Why Did Store Owners Stop Offering Candies In Place Of Loose Change?

Do you have any memories of asking for change at a store and receiving candy instead? We were all frequently irritated by the retailers’ snobbish behavior. Giving away toffees instead of the remaining change account become a common practice at all establishments over time.

But after the pandemic’s first two years, everything changed. If you pay close attention, you will see a sharp fall in the toffees for change trend. It has saved us from having to endure the annoying sensation of having our wallets overflow with toffees when shopping, but it has signaled the end of the toffee industry in India. In a widely shared LinkedIn post, Cred and Dunzo’s growth leader Abhishek Patil explains how the introduction of UPI platforms in India has caused significant losses for the candy companies.

Before UPI, according to the founder of GrowthX, shops would shamelessly exchange loose change for toffees, a transaction that wasn’t taking place the other way around. According to several customers in research, these tiny sums over time did wind up becoming substantial sums of money. According to Patil, UPI put an end to this practice since customers began paying exactly what they were supposed to, eliminating the need for change. The daily toffee sales suffered as a result.

At the time this article was filed, the post had more than 100 LinkedIn shares. The Covid-19 epidemic was another reason given by Patil why consumers choose to use digital and contactless payments. As a result, the move toward digital payments caused toffees to become obsolete as change amounts. The businessman notes that the majority of toffee brands, including Mars, Mondelez, Parle, and others, have experienced a sharp fall in toffee sales. India is one of the markets that have been most negatively impacted in the post-Covid period, according to Hershey’s LinkedIn post. According to Patil’s conclusion, businesses need to keep an eye on what drives customers to purchase a product and what can cause them to modify their habits.

In September, the payment through UPI’s reached a milestone of INR 11 lakh crore, according to data made public by the National Payments Corporation of India (PTI) (NPCI). On the platform introduced in 2016, a total of 678 crore transactions were made in the previous month.

On the platform introduced in 2016, 678 crore transactions were made in volume during the month.

News Mania Desk