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Why SMSs are trending for Payment Collection and Invoicing

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Why SMSs are trending for Payment Collection and Invoicing

Coronavirus has had a significant impact on corporate budgets, affecting orders and sales for a wide range of industries. This has highlighted the importance of handling unpaid invoices, with one of the top targets being to make paying invoices convenient and straightforward for consumers. You can accomplish this by sending your invoices via text. 

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The following are a few benefits of using SMSs for Payment Collection and Invoicing:

Make payments more convenient:

One of the most common methods of payment is via bank transfer, often because it avoids card transaction fees (which can be up to 3%). Payment by bank transfer is now easier with the increased popularity of banking apps. However, this method still requires input by the customer to log on to their banking app, and manually input the bank data of the payee’s account and invoice amount.

 

However, the customer must also log into their banking app and manually enter the bank data for the payee’s account and the invoice number. This makes payment cumbersome and adds complexity to the process. Card purchases made over the internet pose a similar situation. Talking to an IVR (interactive voice response) device or a human attendant and entering card information is normally needed. For the business to protect card security and comply with card security laws, this necessitates expensive agent time and/or systems.

 

Customers are increasingly using their mobile devices, making it inconvenient for them to take out their cards and manually enter information. Offering simple mobile card payment via email, on the other hand, removes these issues by reducing data entry and the need to connect with several systems to make a payment.

Make your invoices stand out:

Email is one of the most popular methods of communicating with distant customers. The email issue is that it is overused and trying to engage your customers with more email just makes things worse. Especially among the younger generation, emailed invoices are buried in cluttered inboxes or simply ignored as low priority. Reminder emails (as well as phone calls) can fall victim to the same fate, requiring additional time and effort from the company to coordinate and send.

 

Postal invoices are not any better, with notices often being overlooked or misplaced in the mail. It is also difficult to tell if your invoice arrived without a “read receipt” and therefore, capturing the customer’s attention becomes difficult. Although email and phone are still common, they are not where the growth is. Because of our mobile-first lifestyles, 90 percent of consumers now prefer to communicate with businesses through texts. Text excels at capturing the interest of consumers.

 

Consumers are 7 times more likely to read a text message from a company than they are to read an email. Customers who are always on the go love texting, and text messages enable them to communicate directly with you on the most valuable piece of digital real estate you have – your phone. As a result, SMS or text is a perfect way to get your invoice noticed by your mobile customers and it is almost certain to be seen almost as soon as it is sent.

Friction-less Payments:

Most accounting apps also have a “Pay” button inside an emailed invoice for paying by card, rather than navigating to a payment site manually. This normally takes the customer to a different tab, and if it cannot prepopulate card data, the customer will have to take their card out and manually enter them. This can be aggravating, particularly if the site is not set up to accept mobile data input.

 

Alternatively, allowing customers to pay directly from the invoice rather than being directed to a different payment page or site may minimize payment friction. Customers can easily review the bill, make any necessary adjustments to the invoice (e.g., address) while still on the same page, and pay without having to enter any additional information, think about it, or take any action.

 

The inclusion of “Pay” buttons offered by mobile wallets such as Apple Pay, and Google Pay is critical for facilitating simple and fast payment. After reviewing the invoice, busy customers can pay with a single click from the invoice tab. Payment is completed without the need to enter information such as name, address, card number, or PIN, minimizing payment friction and increasing the likelihood that the invoice will be paid when the customer receives it through text.

Increased Security:

Texting invoices has the added benefit of using a phone’s biometric security features to facilitate the use of mobile wallets. This removes the need for customers to enter confidential card information into payment sites for each order, lowering the risks of disclosing card information over the phone or online.

It is the future!:

Text (as well as other mobile messaging platforms like Messenger and WhatsApp) is conversational, making it perfect for chatbots. For more intelligent interactions with customers, these functions can be refined by increasing the use of natural language comprehension. Bots will save account workers considerable time in chasing clients and their unpaid payments without needing direct human intervention, in addition to assisting in the recovery of outstanding debts and boosting cash flow. The other major advantage is that payments are made almost immediately via the banks’ quicker payments network, allowing small businesses to increase their cash flow. Most card payments take at least seven days to reach a business’s bank account. With the ability to incorporate fast action buttons, photos, and videos, future developments in text and other messaging services can make business messaging even more appealing for customers.

The worlds of payments and communications are rapidly evolving, and emerging technology will assist in streamlining the payment process for consumers, ensuring that invoices are paid on time, and reducing the burden that comes with nonpayment for small business owners.

