Benefits of adopting a customer loyalty program using POS systems

Benefits of adopting a customer loyalty program using POS systems

A loyalty rewards program is an excellent way to keep consumers engaged and inspire them to return. According to research, 83 percent of shoppers around the world consider loyalty schemes when choosing where to shop. But did you know that if your customer loyalty program is not incorporated with your POS scheme, you are restricting your return on investment (ROI)?

Here are a few compelling reasons to combine POS and customer loyalty programs to optimize the company's benefits:

More Valuable Information

When you use an integrated network, all your systems and apps share data. While loyalty data is valuable on its own, when combined with other data from the point of sale, it can provide deeper insights. For example, with an automated system, you could easily figure out what your most loyal customers are buying, allowing you to predict more accurately and prevent stock-outs. Furthermore, data from an integrated system provides you with a comprehensive, real-time view of your market, which is nearly impossible to achieve with non-integrated systems.

Intelligent Marketing

If you have access to the right info, your loyalty program can also be a powerful marketing tool. You can make customized deals to loyalty program members and expand your company by matching sales data with customer loyalty program accounts. According to a study, 80 percent of customers choose to do business with a company that provides personalized service. A loyalty-POS system that is integrated can also mean better marketing in general. When customers sign up for a loyalty program, they have basic demographic details, which you can use to better understand your customer base and target ads more precisely. You can interact easily with all your customers and gauge the efficacy of promotions and marketing strategies with a fully integrated retail management framework that includes integration with your CRM system. Furthermore, integrating your customer loyalty program with your POS system helps you to assess the efficacy of your loyalty program. Are consumers taking advantage of exclusive offers? Do they take pleasure in being rewarded? Does it inspire customers to come back? The answers can be found in a combination of data from your POS system and customer loyalty program.

Customer Convenience

Enhancing customer interactions is another crucial reason to align your customer loyalty program with your POS scheme. Sales associates can enter a customer’s ID number or scan a loyalty card into an automated system, and points from a transaction are automatically credited to the customer’s account. They can also check their point balance and add points during checkout, which is exactly what your customers want. According to a survey, 84 percent of customers believe that redeeming loyalty bonus points immediately enhances their shopping experiences.

Multichannel, Multilocation use

Customers can use their loyalty cards and redeem points anywhere when they use a single, integrated platform. Customers can quickly see how many loyalty points they have while shopping online on their tablets, or in any of your stores. Seamless shopping experiences are the product of an integrated network.

Efficiency in Information Technology

Another benefit of integrating systems is that they are easier to maintain, upgrade, stable, and integrate with third-party applications for your IT resources. Instead of logging into various dashboards and wasting extra time on clumsy workflows, integrating systems allows you to handle all your applications from a single location.

Client Segmentation

Since loyalty programs and POS systems work together to monitor consumer preferences and buying patterns, more committed consumers will be rewarded more often and with more valuable deals, increasing their value to the brand over time. By gradually increasing participation and tempting deals, the customer loyalty program can be structured to engage fewer active consumers to try to maximize their buying behavior. They will continue to be compensated in ways that increase their value to your brand as they become more loyal over time. If their interest does not improve because of your loyalty program’s actions, the program can gradually reduce any incentives, and you can focus your retention efforts on those that are more likely to be loyal to your brand.

Personalized promotions

So, what will you do with your customer data once you have it? With the knowledge it has, your POS system will help create personalized deals for each customer.

A POS can deliver personalized promotions in a few ways:

Discounts on goods based on previous sales, such as submitting a coupon code or discount code to be used on any new items that are identical to the customer's previous purchases.
Personalize your marketing messages.
On customers' birthdays, send out exclusive coupons and discounts.
During seasonal occasions, such as Christmas, send out advertisements and special messages.
Send out deals tailored to the customer's lifestyle and interests, such as a special discount for students before the start of the school year.
Customers who have not shopped with you in a while can get coupons via email or SMS. This is an excellent way to remind them of your business and entice them to return.

Retailers develop extensive and detailed operations management systems capable of automating and managing the various tasks associated with operating a retail business based on convenience store POS software in this industry. From inventory management to human resource management, POS tech platforms serve as the foundation of convenience stores, simplifying complex processes and making convenience stores simpler to run.

Integrating your customer loyalty program with your point-of-sale system is crucial for holding the right products in stock, personalizing service, and delivering consistent loyalty experiences wherever your customer’s shop.

Digipe is a customizable, modular payment solution with superior mobile security. MIMO is one of the first to offer this service to its clients. We believe that this innovation will lead to widespread acceptance and adoption of mPOS services across the country. The mPOS solution has aided in bridging the gap between in-person and online purchases, resulting in a seamless payment experience across all platforms.

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5 ways POS system can help businesses survive the Pandemic

5 ways POS systems can help businesses survive the Pandemic.

5 ways POS system can help businesses survive the Pandemic

The Coronavirus pandemic – and the resulting shift in consumer behavior in terms of shopping, working, and living – has dramatically altered how things are done in various sectors of the economy. And the retail industry is no exception. There has been a 15-30% rise in customers purchasing online because of the pandemic.

Different sales strategies, such as contactless payment, curbside pickup, virtual consultations, and even social commerce (purchasing products through social media) have also risen in popularity. This new behavior, according to retail analysts and shopper surveys, is here to stay.

Merchants should use current POS systems to survive the pandemic and meet the new demands of today’s consumers, which will enable them to rapidly adjust to market trends (e.g., potential lockdowns) and easily sell both in-store and online. Retailers are increasingly dependent on point-of-sale technology due to the need for versatility.

During the pandemic, almost all industries have been severely affected. People are apprehensive about leaving their homes and eating in public places, and with good reason. Furthermore, restaurant owners and employees take a huge risk by engaging directly with customers. When it comes to dealing with consumers up close and personal, retailers are taking a big risk. The new POS systems, on the other hand, will make the entire process much more relaxed and secure than before.

