SnappRetail plans to bring Pakistani retailers into the digital age

Pakistani retailers have a problem. While retail is the country's second-largest industry, the vast majority of its 3 million businesses are struggling with outdated operating methods and processes - and lacking growth as a result. But SnappRetail thinks it may change that. The fintech startup is today announcing $2.5 million in pre-seed funding to help it build a business it says could increase retailers' revenue by up to 50%.

"It's like the 1950s: it's still all about pen and paper," says Adeel Rasheed, CEO and co-founder of SnappRetail, of the industry. “Most retail owners have no way of knowing which of their products are their top sellers, or when stock needs to be reordered; they run their businesses instinctively, in exactly the same way they always have."

The result is that these retailers are not maximizing their sales. They no longer have the products their customers need most, prompting them to go elsewhere or accept delays until inventory can be replaced. They find themselves stuck with products for which there is relatively little demand. And they are unable to build any credible and coherent growth plan.

Payments are another issue highlighted by Rasheed. Remarkably, less than 1% of Pakistani retailers can accept debit or credit card payments; in the grocery sector, the figure is more like 0.2%. Instead, they only accept cash.

SnappRetail's response to these issues is to offer retailers a set of new hardware that allows them to digitize their operations. Point-of-sale machines and barcode scanners finally allow retailers to track what customers are buying, remaining inventory levels in the store, and most importantly, accept card payments.

“We need to completely change the way they work,” adds Rasheed. "The key is to solve their most basic problems. This means that we must help store owners change their habits so that digital functioning becomes automatic."
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Startups Sep 7, 2022 0 63 Add to Reading List

SnappRetail plans to bring Pakistani retailers into the digital age

Pakistani retailers have a problem. While retail is the country's second-largest industry, the vast majority of its 3 million businesses are struggling with outdated operating methods and processes - and lacking growth as a result. But SnappRetail thinks it may change that. The fintech startup is today announcing $2.5 million in pre-seed funding to help it build a business it says could increase retailers' revenue by up to 50%.

"It's like the 1950s: it's still all about pen and paper," says Adeel Rasheed, CEO and co-founder of SnappRetail, of the industry. “Most retail owners have no way of knowing which of their products are their top sellers, or when stock needs to be reordered; they run their businesses instinctively, in exactly the same way they always have."

The result is that these retailers are not maximizing their sales. They no longer have the products their customers need most, prompting them to go elsewhere or accept delays until inventory can be replaced. They find themselves stuck with products for which there is relatively little demand. And they are unable to build any credible and coherent growth plan.

Payments are another issue highlighted by Rasheed. Remarkably, less than 1% of Pakistani retailers can accept debit or credit card payments; in the grocery sector, the figure is more like 0.2%. Instead, they only accept cash.

SnappRetail's response to these issues is to offer retailers a set of new hardware that allows them to digitize their operations. Point-of-sale machines and barcode scanners finally allow retailers to track what customers are buying, remaining inventory levels in the store, and most importantly, accept card payments.

“We need to completely change the way they work,” adds Rasheed. "The key is to solve their most basic problems. This means that we must help store owners change their habits so that digital functioning becomes automatic."

What do you think? One community, many voices. Be the first to comment comments p...