 

MIMO technologies have recently launched payment collection and invoicing services through SMS delivery. A few benefits of adopting our software model entail:

  • Bulk invoices support
  • One-click payment
  • Multi payment mode
  • Channel choice
  • One-stop solution
  • Unlimited scalability
  • High compatibility with existing systems
  • Setup hassle-free payment mode

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How to build a Hyperlocal Delivery Network? – The Dos and Don’ts

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How to build a Hyperlocal Delivery Network? – The Dos and Don’ts

People are becoming more receptive to using services like hyperlocal delivery as they become more tech-savvy. They still use on-demand applications in other aspects of their lives, and they are now beginning to use them for local product delivery as well. So, it is up to you to make sure that you are prepared for this change.

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So, why do logistics providers and consumers prefer on-demand hyperlocal deliveries?

Nowadays, on-demand services are desperately needed in many communities. Since most customers are stranded at home due to the coronavirus pandemic, they have turned to on-demand delivery for critical products and services. To meet this demand, logistics companies are attempting to develop a hyperlocal delivery business model. These are hyperlocal and cater to immediate requirements where the entire transaction is completed in a matter of hours. Warehousing, long-distance shipping, and other logistics legs are not a concern for hyperlocal companies. The only logistic that concerns hyperlocal businesses is last-mile distribution routing.

How to build a Hyperlocal Delivery Network?

You should apply a strategic approach if you want to start a successful hyperlocal company. Some of the basic steps you can follow to build your network are mentioned below:

Select the product you want to sell or deliver:

To begin, you must determine which goods or services you will provide. Restaurants, drugs, groceries, cabs, and hyperlocal logistics all benefit from hyperlocal delivery models, which have a lot of growth potential. You may measure demand for a specific product or service by targeting local geographic locations.

Determine your target audience:

Your marketing strategy is inspired largely by your target market. Your target audience could be busy people who do not have time to go to a restaurant for a meal or senior citizens who cannot walk to the nearest grocery store. You must make your presence known by experimenting with various promotional strategies that will cater to your target audience.

Collaborate with distribution agents on a local level:

Developing a network is an important aspect of any enterprise. To do so, you will need to form alliances with two parties: a distribution partner and local merchants.

 
Customers’ orders could be received via the mobile app, and local retailers could be asked to send their delivery staff to deliver the order. You may also collaborate with a delivery service. Frequently, distribution partners set a minimum delivery limit and charge a fixed price per delivery.

Choose a revenue model:

Your revenue model is based on two sources: fees from merchant partners and customer distribution charges. For any order made from their shop, your local partners pay you a fee based on an agreed-upon percentage of the order size. If you get them more business, your partners would be able to pay you more. Since most companies have free delivery services, you can charge your customers a convenience fee if you wish.

Create a hyperlocal mobile application:

You must now begin working on the website. You will need to create different iOS and Android applications for each of the three parties: retailers, customers, and delivery workers. A feature-rich, user-friendly app is critical to building a strong customer base.

Now that you know the basic steps to create a hyperlocal business, let us delve deeper and try to understand the do’s and don'ts if you want to succeed in this lucrative industry.

Offer something Unique:

If you plan to enter the hyperlocal industry, you will find that there are already a lot of players in the business. As a result, the only way you will be competitive is if you provide customers with exclusive advantages or offers over others. If you reach the market with the same offer as your existing rivals, customers will see no need to abandon them in favor of receiving the same service from you.

Multiple Touchpoints:

Since your customers can search for services using various devices, you must have multiple touchpoints. Items can now be ordered via aggregator software, blogs, social media apps, and phone calls/texts, thanks to technological advances. You must have a variety of these touchpoints so that your customers can order with ease.

Make as many alliances as you can:

It is critical to give shape to the right kind of partnerships. It is also important to have several partnerships with retailers so that consumers have a variety of choices.

Make customer experience your priority:

When you operate in an aggregator model and do not own any assets, the service you offer is what distinguishes you. Make sure you are concentrating on the efficiency of your operation. Work to improve individual customer experiences so these customers will become advocates for your business.

Getting into the market without a plan:

Getting into a hyperlocal company may seem simple because you do not need a lot of money. But if there is one thing that can quickly destroy your business, it is entering the market without prior awareness and research. Each area is unique, and to succeed in that area, you must first learn about the people who live there and study their purchasing habits and actions.

Fewer Marketing Investments:

While it may seem that investing in a company and its product is the right thing to do, most businesses do not believe in marketing or human resource functions. They do not see the point of doing so. When your business is completely online, however, promoting your brand becomes critical. Making the right marketing investment not only ensures that customers are aware of your brand but also alleviates their concerns about having goods delivered.

Ineffective Last-Mile Delivery:

We all know that the delivery function and the people who deliver your goods will be the last point of contact with a customer and the thing they remember you for, so if you have issues with your last-mile delivery, the whole impression in front of your customer will suffer. Customers expect prompt delivery and impeccable service in this sector, and they are not willing to accept anything less.