Here are five ways it can assist the company in surviving the pandemic:

Contactless Transactions

COVID-19 can only be transmitted through air or contact, according to CDC reports and FAQs. You would need face covering to protect customers from the virus’s airborne spread. That leaves the issue of “how do you stop the virus from spreading through contact?” When you run a company where money is exchanged, this is especially difficult. Fortunately, a sophisticated point-of-sale system will significantly alleviate this problem.

Even though contactless payment systems can be extremely useful in these turbulent times, many business owners are yet to update their systems to accommodate the technology. Whether it is credit cards, debit cards, or smartphones, the consumer has a variety of choices for paying without making touch. However, updating an out-of-date POS system is needed to reap the benefits of contactless payment.

Online Ordering

It is fair to say that most companies are only surviving this pandemic because of online shopping. This is particularly true in states and cities where there is a complete or even partial lockdown. With such a surge in online ordering, you will want to make sure your company is prepared.

Having the right tools and systems in place to process any online orders could mean the difference between your business thriving or failing during the pandemic.

It may appear daunting at first to incorporate online shopping, but it does not have to be. POS software that is up to date makes ordering as simple as ordering in the shop.

Integration of Delivery

As a business owner, you’re undoubtedly aware of how retail has changed drastically over the last decade. Last-mile delivery has become a huge success in terms of business growth where cutting-edge POS systems can combine delivery capabilities with a variety of other industry innovations into a single piece of hardware.

An order may be placed online, prepared on-site, and then shipped using any of the current services. Many of the most common delivery services are integrated into the best POS systems, so you do not have to waste time arranging deliveries yourself.

Engaging Marketing

Influential marketing is more important than ever before. Remember that many people are hesitant to leave their homes. They may also be hesitant to get orders delivered to them via a delivery service. That means you will have to concentrate more than ever on mass marketing and assuring your loyal customers that your company is safe. Even sending marketing messages to new and current clients can be made easier with the help of a high-tech POS system.

Recognize and reward loyal customers

This final advantage complements the previous one. Customers will participate in loyalty programs for most of today’s POS schemes. Being a loyal member of any company, as we all know, is always a pleasant and satisfying experience. It is worth the few moments it takes to sign up for the occasional surprises and discounts. So why not provide that option to your customers? From a market standpoint, it is also a fantastic way to keep clients and boost profits, with 46% of consumers saying they do more business with organizations that have loyalty services.

For any company owner, these are trying times. They must take the appropriate precautions to ensure that they survive the pandemic without losing customers. Investing in cutting-edge restaurant POS tools is an excellent way to do this. You can reward loyal customers, send automated marketing messages, and never have to worry about virus transmission via contact.

How can MIMO help?

MIMO Technologies is a leading software development company that is committed to providing reliable and cost-effective software solutions across industries all over the world. They are among the fastest-growing IT and R&D services companies. Their growth has been powered by their consultative approach, deep understanding of business, passion for innovation, and above all, Integrity.

Traqpayments provides a unique mPos service that lets a merchant accept credit/debit card and wallet payments on his/her smartphone. An mPOS (mobile point-of-sale) is a smartphone, tablet, or dedicated wireless device that performs the functions of a cash register or electronic point-of-sale terminal (POS terminal) wirelessly.

MIMO is one of the first to offer this service to its clients. They believe that this innovation will lead to widespread acceptance and adoption of mPOS services across the country.

Some common scenarios where DigiPe will prove to be useful are as follows:

Shops/Supermarkets:

Merchant can accept money using any of the Traqpayments options- through Payment Link, QR code, Wallet, Digiswipe which keeps both the customer and the merchant happy.

Vendors:

The vendor will be able to send a payment link to the customer on their smartphone via SMS. Customers can pay their dues through the link.

School Office:

Administration sends the school Fees through SMS on the student’s Parent’s Mobile. Parents can pay the school fee easily without visiting the school or any bank.

Digipe is a customizable, flexible payment solution that offers enhanced security within a superior mobile framework. The mPOS solution has helped to bridge the gap between face-to-face and e-commerce transactions, creating a smooth payment experience across all channels.

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How does data digitization help you achieve your business goals?

Everyone is vulnerable to disruption, regardless of their industry. New or existing entrants may use digital technology to revolutionize how customers view a product or service, rendering what other companies do in that sector obsolete. Do you want to be disrupted or disrupt others? The choice is yours to make.

What is the concept of digitization?

It is time to describe what I mean by digitization at this stage. Data digitizations are the projects and processes needed to gradually handle information in digital form, whether that information was created digitally (e.g., emails, Word documents, Excel spreadsheets, and eForms) or was converted from hardcopy (e.g., scanned documents).

Digitization’s tactical advantages

The main tactical benefit of digitization is to increase the productivity of core business processes, which can be achieved by taking advantage of digitization’s tactical advantages. Many tactical advantages can be gained by capturing documents and data at the point of origin or receipt into an organization, including but not limited to:

Getting rid of transcription errors
Putting electronic workflow processes in place
Establishing audit trails
Putting protection protocols in place
Establishing a centralized repository for each document/data object
Improving information accessibility
Bringing business processes together

The source of these advantages includes the following digitization initiatives, processes, and activities:

Document capture through scanning
Information is captured digitally using eForms.
To eliminate the need for transcription and duplicate entry, metadata can be captured from both eForms and scanned documents.
To eliminate the need for data entry into applications, optical character recognition is used.
Automating authorization processes and creating audit trails with workflow features
Controlling different versions
By submitting links to a single source of truth in a database, security problems with emailed attachments can be avoided
Creating a partnership with other digitized records to make it easier to access all information related to a business process.
Increasing the efficiency of document searches by completing text, title, and metadata searches.

