Increase In-Store Sales With Credit-led Payment Options

While people have started going to physical stores, it is yet to be seen if the buying trend this festive season, which continues till December-end, will be as high as it has been before Covid-19. The fear of contracting Covid-19 and several lockdowns in the country have forced people to shop online. And over time people have taken a liking to online shopping.

Now that shops have opened up and one can see people visiting markets, shopping malls, and retail stores either to buy or just window-shop, it gives hope.

While it’s good to see shoppers back in action, you would ideally like to get these customers to actually purchase products from your shop.

In this article, we are going to provide you with some tips on how to increase your in-store sales.

Five ways to improve in-store sales

People have gotten so used to buying from e-commerce websites that even when they are in retail stores, they are always comparing prices. In addition to prices, other perks such as free delivery and a no-questions-asked return policy are very promising incentives to buy online.

So, what can you, as a merchant, do to ensure customers not only come to your shop but also end up buying products?

Recommended Read: 5 Simple Ways to Upgrade Your Shop – Paytm Business Blog

Here are a few tips you can consider to attract customers and encourage them to purchase your products:

  • Encourage trial: One thing that online shops can’t offer is letting customers try the product before they decide whether they want to purchase. So, if you have shopping assistants in your store, train them to encourage walk-in customers to try products they are interested in.
  • Have an online presence: This might sound counterintuitive, but the way things are going, it is quite important to have a strong online presence to ensure people shop from your store. You can start a small Shopify store and enable online payments. If you want to start on a smaller scale, get a Google business profile, and a Facebook and Instagram account to update people on the latest products. You can leverage these platforms to create a FOMO (fear of missing out) among customers.
  • Offer loyalty points: One of the ways you can encourage customers to come back to your shop and purchase is by rewarding them with loyalty points every time they buy something. These points can be later used when they purchase more.
  • Limited-period offer: Appeal to the customers’ sense of urgency. Give them a discount or a bundle purchase offer, which is open for a very short period of time. If possible, tell them a believable story behind why this offer is so time sensitive. For example, end-of-season sales.
  • Use POS machines: Crowded checkout counters are a big letdown for customers who genuinely want to buy from your shop. Manually handling cash or using a POS machine that is slow will increase the wait time on the checkout counter. Consider either increasing the number of checkout counters or providing your staff with a point-of-sale machine that is fast and accepts payment via multiple payment options.

Recommended Read: How to Order Paytm Soundbox: Steps and Process Included

Speaking of POS machines, you can consider purchasing Paytm All-in-One POS machines to increase your in-store sales.

How Paytm All-in-One POS can drive sales

Like every year, the festive season has increased footfall in shops. But a lot of customers don’t end up buying due to high pricing. You can offer these customers a range of payment incentives to help them buy products.

Paytm has partnered with a lot of banks as well as brands to create attractive discounts and easy payment options for customers who choose to pay via Paytm All-in-One POS machines.

  • No-cost EMI

Traditionally, buying products on EMI requires customers to pay a down payment, an interest rate, and a processing fee, altogether. However, with a no-cost EMI scheme, your customers only need to pay the product price in affordable EMIs over a convenient tenure of their choosing.

Now, you can offer them this payment option via Paytm All-in-One POS machine.

How to accept payments in EMI using the Paytm All-in-One POS machine?

Step 1: Enter the total amount of the product in the POS device

Step 2: On the payment options page, select the EMI option

Step 3: Next, choose the tenure of the EMI payment as preferred by the customer

Step 4: Verify details and ask the customer to enter their card details

You can even offer EMI payments to customers who want to pay via QR codes using their smartphones.

This festive season you can enable your customers to fulfil their wish of buying that expensive product that they have been postponing due to lack of funds.

  • Buy Now Pay Later

Another way to encourage your customers who are unsure whether they want to spend a large amount of money in one go is to ask them to pay using Paytm Postpaid.

Paytm Postpaid is a buy now pay later payment option, which allows customers to buy a product without having to pay the full amount at the time of purchase. Instead, they can choose a convenient payment scheme to pay in the subsequent months. They can also choose to pay the whole amount the next month.

This is a great payment option for customers who are short on cash but expect to have money next month.

Recommended Read: BNPL Players Add Spark to the Festive Season, Expecting 100% Growth

While online businesses have a lot of buy now pay later options to choose from, merchants like you who have physical stores don’t have any BNPL payment option. With Paytm All-in-One POS, now you are at par with online sellers in terms of offering unique payment options.

Frequently Asked Questions

Question: Can customers pay with zero-interest EMI without a credit card?

Answer: Yes, our partnerships with banks are made in such a way that customers can use their debit cards as well to buy products on zero-interest EMI.

Question: Can the EMI duration be changed by the customer after the payment is done?

Answer: Once the customer has swiped his/her card and chosen an EMI plan, it can’t be altered. That’s why it’s encouraged to confirm with the customers their preferred payment plan once just before they enter their card details.

Question: What is the difference between BNPL and EMI payments?

Answer: Payments made through BNPL attract interest if customers don’t pay their instalments after 45 days. Whereas, payments made on EMI can be done via debit or credit cards. Depending on the brand you are buying from, you might be charged some interest on the EMIs. When you purchase via BNPL, you have the option to not pay anything at the time of purchase, which is not the case with EMI-led payments made via debit or credit cards.

 

Get Your Paytm All-in-One POS Machine Today!

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