This archive report was first published on 24 September 2019.
According to a recent study by TechnoServe, a nonprofit firm that promotes business, small retailers who adopt digital payments technology can see a significant improvement in their business prospects.
The study found that small shops that invested in Point of Sales (POS) systems were able to capture accurate data, enabling them to monitor their performance, record transactions, and manage customers and suppliers better.
“Through the POS, business owners can monitor goods with the highest turnover, helping them quickly determine which products contribute most to their revenues and determine their stock levels at any given time,” the report noted.
Additionally, the report found that cash management, proper record keeping, good shop displays, and good customer service resulted in retailers increasing their profits by as much as 44%.
Launched in 2016, the Smart Duka programme, which is a partnership between TechnoServe and several other organizations, has worked with close to 8,000 shops located in Nairobi’s informal settlements.
The programme aims to provide business and financial management skills to Duka owners, managers, and employees, helping them grow their businesses.
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