Digitization’s tactical benefits

The benefits of digitization can be leveraged to produce direct, unmistakable financial gains. A few examples are given below:

A university that reversed its enrolment declines by collecting application data through an eForm and automating the process with workflow features. They saved on the cost incurred by reducing the expense of handling the enrolment process.
Data collection for new connections was automated by a service provider, which eliminated errors and reduced data entry time. Clients were able to save time spent on communications.
Using workflow and image capture, an insurance provider streamlined and standardized application and underwriting processes.
Using a valid source of information, a repository that linked all documents relating to their self-insurance, a large corporation streamlined their method of evaluation for worker's compensation self-insurance. This saved them enforcement costs and ensured that their self-insurance premium savings were not jeopardized.

Although the tactical advantages of digitization are significant, the sense in which digitization should be discussed in the C-suite should be strategic.
Digitization has many strategic advantages, one or more of which can speed up the execution of a corporate strategy or increase the depth of returns that come with it.

Big Data

“Big data” is described as “information assets with a high volume, high velocity, and/or high variety that require new types of processing to allow better decision making, insight discovery, and process optimization.” Big data continues to steal the show when it comes to the strategic advantages of digitization, and it does so for many organizations. Not all businesses have the amount of relevant data needed to reap the benefits of big data. The competitive advantages of digitization, on the other hand, are much more available to businesses than big data.

Risk mitigation and governance

For all operations within an organization, digitization allows for more open governance arrangements. This is possible thanks to digitization, which enables businesses to:

A single source of truth.
Workflow with audit trails.
Documents, folders, individual, location, or workgroup-level security protocols.
Automated measures of the success (or otherwise) of processes.

Organization leaders get a clear line of sight over the execution of strategy, the calculation of its level of achievement, and the degree of policy enforcement owing to digitization.

Internal integration

Without geographical barriers, digitization makes it easier to form centers of expertise. Internal integration can be achieved by digitization in a variety of industries, including but not limited to:

Education
Health-care services
Treatment for the elderly
Services provided by the government

As integration levels rise, organizations find that they can embark on continuous improvement programs which not only have a positive influence internally but also externally with clients and with vendors.

External Integration

Integration with vendors is almost required to establish effective relationships with engineering and construction service providers. The days of depending on the right copies of paper plans kept in an onsite drawing office and a drawing office at the organization’s and vendor’s head offices are numbered. Digital technologies are being adopted by companies in those industries as a means of storing a common source of truth in a single database and accessing it through an internet-connected mobile device.

Digitization's Future

Organizations must consider digitization when weighing their options for developing their organizational strategy. Business heads must consider how disruptive technologies can affect their value chain and devise plans to respond to them, as well as decide whether they should lead the industry in implementing them.

They must also consider whether digitization is creating pockets of new value in the market, or even in other sectors, that they might transplant into their own.

Finally, they must examine what capabilities and resources they currently have and may need to address the external challenges and opportunities that digitization presents. MIMO has extensive experience in digitization processes and if your company is looking to digitally transform, help is not far away.

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Is Digitization the same as Digital Transformation?

How do you distinguish between digitization and digital transformation? Many people confuse the two but learning and understanding the difference is not difficult. Let us break it down into basic terms and examples.

What is Digitization?

The process of transferring information from a physical to a digital format is known as digitization. It entails translating non-digital data into a digital format that can be used by computer systems to automate processes or workflows. Digitization allows the creation of business value, which necessitates the use of data. It assists in laying the groundwork for data-driven business use cases.

Consider the following examples:

Scanning a paper document and storing it as a digital document, such as PDF, on the computer’s hard drive.
Taking handwritten notes and entering them into an Excel spreadsheet.
Converting analog VHS cassettes to digital data-containing CD, DVD, or Blu-Ray discs.

What is Digital Transformation?

The transformation of business practices, processes, goods, and models to fully exploit the opportunities of emerging technology is known as digital transformation. The key aim is to increase productivity, mitigate risk, and find new revenue streams. Doing things in a modern (digital) way is what digital transformation is all about.

Consider the following examples:

Reading data from an online PDF or transferring data from a Google Sheet into a data-analysis app or system. The aim is to give us information that will help us develop new products or enhance customer service. Since this mechanism is automated, it does not necessitate a lot of human interaction. As a result, productivity is improved, costs are reduced, and sales can increase.
Internet movie streaming. Collecting and analyzing data from customers, as well as preparing personalized recommendations, deals, and commercials.

What is the difference between digitization and digital transformation?

The term “digitization” refers to the integration of technology into an existing enterprise. Doing things in a fresh, modern way is what digital transformation entails. Digitization is a subset of digital transformation. Although business leaders often use digitalization as an umbrella term for digital transformation, the terms are very different. Digital transformation necessitates a much wider acceptance of digital technologies as well as a culture shift. People are more important than technology when it comes to digital transformation. It necessitates customer-centric organizational improvements that are backed by leadership, guided by radical corporate culture challenges, and the use of technology that motivates and allows employees.

It includes all aspects of businesses like customer awareness and touchpoints, growth strategy, enterprise mobile apps, process digitization, worker enablement, results, new business models, and more. It opens up a whole new market, as well as new consumer and company opportunities.

Why Differentiating the Terms Matters?

When addressing trends where the language changes as quickly as the technology, nomenclature matters. For example, ‘digital transformation’ was once referred to as ‘digitization,’ and ‘digitalization’ was once referred to as ‘computerization.’

Business leaders who believe they can digitize a business or digitalize enough processes to digitally transform it are misinterpreting the terms and losing out on opportunities to change, gain a competitive edge, adapt to customer and employee needs and demands, and become more agile.

However, the fact is that only a small percentage of companies have successfully implemented digital transformations. Just 25% of companies had turned into digital enterprises, 41% were on transformational journeys, and 34% spent more time talking about the trend than acting on it, according to a global survey. It is worth noting that 85 percent of executives believe that digital sophistication is key to their company’s success. The gap between understanding digital as a strategic necessity and effectively executing a transformative plan shows that many executives are unsure how to capitalize on the possibilities that digital presents for individuals, processes, and technology.

The Wrap Up!

