Demonetization of 500 and 1000 rupee notes has put businesses in serious problems. Their sale is all time low these days as customers don’t have enough cash to make purchases. People around the country suddenly ran out of 500 and 1000 notes on the day of November 8 when Prime Minister Mr. Modi took a boldest step against the black money menace and announced that existing 500 & 1000 notes will be demonetized after 12:00 AM.
Though people have been given choice to exchange their money from banks and, government hospitals, railways, airlines, petrol filling stations, etc. have been exempted to accept the old notes for some time but due to lack of new notes, things seem to take several weeks or even months to get back to the track.
Businesses are hurt badly as they have no one to buy from them and so do customers because they really don’t have plenty of valid money to make purchases. ATM machines are also not able to dispatch enough money. However; people have welcomed this move but in the mean time, they are also suffering because of having no money to make routine purchases. Businesses, particularly those in retailing aren’t able to sell their products. They appear to be trapped in a less-cash chaos and there is nothing available to get out of it any time soon.
Should they compromise on selling less and wait for a sufficient flow of cash in market? This appears to be an ideal way but at the end of the day, it will deliver nothing but loss in running a business.
So what is the best way out?
Well, it exists, already. The smartphone applications can be a perfect tool to survive in India’s current less-cash market conditions. We are getting reports that there is sudden increase in the number of downloads of mobile wallet apps like Paytm, Freecharge, etc. Some vegetable vendors and tea stall vendors have started to receive payment online via these types of apps but small-medium business will need dedicated solutions to handle transactions.
Of course it’s not easy to go mobile as a single app development may take several weeks and even months of times. Here ready-made app solutions are better choice if a business wants to implement its mobile app in hurry. Yes, many mobile application development companies are already providing rapid app implementation for small businesses like grocery, bakery, florist, laundry, restaurant, health-supplements, cosmetic, and so on.
They already have readily available platforms which can instantly be prepared for most of the businesses engaged in selling products in retail. These ready-made solutions can also be integrated with payment gateways and wallets to help customers survive in the less-cash economy by making cash-less transactions. Other pluses for businesses to use apps is that customers can browse products on their own, apply filters to find suitable choices and track down orders right from their origin to its delivery which in result decreases the dependency of customers to retailers.
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