How Small Banking Merchants Get Authentic Data for MR?
Digitization has gripped us profoundly. It’s here, there and everywhere. Do you think only big industries are digital? Think twice! Aren’t you linked to it? Why do you shop from Amazon, Flipkart or Myntra? Why do you book your cab through an app? Why do you order food & beverages online?
You can’t imagine a modern scenario without the internet and apps. And to spin it smoothly, of course, money is essential. The trending demonetization in India and a few countries has shown how crucial the currency is. This is the high time when small banking merchants must be active to avoid a cash crunch. Necessity is the mother of invention. Junking of the old currency has triggered an upsurge of small banking merchants. It’s an urgent need and necessity. Small banking merchants are letting the sinking economies sail across the dip safely.
How do small banking merchants get data?
Commoners are rapidly getting registered for small banking apps. Alone, Paytm banking vendor, has 122 million active members. But the most sensational fact that powers it is data, which is authentic. Why do you & I use this facility? Of course, it’s sharing our personal details to get registered. Meanwhile, our data gets boxed to their backend CRMs automatically. This is the very personal data that data extraction & market research (MR) companies hunt for research & analysis.
Let’s say I register with Paytm or PayUMoney as a seller. I need to sign up and submit my personal details, such as my name, valid phone number and email. Following this, verification of my bank details, VAT and so on occurs. Ultimately, I must upload my catalogue for selling.
Be it the seller or the buyer, the data we provide for registration gets stored. This is what most of the market research outsourcers purchase for catering to offshore data entry companies or other organisations. Such data is guaranteed to be authentic. This is the fundamental reason to get it. Eventually, when such entries are processed and analyzed, phenomenal innovative and creative business strategies take birth.
Why do laymen incline to small banking merchants?
e-Banking merchants have capabilities to tackle cash crunch and the aftermaths of demonetization. Despite running short of cash, laymen have an edge to walk through this critical situation. They live their routine lives hassle-freely through:
- e-Payments: To pay for utilities, commoners had to stand in long queues. They had to devote some time for paying their utility bills. While halting every work, they had to rush to different offices to beat the deadline. But this was the story of the past. Now, such vendors provide one point where various kinds of bills can be paid through the clicks of mouse. Consequently, their precious time gets saved. And they can focus on their core competencies.
- e-Wallet: Electronic wallet is the wallet wherein money can be saved virtually for future payments online. For example, you ordered a bag on flipkart. The money preserved in your e-wallet would make payment in a completely secured way. As a result, your worries for carrying cash to pay post-delivery would be terminated.
- Booking services: Such merchants have tied up with the transporters, automobile services and many more service providers. A layman requires to have registered account with such merchant’s app. They provide a list of diverse facilitators like Uber, RedBus, Car Repair and many more. He/she needs not visit specifically to diverse service providers.
- Fund Transfer: Transmitting funds is not a thorny path. Such merchants are collated with various banks. Thereby, the commoners can transfer funds round o’clock to the targeted agencies or person’s account.
- Lead magnet: It’s a kind of bribe that you offer to your clients for subscribing to such merchants. Newsletters, handout, swipe file, coupons and toolkits are a few lead magnets that push the customers to subscribe for the payment services.
- Entertainment: To book for the movie and theatre, get free or discounted tickets at these merchant’s app.
- For ordering food & beverages: To taste lip-smacking pizza, burger or full meal, these payment merchants offer an online way to order anywhere.
These e-payment merchants are rich of data. Analysing such data gives out valuable assessment report. All in all, they hide the real-time data for deriving proximal to truth information. This information helps in building concrete strategies for outreaching and growth.
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