The process of transforming information from an analog to a digital format is known as digitization. Digitalization refers to a company’s use of this process to boost business, generate revenue, or simplify certain operations. Digital transformation refers to the end-product of this operation. On the path to becoming a digital enterprise, digital transformation necessitates digitization and digitalization.

The Digital Age is only now beginning to alter the way businesses work. There will be even more advances and new words to learn and appreciate as time goes by. The twenty-first century brought in a new age of technology, which has been reshaping daily life, facilitating obsolete systems, and spawning entirely new business sectors.

Is your business digitizing its information? Is your company being challenged by digital transformation considering that everything is now online? Are you interested in digital transformation? MIMO keeps up with these changes and has extensive experience in its successful implementation. We can assist you in digitizing, digitalizing, and ultimately digitally transform your company.

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A Guide to starting your On-Demand Hyperlocal Delivery in India

A Guide to starting your On-Demand Hyperlocal Business in India

A Guide to starting your On-Demand Hyperlocal Delivery in India

April 8, 2021
9:14 am
delivery, hyperlocal, hyperlocal delivery

In the food and retail industry, the hyperlocal delivery business model is gaining a lot of traction. Experts predict that the grocery home delivery market will grow dramatically in the near future and adopting the hyperlocal delivery business model is a win-win for all parties involved.

Online grocery stores are profitable, and most people prefer shopping online to going to the store. You’ll need a plan to deliver groceries, food, personal care items, or any other services, and this article will walk you through the process of launching your hyperlocal marketplace or online marketplace.

People use hyperlocal e-commerce to meet their everyday needs in an advanced way. As a result, it grew in popularity among global distribution markets which is why a lot of young entrepreneurs want to get into the hyperlocal marketplace. However, merely expressing interest is ineffective; you must be specific about the niche you wish to serve, as there are numerous ways to start a hyperlocal delivery company.

Aside from that, you must consider the business model that you will employ for your company. You can choose the best business model based on your requirements from a variety of options. Some of these are:

Aggregator model:

Many entrepreneurs prefer the aggregator model because it does not necessitate a large amount of money. The distribution startup acts as a middleman between the manufacturer and the consumer in the aggregator model. The on-demand delivery startup has no stock or assets in this place. The aggregator business model is commonly used in on-demand businesses such as food, retail, package, personal care services, home services, and so on.

Single store model:

Retailers who want to expand their well-established company online typically use the single store model. The merchant creates an on-demand distribution app to offer the items he has on hand in this business model. Most food distribution companies operate on a single-store model. Dominos, Pizza Hut, are some popular businesses that use the Single Store Model.

Store pick model:

Customers who use the store pick model first place their order online via an on-demand app or the company’s website. Customers can pick up their orders in the store after making an online order. The main advantage of this model is that consumers will receive orders at their leisure.

Hybrid Model:

A hybrid model combines two or more business models. The shop allows you to order items online and pick them up in the store using this model.

What does a hyperlocal marketplace require?

Hyperlocal marketplaces have made on-demand applications the focal point. These on-demand applications will also soon become the most effective means of contact for both companies and consumers. Hyperlocal marketplaces also make use of a variety of elements and infrastructures. Let us take a closer look at each of them:

Navigation System:

Hyperlocal e-commerce companies may increase their income by using the power of real-time monitoring and GPS functionality. Hyperlocal businesses may use these built-in GPS features to provide information to their customers such as store position, nearby retailers, approximate time, driver location, and so on. Retailers in the hyperlocal marketplace find it easier to sell goods because of this.

Multiple payment integration:

Payments are an important part of every industry, and hyperlocal companies are no exception. Customers would have a better payment experience if a hyperlocal store owner integrated multiple payments into its on-demand app. Credit cards, debit cards, mobile wallets, QR codes, and other payment methods are few options that should be available for the customer.

CRM tools:

Hyperlocal retailers must develop a seamless and stable e-commerce platform to enable the selling of their products and services online. A network for online sales or an e-commerce platform is software that enables seamless communication between the seller, consumer, and supplier. E-commerce systems are classified as SaaS (software as a service), PaaS (platform as a service), and on-premise.

However, selecting an e-commerce platform is not a simple task; the hyperlocal business must ensure that the platform they choose has all the required functionality to meet consumer needs.

Network for online sales:

Customer relationship management, or CRM, is one of the key components of a hyperlocal framework that improves communication between customers, businesses, and on-demand delivery service providers. CRM is also a tool for communicating and resolving issues.

Hyperlocal e-commerce companies may also use CRM tools to segment their customers based on their location. This allows them to develop personalized offers for each customer. Additionally, hyperlocal companies may use CRM software to monitor customer reviews.

Logistics:

The most difficult time for hyperlocal delivery companies is during peak hours. Hyperlocal e-commerce companies recruit more distribution workers to handle the unexpected increase in demand during peak hours. They must also effectively manage the volume of orders.
Technology, on the other hand, can assist hyperlocal e-commerce companies in managing logistics at peak distribution periods. Multiple drops and complex distribution schedules can be managed with logistics optimization and automation tools. It also improves the efficiency and convenience of your logistics operation.

It will take time and effort, but selecting the right target demographic, forming strong relationships with restaurants and delivery services, and focusing on the most basic aspects of the right business model will give your company the competitive advantage it requires. If you are looking for a solution to start a marketplace for a grocery or food delivery business, then MIMO has exactly what you are looking for. Curated by technical experts and evaluated by industry professionals to empower local businesses with an online grocery store or a food delivery marketplace, our Hyperlocal Delivery Model can bring your store to a digital platform and help you start your home delivery business.

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Evolution of the Hyperlocal Delivery Market during Pandemic

April 6, 2021
3:37 am
delivery, delivery market, hyperlocal, hyperlocal delivery, pandemic

Every crisis presents an opportunity to try something new, as well as the need to do so. After the Covid-19 pandemic hit, it has forced us to reorganize our lives to ensure sustained access to essentials and supplies in the modern age of lockout, social distancing, and self-quarantine.

