empowering retailers across the country (Photo Credit: EY)
As Richard Branson famously said, "A big business starts small." Every large company that is now a household name across the country was once just a dream. A dream that took hard work and dedication to turn into a small business. Then growing that small business not only took the same hard work, but also the drive to scale the business.
Small firms provide a huge contribution to the country as a whole and are critical to the economy's long-term success. There are about 633.88 lakh MSMEs in India, with 324.88 lakh in rural regions and 309 lakh in urban areas. (Source : Government of India ,Ministry of Micro ,Small & Medium Enterprise Annual report 20-21)These figures are only going to continue to rise!
These smaller companies are more vulnerable to challenges that larger organizations do not have to deal with. Larger companies benefit from the advantages of scale, money, and infrastructure. Smaller companies are much more constrained. Because of these restrictions, they are unable to fully profit from market trends.
ePayLater provides a platform for these small businesses to grow and helps to protect them from adverse market conditions. With an easily accessible stream of credit and multiple supplier partnerships, these small businesses are able to manage their cashflows, grow sales, reduce costs and increase profit margins.
It is this stream of credit, given at 0% interest for 14 days, that allows businesses the capital they need. It helps them to keep their shelves stocked with the products they want, in the quantities they want. Shopkeepers can now use a variety of supplier options to ensure they get the best prices and are able to take advantage of any quantity based offers etc. In conclusion, this credit helps businesses maximize their profits.
The impact of ePayLater during the lockdown
Many merchants found themselves in a difficult situation with COVID-19. They played a crucial role as the country locked down overnight. They provided all of us with the essentials we needed. While sales and their income began to decline, the costs remained sticky as they had to support helping hands and their funds were locked in the inventory at the shop. At this moment, BNPL was a game-changer. With simple and accessible financing, these stores were able to cover a large proportion of their requirements. They were able to keep their businesses, and do substantial business.
By safeguarding them against unforeseen circumstances, ePayLater encourages small businesses to achieve their dreams. They no longer need to worry about access to credit. Instead, these businesses can change their focus to growing their business and as a result, growing the country.