Since their inception in the 1990s, Quick Response (QR) codes have quietly lingered in the background, occasionally making appearances on marketing materials or product packaging of all sorts. It's only in recent years that these square-shaped pixelated readable codes have had a remarkable resurgence in popularity. According to a Forbes article, QR code usage increased by as much as 96 percent from 2018 to 2020, signaling a newfound appreciation for their versatility and convenience across various industries.
As an increasing number of people recognize the myriad use cases for QR codes, from contactless payments to interactive marketing campaigns, they have become ubiquitous in many sectors of the world of business, including small to medium-sized enterprises (SMEs).
Despite their now widespread adoption, though, there are still some SMEs that have yet to fully embrace the potential of QR codes to transform their business operations and enhance the customer experience. Whether due to hesitancy, lack of awareness, or uncertainty about implementation, these businesses may be missing out on valuable opportunities to streamline processes, engage customers, and drive growth.
Nevertheless, with the right approach and understanding of QR code technology, you can unlock a wealth of benefits that can propel your businesses to new heights. Here are just a few ways you can use QR codes in your daily operations.
1. Payment Acceptance
Cashless or contactless payment options have expanded with the adoption of the QR code payment by many businesses. Whether the transaction is online or offline, you can unlock QR code payments with Maya QR and accept QR Ph payments through associated fintech solutions such as Maya Terminal for in-store purchases and Maya Checkout for online transactions.
If you plan on using Maya QR to receive payments at your physical store, you can display your assigned static QR code somewhere on your cashier counter or point-of-sale area. This will indicate that your establishment is equipped to handle QR code payments. In this case, your customers can simply scan the code using their smartphone, input the amount to pay into their smartphone, and pay using their preferred digital wallet or online banking app. As an alternative, a dynamic payment QR code can also be generated by the Maya Terminal device, in which case your cashier will be the one to input the amount and the customer will scan the QR code to pay. Once payment is successful, the terminal device will generate a paper receipt of payment
With the adoption of contactless payments, your business’s revenues are digitally secured in an instant, and your bookkeeping can be simplified. Furthermore, cashless transactions eliminate the hassle of providing change in the form of physical cash to your customers.
2. Marketing and Promotions
QR codes serve as powerful and versatile marketing tools. For starters, they can be added to product labels, inviting customers to visit your business’s website or official social media accounts. Once a customer scans the code with their smartphone, they will be able to access information about the associated product online. Moreover, QR codes can be used on advertisements and marketing collaterals such as flyers, posters, or prospectuses. These QR codes can direct your prospective customers to a landing page meant to convert them into paying customers.
Another advantage of using QR codes for your marketing campaign is that they make tracking and analyzing key performance indicators much easier. For example, with a trackable URL linked to a QR code, you can trace the traffic source of each user. This is critical information for evaluating the success of your marketing campaigns.
3. Customer Engagement and Loyalty Programs
Building strong relationships with your customers is essential for your SME to thrive in competitive markets. QR codes can play a vital role in fostering customer engagement and loyalty by helping you offer exclusive discounts, rewards, or content.
For instance, you can add a QR code to posters or social media posts promoting a loyalty program or special offers. Your customers will likely appreciate the convenience and personalized experience offered by QR code-powered initiatives. With any luck, this could lead to increased brand loyalty and repeat business.
4. Inventory Management and Tracking
Efficient inventory management is crucial for your SME to optimize stock levels, minimize waste, and meet customer demand effectively.
QR codes can stand in for ordinary barcodes, offering an equally robust and cost-effective solution for streamlining inventory processes. From tracking stock levels to monitoring product movement, QR codes serve as effective product identifiers that can store more information than standard barcodes.
You can easily scan and update inventory records in real time by using a labeling solution that assigns unique QR codes to each product or SKU. This ensures accurate stock counts and efficient replenishment.
5. Event Management
Hosting events or conferences can pose a logistical challenge for your SME, but QR codes can simplify the process significantly.
From event ticketing and registration to attendee engagement and feedback collection, QR codes are a versatile solution for managing multiple aspects of your event seamlessly. For instance, attendees can simply scan QR codes on their smartphones to check in, access event materials, participate in interactive sessions, and provide feedback. This process can enhance the overall event experience for all involved.
6. Security and Authentication
In this hyperconnected world, data security and fraud prevention are top priorities for businesses. While there are a lot of tools and security measures designed to combat the issue of cybersecurity, one practical and simple solution is QR codes.
Whether it's verifying the authenticity of products, granting access to restricted areas, or validating documents, QR codes can serve as secure identifiers that are difficult to replicate. By integrating QR codes into your security protocols, you can safeguard your assets, protect sensitive information, and build trust with your customers and stakeholders alike.
Boost Your Business by Leveraging Maya QR and Other Maya Payment Solutions
Sign up for Maya Business and use Maya QR to process physical and online QR payment transactions.
With a Maya Business account, you can open a Maya Business Deposit account and use it as your settlement account. Thanks to our industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. What’s more, you can send money to your partners and suppliers for free via InstaPay and PESONet, resulting in substantial savings over time.
Joining also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. This presents an opportunity to realize your business goals in a shorter time frame. Just use Maya Business as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business today and level up your business with Maya Business solutions.