The Indian market has quickly shifted gears, opting for hyperlocal delivery channels to meet their needs. The demand for the hyperlocal model in the grocery market, which has always been considered the most difficult segment to break into, demonstrates its acceptance in our everyday lives and its transformation into a business reality.

With the advent of several online grocery stores, e-commerce sites, and other distribution-based start-ups that have forged alliances with local neighborhood stores and supermarkets, hyperlocal delivery of groceries, fruits, and vegetables has accelerated.

It has also assisted in the management of these stores by a younger generation that can adopt technology in their daily lives. Via intuitive smartphone applications, the in-store experience has now transformed into an in-hand shopping experience.

Furthermore, by delivering payment and last-mile delivery expertise to community shops, these hyperlocal players have significantly minimized friction. Even during these tumultuous times, the local stores have reciprocated by keeping their supply chain intact with minimal disruptions.

Increasing customer demand, fueled by a growing number of well-funded start-ups, curated goods and services, and the promise of “on-demand delivery,” has fueled hyperlocal e-commerce. Their popularity has piqued the attention and involvement of some of the world’s largest corporations and online behemoths. Furthermore, consumers in metros, villages, and towns have adopted the “near me” model, with many of them adopting the “ideal combination of online convenience and physical reassurance.”

So, what is Hyperlocal Delivery, and how does it work?

The method of shipping goods directly from a distributor to a consumer is known as hyperlocal delivery.

The process entails a courier agent picking up items from a vendor and delivering them to the customer’s address. Because of the comfort and flexibility, they provide, hyperlocal deliveries are becoming increasingly common among brands.

What role does Hyperlocal Delivery play in today's pandemic?

People are not permitted to leave their homes in the current situation, which includes many lockdowns and social distancing norms across the world. People have been forced to stay indoors because of this ban. As a result, both buyers and business owners have no choice but to use delivery services. Hyperlocal delivery play a key role in this situation.

Customers are only granted access to important goods such as food, groceries, medications, medical supplies, hygiene products, and so on, which they typically purchase from nearby stores. Hyperlocal delivery has become a game-changer during lockdowns when no one can enter stores to buy their weekly food or other important goods. Hyperlocal delivery allows sellers to offer vital items to consumers right at their doorstep.

Today, some of the world’s most well-known businesses, such as Amazon, have begun providing hyperlocal delivery of vital goods around the country to satisfy their consumers’ most pressing needs. They have temporarily prioritized their order fulfillment and logistics capability to get high-priority goods to consumers as soon as possible.

Although the average man is facing significant difficulties in the current pandemic, the pandemic has also had a significant impact on companies. Company establishments are racing to prepare for the decline as the lockdown regulations relax and the markets gradually reopen. In the COVID-19 era, they are now relying on hyperlocal deliveries to remain afloat in the industry.

The logistics industry has benefited from the hyperlocal distribution model because it has helped them optimize time, expense, and resources. Since time is saved on short distances traveled, fewer distribution resources are needed, and sellers can serve more customers. Furthermore, since aggregators charge nominal rates based on shipment weight, small businesses do not have to spend a lot of money on shipping.

With e-commerce booming in the country, many goods must be delivered immediately within a certain radius of an area. For a hyperlocal distribution startup, this is amazingly simple to implement. Given how easily shipping behemoths have entered the country, India most certainly has the infrastructure for these. In terms of growth, it took a pandemic to recognize the value of these startups, and they have experienced exponential growth because of the demand generated during this period.

All of this indicates that hyperlocal companies are here to stay. Because of the hygiene and protection, citizens tended to focus on the well-known local businesses during the difficult times. This eventually worked; the current economic situation allowed hyperlocal vendors to take advantage of it, and the distribution system, as a result, became an effective tool.

Going forward, the hyperlocal delivery space will continue to flourish, especially at a time when the COVID-19 scare is widespread, and many consumers have grown accustomed to receiving essentials at the click of a button.

Route planning and last-mile distribution optimization are critical in pandemic situations to ensure smooth operations. Field staff and courier agents should be able to monitor their orders in real-time, ensuring that customers receive their orders on time.

Effective fleet management and last-mile delivery optimization will help you make fast hyperlocal deliveries, whether you are an e-commerce vendor or a local delivery service. So, are you ready to use last-mile delivery tools to boost the quality of your hyperlocal deliveries? MIMO can help your business come online with the best hyperlocal delivery services in the region.

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Importance of Background Verification in Financial Industry

Importance of Background Verification in Financial Industry

April 1, 2021
8:49 am
background verification, checks, verification

Background verification are essential in companies when it comes to recruiting, accepting loans, provision of services, among other items. Financial institutions must carefully choose who is eligible to use their services due to increased security requirements and complex financial regulations. For seamless services, it is important to know the identity and background of a potential client or customer. When performing a Background verification as a financial institution, there are many reports you can run and consider before extending credit.

The Following are Seven of the most Widely used Background Verification:

Identity Verification:

Identity theft accounts for a large portion of fraud in India. According to an Experian survey, 85 percent of identity frauds are linked to auto loans, credit cards, and mortgages. Identity fraud has risen by 50% in the mortgage loan portfolio. Confidence and reliability are essential in business alliances, joint ventures, and collaborations, which can only be achieved by thorough background checks. Extensive Background verification can be conducted using tech-enabled platforms, which include identity verification.

The following Background verification are integrated with Identity Verification:

Passport verification
Driving License check
Voter ID check and more

Education Check:

One of the most common forms of fraud in India is misrepresenting information about educational qualifications. Fake documents are created to obtain access to a range of loan items, job opportunities, and enrollment in educational institutions, among other things. Conducting a comprehensive Background verification that involves education checks is one of the best ways to fight false documents.

Multiple databases are used to verify the following facets of education:

Roll or Registration number of the candidate
The course passed or pursued by the candidate
The year of course completion
The genuineness of pass certification
The affiliation and accreditation check of the institute/course

Address Verification:

According to an AuthBridge survey, there was a gap in more than 6% of the candidates’ given addresses in 2017. Physical address checking is an important part of Background verification since it is the first-place employers, businesses, credit card companies, and banks look if there are some discrepancies.

