a reliable and efficient same-day delivery service, you can differentiate your online store, enhance customer satisfaction, and drive growth. However, it is essential to address challenges such as inventory management, logistics optimization, and customer support to ensure successful same-day delivery operations.
Naveen Pandey is an accomplished Managing Director with a proven track record of success in the logistics and supply chain industry. He currently serves as the Managing Director at AIPEX WORLDWIDE (OPC) PVT LTD, a leading company in the field.
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