A technological support firm, Technoserve in Kenya has revealed that small traders can massively improve their profit gains through the adoption and usage of digital technologies.
The report, dubbed Smart Duka, is a program targeted at growing businesses by providing business and financial management skills for shop owners, managers and employees.
Through a Point of sales(POS) systems, Duka shop owners are able to monitor goods with the highest turnover helping them to quickly ascertain which products contribute the most to their revenues and determine their stock levels at any given time.
It added that small shops that invest in the Point of Sales (POS) systems will be able to access accurate data that enables the retailers to understand and monitor the daily performance of their shops, record their transactions and serve their customers and suppliers better.
Moreover, Duka owners could digitally record debtors on the POS, rapidly improving debt collection.
For profit increment , cash management, proper record keeping, good shop displays, and good customer service resulted in retailers gaining as much as 44 per cent profit the report added.
Last year, TechnoServe partnered with Buymore POS, a Kenyan technology firm, to tailor a mobile app that would meet the needs of shop owners.
TechnoServe in partnership with Citi Foundation, Elea Foundation for ethics in globalization, MasterCard Centre for Inclusive Growth (MCIG) and Moody’s Corporation through the Smart Duka program has worked with close to 8, 000 shops located in Nairobi’s informal settlements.