Financial Institutions can effectively monitor the following information about the physical address by using mobile-enabled location tagging which employs cutting-edge technology:

Is the address given correct?
If the resume or document’s address refers to the real physical address
How long has the nominee or individual been residing at the given address?
Whether the person owns the home or has leased it.
Relationship between the nominee and the person who verifies the address information.

Criminal Records Check & Police Verification:

Financial Institutions search a variety of public records, including those kept by various courts, police records, and CBI, SEBI, and RBI lists, to derive actionable, factual information about a person’s criminal background or litigations. As part of the full background search, all civil and criminal litigation records are checked. Hiring people who are responsible for handling sensitive and confidential information and transactions in financial institutions needs a thorough Background verification.

Reference Check:

In 2017, more than 3% of reference checks had more than one difference, according to an AuthBridge report. Many institutions do not have the time or money to perform a comprehensive reference search, which is crucial to verify customer information. One of the common methods to perform reference checks can be in the form of telephonic verification to assess the candidate’s performance, expertise, and abilities.

Checking Employment History:

In the financial services industry, employment verification of the customer is critical. Employment background verification services include a detailed review of the candidate’s employment history, including previous positions held, duration of employment, and reason for departure. This provides institutions with an accurate description of the candidate’s professional life.

Checking Credit History:

When considering whether a candidate is eligible for financial services, it is important to look at their credit background. A credit check can be conducted by looking at bankruptcies, tax liens, derogatory accounts that have been paid or charged off, and active accounts that contain open loans relating to the nominee. Many organizations have started concentrating on an individual’s financial health to measure several personal qualities such as dependability and integrity over the years. The argument goes that bad credit scores indicate a person’s inability to manage his finances, which would inevitably affect his work efficiency.

While all businesses benefit from background verification, banks and financial institutions must receive the most up-to-date records on any prospective customer. It is possible to collect background check information yourself if you are interested. However, not only will it take time and money to collect all the documents you require–which will include carefully reviewing court records, criminal records, and national databases–but certain records are unavailable to the public.

By partnering with a third-party background screening company, you will be able to receive all the information you need quickly. Working with a reputable Background verification firm will save you time and money while also ensuring that you remain compliant in the customer screening process.

Here at MIMO, we are aware of the high levels of transparency and complex legislation that the financial sector must adhere to comply with central, state, and local laws. MIMO offers all-inclusive background check services with a focus on protection to provide you with the most reliable and up-to-date details.

For more information and to avail our Background verification services.

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Impact of Tech Advancements On Last Mile Distribution

March 25, 2021
5:36 am
delivery, last mile, last mile distribution

If you run a logistics or eCommerce company, mastering the last-mile delivery service is essential. To do so, you must understand the effect of technology on the last-mile distribution market as well as the prospects for this autonomous delivery model in the future.

The rate of technological advancement is outpacing expectations, and it is already changing last-mile delivery. Hence, we’re seeing the start of series productions and the scaling up of technology implementation by several companies.

Customers want more from their distribution companies, and a highly competitive market, coupled with customers’ high-cost sensitivity, has forced the industry to build technology that will help it meet these demands. These developments, taken together, necessitate immediate adoption of these emerging technologies by last-mile providers.

In the last-mile distribution and its advances, technology plays a critical role in resolving visibility problems. It helps to provide real-time insight into the last-mile distribution process in a variety of ways:

Possibilities to address distribution problems before consumers become aware of them.
Allows customer service representatives to be more proactive in dealing with distribution problems.
Stops customers from calling you to check on the status of their orders.
Makes you more cautious when dealing with customer delivery problems.
Get real-time information on delays.

Innovations are entering the logistics industry at an exponential rate thanks to a truckload of available data through technologies such as artificial intelligence and predictive analytics, improved processing capacity, and seamless connectivity.

Artificial intelligence and machine learning are now being used by some of the world’s leading logistics companies to develop their core business strategies and improve real-time decision-making on issues such as prices, carriers, availability, inventory, and labor.

However, given the ever-changing nature of technology, it can be difficult for logistics organizations of any scale to keep up with these advances. While switching from older technology to a more advanced one takes time, success in this competitive industry depends on leveraging new technologies.

Few technological developments that are reshaping last-mile delivery are mentioned below:

Real-Time Tracking

Live monitoring technology is now allowing for a clearer understanding of what is happening at every stage of the distribution process. This benefits customers as well, by providing them with correct delivery status information. In the last-mile delivery phase, tracking the field officer on the road with the delivery is critical. This real-time order tracking function gives product distributors visibility into the current position of the field officer during the distribution process.

Telematics

Telematics is a rapidly expanding area that encompasses wireless communications networks that link remote applications. In effect, they provide last-mile delivery with end-to-end connectivity.

The Gig (On-Demand) Economy

Technology may sometimes do more than just help the industry innovate. It can disrupt – to open up entirely new possibilities. Uber not only introduced new technologies to the taxi industry but also introduced an entirely new business model.

Predictive Analytics

The adoption of emerging technology by the last-mile distribution industry offers a wealth of new granular data. Predictive analytics software may take advantage of this information and uncover new opportunities for improvement, such as route optimization. Predictive analytics detects trends that can help businesses develop their operations. Forecasting future demand is one example.

Artificial Intelligence (AI)

Artificial Intelligence (AI) has become an important part of many companies’ daily operations. Machine learning and robotics developments have had a worldwide influence by revolutionizing the way we delegate tasks to boost productivity.

It enables you to handle even the most complex data sets with precision.
Allows for the use of data structures and the development of data sets to monitor patterns and phenomena.
It creates data models that are geared toward predictive analysis.

