LOOK: This New Mobile App Caters to Sari-Sari Store Vendors
The app, which was launched by BPI, is currently available in Bulacan and Cavite, but there are plans to launch it in other locations to cater to more sari-sari store vendors.
Did you know that in 2022, 41% of fast-moving consumer goods (FMCG) purchases were actually made in neighborhood sari-sari stores? This is actually a 6% increase from the purchases made in 2020! On the other hand, there was a 6% value share decline in hypermarkets and supermarkets that same year. The value share of hypermarkets and supermarkets was only 28% in contrast to the 34% recorded in 2020.
This just shows that sari-sari stores have remained the go-to of Filipinos whenever they need to make FMCG purchases. However, it is also the vendors and owners of these stores who are often left behind when it comes to digitalization and financial inclusion.
With that, the Bank of the Philippine Islands (BPI) is addressing this head-on. How? Through its mobile phone application that specifically caters to sari-sari store owners.
What is e’Nay?
The app, which is called e’Nay, aims to provide sari-sari store vendors a digital option in managing as well as paying their inventory. Vendors can even order their supplies using the app.
It should be noted that e’Nay is not yet readily available all over the Philippines. As of writing, it is only available in the provinces of Bulacan and Cavite. However, there are plans to launch the e’Nay app in Laguna and Pampanga.
100,000 Sari-sari Stores, After Just One Year
BanKo Financial Inclusion and Microfinance Solutions Business Head Rodolfo Mabiasen Jr. said during a briefing that the company estimates that e’Nay will reach 100,000 sari-sari stores around a year after the launch. Currently, BPI opened 70,000 accounts, which have been automatically enrolled in the app.
“When we launch the app, we will immediately go back to them to teach them how to use the app,” he guarantees.
Why This is Beneficial for Sari-Sari Store Vendors
The availability of an app that caters specifically to them is a great help for sari-sari store vendors. Despite being the go-to for FMCG purchases due to their proximity to homes and cheaper prices, sari-sari store vendors usually struggle to keep up with digitalization and are left out when it comes to financial inclusion.
Having an app like e’Nay allows them to conveniently order stocks from wholesalers and even pay for their purchases. This helps sari-sari store owners to be more efficient in managing their inventory as well as their expenses for the products they offer to their communities.