By now, we all are familiar with COVID-19 which is a new illness that can affect our lungs and airways. It's caused by a virus called Coronavirus. The whole world is getting effected by this epidemic from our health to our business growth. With new positive cases every day in most of the countries right from Asia, Middle East to Europe COVID-19 has become one of the major concern for all. Government of all the countries are taking extra steps and precautions to control the rapid spread of the virus.
One of the extreme step is the lockdown of more and more countries to prevent the spread of coronavirus with growing concerns about how to deal with the economic crisis caused by this major slowdown in productivity, particularly on small businesses.
India has not yet seen community transmission and continues to be in stage 2 of the Covid-19 outbreak as stated by the Indian Council of Medical Research. Even though the country has not been lockdown yet with increasing numbers of positive cases it is definitely going to be an extreme threat for the country. Social distancing practices are changes in behaviour that can help stop the spread of infections. People have been advised to practise social distance from one another to help stop the spread of infections. Colleges, Schools, clubs, most public places are shut down and employees are working from home with an aim to delay the transmission and reduce the size of the outbreak.
But, this has already started to impact the economy of the countries. Specially, the small business sectors such as Grocery Stores, Kirana shops, SME’s, MME’s and all type of Retailers globally.
During this tough time where the virus spreads through touch, only digital business solutions can help these business sectors to continue their day to day task in the best way possible. The Point of Sale Solutions have been helping many such business grow digitally through most of its features.
Through POS solutions business owners and managers are monitoring daily reports from anywhere remotely without any social touch. The feature is helping them to map business growth by providing access to reports on sales, items, and customers all in one neat summary for any date range. The merchant can access real-time data from anywhere by running the business as a location-neutral activity. Not only that, the inventory management feature allows the staff and business owners to track each stock availability. After a certain percent of sale of that product, they receive an alert notification of the number of stock available on real time basis. Basically helping them to continue with the increase product demand.
Push for Cashless Economy
Lately the Government of India is also urging the citizens to avoid cash transactions. One of the important feature of any POS system is the acceptancy of digital payment. Merchants and retailers who already have POS are accepting card and QR payments from the buyers for quick billing thus avoiding one to one touch, huge gathering and long queues. On the other hand the buyers receives a digital receipt against their purchase All this features are serving as an alternative to manual work preventing any social connection and also saving time.
The panic around COVID-19 spread has led to basic necessities flying off shop shelves. Again, due to word of mouth and less awareness, Retailers who mostly deals with consumer products and Grocery Shops are witnessing a lot of panic buying happening with crowd gathering for purchase which is not safe for anyone present there. But this is likely to continue for at least one two weeks more, so a systematic approach through technology or cloud based business solutions like POS would be advisable to these business sector.
In the coming days, coronavirus outbreak will change how we shop, travel and work with people being more cautious and I think that is best for the human race.
The article has been authored by Pravinkumar Bhandari,Chief Business Officer, ePaisa