Posts

Webp.net-resizeimage (84)

Are Prepaid Phones Right for Your Store?

For those who own convenience or small grocery stores in urban areas, there are several unique opportunities to make additional profit outside of the norm of snacks, gas, and beverages.  This is especially true for the store owners whose businesses cater to a heavy population of unbanked people, underbanked people, immigrants, and/or tourists.  These consumers are often relying on cash and usually need quick, convenient ways to do every day things.

One of the key solutions for c-store or small grocery store owners to consider for their unbanked/underbanked consumers, or other cash-based customers is prepaid phone sales.  You may or may not have already heard about the prepaid phone market, but if you haven't taken the time to truly evaluate whether or not you should carry them in your own store you should!

Who Are Your Customers?

As we mentioned, there are specific types of consumers who typically look for prepaid phones and places to refill their minutes and data.  Prepaid phone users tend to be in one or more of these customer groups:

  • Unbanked – have no bank account
  • Underbanked – may have a bank account but still use other financial resources
  • Low income – have limited amounts of extra money for purchases
  • Immigrants – still getting established in the United States, may need to spend money to contact people in another country
  • Tourists – aren’t establishing a permanent residence but need a cost-efficient way to communicate

The things that all of these people have in common are: their tendency to rely on cash, their need to have a reliable means of communication, and their need to get a phone without relying on credit or a binding contract.

If your store is in a location where these customers are, you should seriously consider carrying prepaid phones.  Even if a customer has not specifically asked about the phones yet, they could appreciate you providing something that will improve their life.

Is You Store Space Limited?

If you’re looking for a way to boost your profits without making a huge change or addition to your store layout, prepaid phones are a great option.  When you become a prepaid phone reseller, all you need is a place to store the phones and a place where customers can pay for them (which you surely already have.) 

There’s not even a reason to worry about keeping too many cell phones or phone cards in your store at one time. Today, there are several prepaid cell phone providers who offer flexible stocking options for c-store and small grocery store owners that could allow you to even order just one phone at a time.

Don’t Want to Learn a New Business?

If you own and operate just one store by yourself, we’re sure you have no interest in becoming an expert in cell phones or anything outside what you’re already doing.  The great thing about being a prepaid cell phone reseller is; you don’t have to!  Phone and service providers have made purchasing and activating these cell phones so easy that for some programs, all you have to do is sell the phone and let the customer activate it themselves.

Plus, if you’re concerned about helping consumers with refilling their minutes or data or even technical problems, don’t worry.  The provider companies take care of customer support and have made paying for service easier than ever.

Don’t Limit Your Store’s Potential

Carrying prepaid cell phones is a great way to boost your profits, increase foot traffic, and make your customers love your store!  If you haven’t already, start considering the options you have for getting cell phones and phone cards in your store.  There are plenty of different phone reseller opportunities in the market, you’re sure to find one that works for you and your customer base.  Some of them even include reselling cell phone accessories, a great way to bring in some extra cash.

in Building Your Business, Consumer Trends, The Banking Revolution