Bookkeeping Apps are growth hacking cleverly in acquiring merchants.
There are 70 million small merchants in India and a large part of them run neighborhood stores.
They are the first port of call for most Indian households for everything from soaps to pulses and contribute heavily to the sales of large consumer goods companies.
More than 40% of sales at these stores are made on credit. These merchants maintain the transaction records in a notebook which they call “bahi khata”.
Multi-Million Dollar Digital Bookkeeping Apps
“Hisaab mein likh lena”, which translates to “put it on my tab”, is a very common phrase instead of immediate payment.
This has led to the creation of multi-million dollar apps like Khatabook & OkCredit.
Yes, Multi-million Dollars! Both these Apps are valued at $300 million & $227 million respectively.
Khatabook has got 8 million active merchants in its platform, and OkCredit has more than 5 million merchants.
With the rise of Cheap smartphones & low-cost Internet (thanks to Jio) — merchants have turned to apps to manage their bookkeeping and inventory.
Data security and trust are the most critical factors for them to start using an app for their business.
Word of Mouth or Growth Hacking