In the age of digitalization of financial transactions, sari-sari stores are challenged in keeping up with this trend. Leading community-based digital transactions provider, POSIBLE is committed to making digital financial services available to MSMEs (micro, small, and medium enterprises). With the POSIBLE Business Device, more kantopreneurs (kanto-entrepreneurs) are evolving into all-in-one digital hubs in their communities.
Not your typical sari-sari store
Around the busy streets of Manila, a family’s sari-sari store of 12 years made its name considering its competition against bigger establishments in its neighborhood.
Located behind a mall in Malate, RJames Store started out like any typical sari-sari store. Vicky manages her family business; selling snacks, canned goods and other basic necessities.
In 2016, Vicky saw the need to upscale her business from being a regular sari-sari store, her family decided to offer more services in their community. With a 45,000-peso investment, through POSIBLE she expanded their business to include bills payment, select government fees payment, banking & financing services, bus ticketing, e-money padala, insurance, mobile loading and online gaming credits, among others.
For its wider array of services, fast transactions and convenient location, RJames Store gained more popularity in their neighborhood. Amidst its competition against bigger stores and mall, RJames Store recorded a 65% increase in its sales. Vicky considers being a POSIBLE retailer as a huge factor to this success.
Transforming into an all-in-one digital hub
Sari-sari stores have always been a staple among Filipino communities. According to Philippine Association of Stores and Carinderia Owners (PASCO), there are 1.3 million sari-sari stores nationwide. Despite the increasing number of malls and convenience stores, they are still the most frequented retail place by (94%) Filipinos, based on a Nielsen study in 2015.
From being a traditional sari-sari store, RJames store has become the neighborhood’s one-stop shop for their digital financial transactions. There are other options available, but convenience has always been the challenge.
With its 24/7 operations and convenient location, the sari-sari store can compete against bigger convenience stores, and even a mall. Vicky shared some instances when their neighbor’s water supply was almost cut off because of unpaid bill.
The 2018 Nielsen Quest for Convenience stated convenience is the top priority of Filipino consumers. Through fintech, POSIBLE continues to make more products/services available in the community by empowering MSMEs.
Today, POSIBLE has over 5,000 empowered retailers nationwide, making digital financial services accessible to over 500,000 unique customers.
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