Faster and User-Friendly Delivery Channels

Customers often choose a simpler and more user-friendly way to place an order online. If customers have a bad customer experience, they may refuse to order takeout. If the mobile app is not working well, customers can’t configure their orders, and they don’t get an immediate answer to their questions, they’ll have a bad experience. Customers should be able to position orders across all available channels, such as smart devices, social media, virtual assistants, and so on, using order distribution systems that simplify the process.

Big Data

By collecting and analyzing a vast amount of logistics data and optimizing the path for last-mile delivery in real-time, Big Data technology revolutionizes the online order and delivery system. The dispatcher may use the internet to monitor their product and driver, evaluate market products, deliver speed, check traffic, and display feedback, likes, and comments on social media, among other things.

Smart Outsourcing, ln

Outsourcing last-mile distribution to local third-party carriers with operations centers closer to their customers’ homes or workplaces will dramatically lower costs and improve delivery times.

IoT (Internet of things)

IoT offers real-time and more accurate data, as well as the ability to shield current device inefficiencies. Similarly, IoT revolutionizes supply chain processes by making them more efficient and effective.

Technology plays an important role in every stage of the logistics process. Artificial intelligence is used to automate the operation in connected warehouses. Artificial intelligence-based systems are being used by transportation companies to distribute equipment, track field agents, and optimize routes. Advanced approaches are now being used to enhance efficiency, such as location intelligence and geocoding.

It is difficult to keep up with the rapid advances in technology, but most companies are concerned that their rivals are implementing new technologies even faster than they are. In the last-mile distribution, groundbreaking technologies are setting new quality benchmarks. As a result, modern businesses that want to improve the productivity of their last-mile operations should look to ride this innovation surge.

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Why should businesses choose logistics service partners that employ local resources?

Consumer landscapes are evolving at a rapid pace, while companies adapt to the new standard. Around the world, manufacturers and industrial firms are working hard to sustain and improve their supply chains. Companies that previously relied on foreign sourcing to save money are now looking for more cost-effective alternatives.

Procurement practitioners are increasingly relying on local sourcing. During the COVID-19 pandemic, as other businesses’ supply chains were disrupted, this approach helped many manufacturers maintain business continuity.

Many consumers want to keep the supply chain as close to their homes as possible.
Here is why: Logistics Service Partners

Greater adaptability:

You never know when an opportunity or a challenge will present itself. For example, a great customer might offer you a highly lucrative deal, or a current client may require you to scale up to meet demand. Are you prepared?

If you source locally, the answer is almost certainly yes. This is because local suppliers are usually more sensitive than suppliers who are located farther away where it is much easier for a retailer to organize a shipment across the street than it is to coordinate a shipment across the globe.

Enhanced Control:

You have less leverage over elements of your supply chain the farther you are away from them. Suppliers will claim to treat all customers and purchase orders fairly, but if they expect a site visit or a drop-in meeting from you, they are likely to remember you.

Face-to-face meetings will allow you to discuss any questions you may have and ensure that all items meet your expectations. There is also a smaller risk of something being “lost in translation,” which is normal when dealing with large numbers of people, many of whom are not on the floor and handling the items.

Optimized Supply chain costs:

If you are trying to save money, you can also think about tightening the supply chain. Companies invest a staggering amount of money on logistics per year, with North American companies investing over $1 billion annually.

Localizing the supply chain will help you save money on a lot of these expenses. Additionally, since less money is spent on logistics, the bottom line will suffer less.

Increased Revenue:

Local sourcing can not only help you save money, but it can also help you make more. Since your efforts to maintain a tight and fast-paced supply chain can impress local businesses, which can help you attract new customers.

Make your dedication to local sourcing a part of your marketing and sales plan. Consider incorporating it into your one-of-a-kind selling proposition.

Beneficial for the Community:

It stands to reason that if sourcing locally boosts your bottom line, it will do the same for other local suppliers and producers, which can be a huge win for your community’s economy and residents.

Employees who are happy and well-compensated are more likely to invest in local businesses. Furthermore, well-known, and affluent organizations can give back to their communities by fundraising, volunteering, incentives, and sponsored events.

Eco-Friendly:

Localizing the supply chain is a brilliant way to contribute to environmental sustainability. When you cut down on transport and storage, you cut down on pollution and energy consumption. Local sourcing not only helps you support green production but also helps you create customer confidence.

Launch your products faster:

Locally sourced employment benefits from partnering with businesses in the same time zone, which makes contact simpler and faster. You will be able to solve issues quicker and launch goods in response to spikes in market demand.
Consumer expectations for companies to improve their transparency around ethical supply chains and corporate social responsibility are at an all-time high. Manufacturers should carefully evaluate their third-party vendor risks and supply chain now.

Local sourcing will help the company become more versatile and agile, allowing it to respond to changing market demands and challenges while saving money and improving service levels. Transportation carriers, warehousing firms, freight forwarders, and third-party logistics service providers are among the local networks of businesses that offer a wide range of logistics services. Retailers, suppliers (for both new products and aftermarket parts), and distributors all have distribution operations.

Bottom line, businesses that rely heavily on logistics as part of their service offering or as a significant part of their overall costs need the support of local networks to help them grow and contribute to economic development.

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Established Strategies for Increasing Survey Response Rates

You, like many experienced marketers today, are probably searching for innovative ways to pull in new leads or contacts and learn more about them, one of which is conducting surveys. But designing your survey is just the beginning—getting your future and current customers to participate is probably the most difficult obstacle to conquer.
Your survey is likely to be one of many marketing messages your audience receives each week, so how can you break through the clutter and get them to not only pay attention to but also complete your survey?

From sending the right message to providing rewards, here are four important strategies for increasing survey response rates:

Making them feel unique is the main message:

Show heartfelt gratitude for their involvement to entice people to complete the survey. Consider using the following messaging: “We’d like to hear your thoughts.” Make it clear that you appreciate their input and clarify how it will affect your product roadmap or offerings, the content you give them, and so on. Make sure they understand how you will use their experience and feedback by being as precise as possible. “We would appreciate it if you could take 5 minutes to complete our survey.” Give them an estimate of how long it would take them to complete your survey out of gratitude for their time. Do not take chances—ask a coworker who has not seen your survey to take it and time it. Often, let them know how much you appreciate them taking time out of their busy day to help you out.

