In the competitive market, every business owner does all it takes to improve their sales numbers and keep their audiences glued to the brand. They try all the marketing tactics to retain the customers, and one of the most trusted ways is to offer cashback. During the pandemic, people opted for online payments through the UPI transaction app to avoid direct contact and abide by the social distancing norms. Thus, even the local stores gave that payment option to customers to ensure that they never miss out on their sales target.
There were different options available in the market. However, the platforms like the Fave app gained maximum attention. As the inclination of consumers towards digital payments increased rapidly, stores started looking at it from a profit point of view. They started giving unique offers and cashback rewards to attract more customers and eventually increase their revenue. Let us take a deeper insight into how cashback proves profitable for local stores.
4 ways cashback benefits the local stores
Sorted Accounting
Money transfer happens directly between two bank accounts with the UPI apps. Thus, the vendor doesn’t have to bother sorting the accounting work! It will help them save the additional cost of appointing an expert and keep the transactions transparent. There will be no need to maintain any records as your bank statement would give all the necessary details. This way, the apps also help the economy, eliminating the chances of tax invasion.
Customer Retention
Another perk that local vendors get after adapting to the UPI transaction app is customer retention. When your services or products are of premium quality, and you offer them at a discounted price, there is no way your customer wouldn’t want to stick to you. They are likely to shop multiple times, giving you increased sales and a better customer base.
Attract new Customers
Stats show that people get attracted to cashback and other rewards instantly. Moreover, they prefer buying a product available at a discounted price rather than paying the full price. Thus, it is better to offer them cashback offers through the Fave app and other platforms to attract maximum customer attention. Moreover, your sales score will increase if you keep getting new buyers and retaining the existing ones.
Stand Out in Market
Most buyers prefer online payments. Thus, there is a chance of local stores losing out on customers if they don’t keep up with the trend. They need to keep up with the change and offer all the options their customers demand. Online payment and cashback associated with it are facilities that every local vendor should give its customers.
Cashback offers help customers and businesses alike. The customer gets to save a lot of money on each shopping bill, and the vendor, on the other hand, gets more customers. The only thing that both parties have to be careful about is the choice of app. It is vital to do thorough research and explore multiple options before deciding on a platform for fund transfer. One should do a proper background check, read reviews, and take a virtual tour of the app before making transactions through it. Additionally, stay informed about app operations to enjoy all the perks.
