•Initiative aimed at transforming kiranas into a digital shop instantly with the help of a smartphone
•Without any additional investment, kiranas can digitally track sales, manage inventory, place orders, offer digital payment options to customers
using their smartphone
•Through ePayLater, kiranaswill get quick access to interest free credit for their business supplies and benefit from improved working capital
METRO Cash and Carry, India’s leading organized wholesaler and food specialist,today,announced an exclusive partnership with Fintech start-up ePay Later to digitize and transform kiranas with a more affordable and sustainable solution. As part of its next phase of kirana digitization program, METRO in association with PayLater hasco-created a mobile application – ‘Digital Shop’– that enables kirana owners to use their existing smartphones to digitize their business operation instantly without any additional investment on a device.
‘Digital Shop’ by ePayLater and METRO will digitally empower small retailers and kiranas by upgrading their traditional methodologies and leverage the power of technology by modernizing their business. Downloading this app, kiranas can digitally track their daily and monthly sales; manage their inventory; place orders with METRO, offer digital payment options to customers using their smartphone. The ‘Digital Shop’ offers kiranas zero transaction fee; a universal QR code to accept payments from all apps;and no cap on daily and monthly transactions. In addition, kiranas can extend credit to their customers using the ‘Digital Shop’ app and also get access to interest-free business credit with a few click son the app. This would help kirana free up working capital, thereby making business more profitable.
The app will also provide analytics to kirana owners suchas inventory consumption patterns and the fast and slow-moving products that will optimize kirana’s product mix and eventually help in improving their revenues and margins. The kiranas will be able to engage with customers digitally and create customized offers, provide loyal customers with an instant credit of up to Rs. 25,000 for purchases, and grow their revenue by offering additional services like utility and bill payments, amongst others.
Commenting on the strategic alliance, Mr Arvind Mediratta, MD & CEO, METRO Cash & Carry India,said, “The kiranas are the backbone of India’s consumption story and crucial in generating employment opportunities and value creation for the economy. Through the Digital Shop app,we aim to transform the traditional kiranas into omni-channel stores. Whether it’s easy credit solution for business; a complete digital experience; data analytics to grow business; or a competitively priced product portfolio offering; we bring it all together in a single app at no extra cost. The Digital Shop initiative is aligned with Government of India’s impetus to digitize small retailers and shopkeepers, and through this strategic initiative with ePayLater we aim to help facilitate a more level-playing field for these small and independent businesses for their continued success in the competitive retail landscape.”
The Digital Shop app initiative complements METRO’s existing Smart kirana program aimed at digitizing and transforming traditional closed format stores into open and modern format for themto compete and thrive in the competitive environment. Under the Smart kirana programme, METRO has so far modernized operations of over 500 kiranas across the country. However, the latest initiative combines new-age technologies, data science and years of exhaustive experience of wholesale retail into a simple-to-use digital offering.
Speaking about the partnership,Mr. Akshat Saxena, Co-founder, ePayLater, said, “With METRO Cash &Carry, we are trying to co-create various methodologies by leveraging technology and analytics that the kiranas and SMEs can use to run their businesses more efficiently and profitably. We found a synergy in METRO and our approach to empower the small and independent kirana businesses as we believe that they fuel a culture of entrepreneurship in the country. We are enthused to amplifythe program significantly over the next couple of months across geographies in India.”
To become part of Digital Shop, kiranas & traders can download the app from Google Playstore or click on the link –https://play.google.com/store/apps/details?id=in.epaylater.android.retailer.upi&hl=en_IN&showAllReviews=false
Since its entry in India in 2003, METRO has built strong brand equity amongst small and medium enterprises (SMEs) andhas provided them a platform to grow their business significantly through its extensive network of 27 METRO wholesale stores across the country. Today, METRO anchors a customer base of 3 million business customers, catering to over 5000 suppliers, and has created over 14,000 direct and indirect jobs across the country.
About METRO Cash & Carry
METRO Cash & Carry operates in 26 countries over 760 wholesale markets with about 105,000 employees worldwide. In financial year 2017/18 it generated sales of about €29.5 billion. METRO Cash & Carry is a leading international wholesale company with food and non-food assortments that specializes on serving the needs of hotels, restaurants and caterers (HoReCa) as well as independent traders. Around the world, METRO has some 24 million customers who can choose whether to shop in one of the large-format stores, order online and collect their purchases at the store or have them delivered. METRO in addition also supports the competitiveness of entrepreneurs and own businesses with digital solutions and thereby contributes to cultural diversity in retail and hospitality. METRO Cash & Carry is the wholesale division of METRO that operates in 36 countries and employs more than 150,000 people worldwide. In financial year 2017/18, METRO generated sales of €36.5 billion.
Founded in December 2015 and based in Mumbai, ePayLater is a digital payment solution offered by Arthashastra Fintech Pvt. Ltd. that enables a “Buy Now, Pay Later” solution for frequent online purchases with an interest-free credit term of 14 days. We are recognized as a start-up by the Department of Industrial Policy and Promotion of the Government of India’s Ministry of Commerce. We are a team of dynamic professionals to optimize the digital payment experience and make it seamless, reliable and secure. We take pride in our aim to bridge the credit divide that exists in India today.