Mumbai (Maharashtra) [India], February 23 (ANI/ePayLater): ePayLater a leading startup in the SME- credit space since last 2years have impacted and transformed over 100k retailers or kiranas of Metro Cash and Carry towards a digital adoption of daily business.
Through this partnership with country’s 1stb2b ‘Buy now pay later’ fintech called ePayLater Metro helped its kirana customers to gain higher earnings in their business through a seamless digital transition leading to credit uptake grow by 15x.
Impact of technology – Such partnership have helped Kiranas realize the benefit of leveraging technology and information as a differentiator, and this has triggered a chain reaction in the adoption of credit based purchases. A study by ePayLater on the same unpinned a whopping 225 per cent jump in purchase volume by kirana shops on an average, after ePayLater facility was made available to them. Further, their purchase frequency has jumped by 2X, and Average Order Value (AOV) by 3X over past 2 years.
Arvind Mediratta MD & CEO, METRO Cash & Carry India – “The COVID-19 pandemic has reiterated the true value of the presence of the small businesses and kiranas in our neighbourhood. The pandemic has boosted the digital economy, and kiranas have been extremely agile and resilient to adapt to this new digital world. New age B2B players like us have enabled this digital transition. Kiranas now have the convenience of ordering from the apps of B2B platforms procuring everything under one roof and at competitive price.
Apart from choosing from a wide array of products, either in-store or on the app, there is tremendous time and cost savings for them along with faster fulfilment, and doorstep delivery service within 24 hours. In addition, we are also helping driving demand for kiranas. We are helping in digitalizing, remodelling and modernizing kirana stores to help grow their revenue and profitability; helping them with efficient utilization of inventory, data analytics, targeted promotions and B2C app to grow their demand. Also, leveraging expertise of innovative partners like ePayLater, we are able to provide easy credit facility to help them with their working capital efficiency. In essence, the digital interventions are providing kiranas the requisite value service, both on supply and demand side, in order to help them grow their topline, bottomline and cash flows.”
Akshat Saxena, Co Founder, ePayLater says, “ePayLater serves as a catalyst of technology-led change that Kirana network of India embodies. By combining new-age technologies and deep domain expertise, we create scale -ready financial solutions that allow these small businesses harness their entrepreneurial DNA towards driving newer innovations into the largest pie of Indian consumer retail. With an ability to empower Kirana shops with trade credit solutions through a 100 per cent digital, inclusive and hassle-free process, we allow them to turbo charge business growth while eliminating risk and operational inefficiencies. We feel proud to be associated with Metro Cash & Carry as a strategic partner and like-minded partner, and can’t be more excited about the prospects this partnership holds, which has grown strength to strength over years of collaboration.”
Metro and ePayLater have been supporting the kirana shops to migrate to better and efficient practices, helping them to focus on key business aspects such as end customer management. Kirana stores not just gets the widest assortment of products under one roof, but also a consistent and interest free credit window of 14 days across all their purchases.
Apart from streamlining purchases, avail volume discounts, not being constrained by working capital; are some of the critical areas that helps these small stores to compete with larger and organized retail formats. In fact, Kirana stores in India can now explore newer products and combine it with their unparalleled understanding of neighbourhood, towards gaining an edge. Over 100k kirana stores have joined ePayLater platform and transformed their business.
ePayLater provides a zero cost credit solution to SMEs spread across 100+ cities in the country and has disbursed over Rs 1500 crores in facilitating inventory purchases. The company works closely with B2B majors like Metro Cash and Carry, Flipkart Wholesale, BigBasket etc and also directly with large FMCG brands. This solution is available to retailers across physical and digital sales channels and empowers SMEs to purchase inventory across product categories at the best available prices without being constrained for credit. It also helps reduce trust deficit that typifies digital B2B commerce as buyer obligation to pay arises only after goods are physically received, with a further period of 14 days of interest free credit. www.epaylater.in
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