Not enough tie-ups:

Your company is strong because of your partnerships and relationships. They enhance your brand and demonstrate to others that you are trusted by other businesses and retailers. Retailers, sponsors, and distribution partners are all examples of tie-ups. They assist you in improving your operation, attracting new clients, and providing the best goods possible.

The hyper-local industry is expected to continue to expand soon, so now is the best time to get involved. You must enter the market before it hits its apex, as there are still openings for new businesses to enter and meet gaps that have yet to be met. Be aware of potential blunders and take steps to stop them. Additionally, ensure that you have the right mix of alliances, on-target targeting, app experience, and business model. Nothing is keeping you or your company from achieving the success it deserves if you have all this in place.

How can MIMO help?

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. MIMO Technologies offers a tech-enabled platform to easily transport goods and products and achieve a high degree of precision in e-commerce and hyper-local delivery.

Our field officers are qualified to complete deadline-oriented work and deliver it to your customer in India’s most remote locations within pre-determined timelines. More than 14000 field officers serve in various rural and semi-urban areas.

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How Pharma stores can run a sustainable business by choosing the hyperlocal delivery model

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How Pharma stores can run a sustainable business by choosing the hyperlocal delivery model

Today, almost all essentials are available for purchase online. Groceries, food, clothing, personal care products, and even medicines are included in this list. Medicine distribution has been standard practice in India in recent years and what was once only available in chemist shops is now also available online.

 

Various drug delivery apps, such as 1 MG, Pharmeasy, Apollo, Fortis, and others, have begun to distribute medications. They distribute over-the-counter medications and other medical supplies right to the customer’s door. Does this imply that local chemist shops are no longer needed? Certainly not. To make their customers more comfortable, local chemist shops are opening online stores or collaborating with marketplaces.

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This is where hyperlocal deliveries play an important role to counterbalance the rise in demand, with supply. Let us take a closer look at how the hyperlocal model can help pharma retailers not just survive, but thrive! A few benefits:

Transparency and Productivity:

Most of the benefits provided by this distribution model go to your customers. They can weigh the various choices to make an informed decision. Customers benefit the most from efficient delivery. This is something that helps offline stores increase their CSR (Customer Satisfaction Rate) to attract new customers in the future.

Less effort needed by Retailers:

Another reason why top mobile app development companies are focusing on developing mobile apps based on the Hyperlocal model is that embracing the Hyperlocal concept provides them with a fantastic opportunity to save money and expand their company like never before. It enables offline retailers to register their stores with one of the relevant platforms. Once some customers have placed an order, the distribution partner may allocate it to a delivery executive. The delivery partner will then oversee the successful delivery of medicines to the customer.

Enhanced competition:

Customers benefit the most from this cutting-edge delivery method. It works as a system that encourages offline retailers to improve the efficiency, transparency, and relevant standards and practices of their businesses. As a result, customers receive the highest quality products or services at a low cost.

Increased revenue because of eCommerce:

The rapid growth of e-commerce has hurt offline retailers. E-commerce is now seen by most of them as a threat to their companies. Acceptance and implementation of Hyperlocal concepts provide them with a fantastic opportunity to gain exposure and develop their sales, consumer base, and revenue to remain competitive in the marketplace.

No additional retail investment:

If you are a small company that is just getting started with your pharmacy; you do not need to open several retail locations. With the use of drug delivery, you can work directly from your warehouse and deliver medications to your customers’ doorsteps.

A Combination of Delivery and Retail:

If you own a chemist store, you can deliver medications, vitamins, personal care products, and other items to your customers’ homes. You probably already do it with a local fleet, but with a full-fledged medicine delivery system, you can expand and develop your company.

Target a Larger Audience:

You do not have to sell in a specific geographic region if you use the medication distribution process. You can sell to people from all over the world. Only the delivery time would be longer, but if you sell unique medicines, it could be a boon for your business.

Increased Profits:

You can generate revenue from a variety of sources with online medicine distribution. You can also expand your inventory to meet the needs of your expanded audience and offer vitamins, medical supplies, and other products. Without a large initial investment, online medicine distribution will help you grow your company.

For many e-commerce businesses, hyperlocal is quickly becoming the hottest market trend. Therefore, regularly, many e-commerce companies are now able to meet their customers’ demands at their preferred locations in a noticeably short time. 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.

Effective fleet management and last-mile delivery optimization will help you make quicker hyperlocal deliveries, whether you are an e-commerce vendor or a local delivery service. MIMO can help your business come online with the best hyperlocal delivery services in the region. 

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Benefits of adopting a customer loyalty program using POS systems

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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)? 

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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

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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.

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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?

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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.

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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?

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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.

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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:

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

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

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.

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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

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Evolution of the Hyperlocal Delivery Market during 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.

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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

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Importance of Background Verification in Financial Industry

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.

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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.

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