Eye on the Prize: Provide Incentives:

Sometimes, you can’t rely on goodwill alone. If you’re having a tough time getting people to complete your surveys, try offering incentives to boost your completion rates. Cash rewards, without a doubt, improve response rates. Yeah, there are advantages and disadvantages to survey rewards (e.g., people might rush through surveys just to receive the incentive). However, according to the same report, 94 percent of people who said they take surveys because they want a reward still offer truthful answers extremely or very frequently.

Keep Surveys Relevant: Don't Waste Their Time:

Consider how you would feel if you were in their shoes: Will you complete a survey if you couldn’t say “Does not apply” or miss questions that didn’t apply to you? Most likely not. Answering questions about your coffee preferences, for example, will be a waste of time if you don’t drink coffee—plus, the responses you’d offer wouldn’t be reliable or helpful. Point them in the right direction. Let’s say you’re curious about why those people don’t drink coffee. Perhaps they don’t like the taste or it’s too costly. If you’re a company trying to sell a new brew to a specific demographic, use survey reasoning to direct those who answered “Never or almost never” to a collection of questions specific to their response.

Be state-of-the-art: Offer Surveys via Multiple Channels:

Since you already have your subscribers’ email addresses, sending your survey by email is the simplest way to ensure that it reaches them. But what if they don’t respond to the survey you sent them? If they “run into you” over the internet, it can pique their interest. Consider sharing the survey on social media or embedding it into related marketing sites. You can also use SMS to send surveys. They’ll certainly recall your survey by the second time they see it. When it comes to their attention for the third time, they may be intrigued and complete the survey just to see what you’re up to.

Customizable surveys for a better response rate:

Custom surveys help to distinguish a survey as coming from your business. Your custom survey includes a footprint of your brand attributes in the survey, rather than a blank or bland template. You can brand and customize your surveys to match the look and feel of your business. Surveys can provide you with more than just useful information on how your customers think. They can also make customers feel more involved and significant. You want your customers to know that their feedback is valued.

Interactive surveys increase response rate:

According to research, when questions are presented in a colorful and engaging way, respondents are more engaged with the topic of the survey. The adage “an image is worth a thousand words” is backed up by statistics, with surveys showing 30-40 percent higher response rates than typical HTML surveys. The use of symbols and pictures is common in public places such as hospitals, restaurants, and traffic signs, simply because the brain can recognize and react to pictures better and faster than text. Furthermore, a person who is not fluent in a particular language can be unable to comprehend the meaning of a particular choice when presented in the text but will understand it instantly when presented as an image. These reasons make Interactive Surveys garner a higher response rate.

The Bottom Line: The more precise responses you have, the better.

Of course, as you collect more responses, you’ll be in a better position to recognize and interpret data patterns, in addition to learning more about your target audience. If only 12 people respond to your survey, it will be difficult to draw reliable conclusions about your target market’s preferences and behaviors. Send surveys and sync survey responses with your marketing automation solution to reap benefits, whether you’re trying to draw conclusions about your target market, discover critical information about your audience, or find hot MQLs.

Have you ever used questionnaires to create demand?

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Benefits of adopting a customer loyalty program using POS systems

Table of Contents

Here are a few compelling reasons to combine POS and customer loyalty programs to optimize the company's benefits:

More Valuable Information

Intelligent Marketing

Customer Convenience

Multichannel, Multilocation use

Efficiency in Information Technology

Client Segmentation

Personalized promotions

A POS can deliver personalized promotions in a few ways:

5 ways POS system can help businesses survive the Pandemic

Table of Contents

Here are five ways it can assist the company in surviving the pandemic:

Contactless Transactions

Online Ordering

Integration of Delivery

Engaging Marketing

Recognize and reward loyal customers

Some common scenarios where DigiPe will prove to be useful are as follows:

Shops/Supermarkets:

Vendors:

School Office:

How does data digitization help you achieve your business goals?

Table of Contents

What is the concept of digitization?

Digitization’s tactical advantages

Digitization’s tactical benefits

Big Data

Risk mitigation and governance

Internal integration

External Integration

Digitization's Future

Is Digitization the same as Digital Transformation?

Table of Contents

What is Digitization?

What is Digital Transformation?

What is the difference between digitization and digital transformation?

Why Differentiating the Terms Matters?

The Wrap Up!

A Guide to starting your On-Demand Hyperlocal Delivery in India

Table of Contents

Aside from that, you must consider the business model that you will employ for your company. You can choose the best business model based on your requirements from a variety of options. Some of these are:

Aggregator model:

Single store model:

Store pick model:

Hybrid Model:

What does a hyperlocal marketplace require?

Navigation System:

Multiple payment integration:

CRM tools:

Network for online sales:

Logistics:

Evolution of the Hyperlocal Delivery Market during Pandemic

Table of Contents

So, what is Hyperlocal Delivery, and how does it work?

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Importance of Background Verification in Financial Industry

Table of Contents

The Following are Seven of the most Widely used Background Verification:

Identity Verification:

Education Check:

Address Verification:

Criminal Records Check & Police Verification:

Reference Check:

Checking Employment History:

Checking Credit History:

For more information and to avail our Background verification services.

Impact of Tech Advancements On Last Mile Distribution

Table of Contents

In the last-mile distribution and its advances, technology plays a critical role in resolving visibility problems. It helps to provide real-time insight into the last-mile distribution process in a variety of ways:

Few technological developments that are reshaping last-mile delivery are mentioned below:

Real-Time Tracking

Telematics

The Gig (On-Demand) Economy

Predictive Analytics

Artificial Intelligence (AI)

Faster and User-Friendly Delivery Channels

Big Data

Smart Outsourcing, ln

Many consumers want to keep the supply chain as close to their homes as possible.
Here is why: Logistics Service Partners