Accra is a bustling city of West Africa’s finest and most dynamic culinary discoveries. From local chop bars to upscale dining establishments, the city is fast evolving to become the go-to place for the best in taste and nightlife.
According to Simon Kemp’s Global Digital Overview, the online food delivery industry in Ghana is worth $90m, a whopping +22% from 2022.
The staggering growth rate aided by culture and driven by tourism is allowing a burst of new opportunities in tech and service along the value chain. One of such timely tech startups is Venda: a stock now pay later service for the hospitality industry.
Venda is a supply chain service for food and beverage managers of restaurants, hotels, clubs, and marts that allows them to stock supplies and pay later, after a minimum of 30 days.
The platform allows hospitality owners to request supplies to the tune of GHC10,000 for a start and pay back in 30 days, at no interest.
Amidst the growing challenges of food inflation and foreign exchange, efficient inventory management and pricing remain a critical factor in maintaining smooth operations and profitability. Venda’s platform is designed to streamline the supply chain for restaurants by offering a “Stock Now, Pay Later” service for alcohol, water, and drinks allows restauranteurs to hedge against the increased prices in supplies and reduce frequent changes in prices on their menus. Thus, this innovative approach not only simplifies procurement but also improves customer service.
The Venda Platform: An Overview
Venda is a digital platform tailored to meet the unique needs of the food and beverage industry in Accra. It allows restaurant owners and managers to order essential supplies such as alcohol, water, and other drinks with the flexibility of deferred payment.
The simplified “Stock Now, Pay Later” model enables businesses to receive their supplies immediately and pay for them within 30 days, interest-free, allowing them to maintain adequate inventory levels without the immediate financial burden.
Key Advantages of Venda
1. Stock Now. Pay Later
One of the most compelling features of Venda is its 30-day interest-free period. It provides a significant financial cushion for restaurants, especially those in the early stages of growth or those experiencing seasonal variations in revenue.
A restaurant that orders GH₵10,000 worth of beverages can utilize the stock immediately without paying a single cedi upfront. This means the restaurant can generate revenue from the sales of these beverages before the payment is due, enhancing liquidity.
2. Convenience of Doing Business
Venda is designed with user convenience in mind. The intuitive interface allows restaurant owners and managers to place orders swiftly and track their deliveries in real time. The ease of use minimizes the time and effort required for procurement, allowing staff to focus more on customer service and other critical aspects of restaurant operations.
3. Mitigating Theft, Loss, and Wastage
Effective inventory management is about minimizing losses from theft spoilage, or wastage. Venda offers the superior advantage of accurate tracking of stock and keeping of records as well as efficiency in accounting since every stock is recorded digitally, reducing human error.
The Impact of Venda on the Restaurant Industry in Accra
The introduction of Venda’s “Stock Now, Pay Later” service is timely and will revolutionize the restaurant industry in Accra significantly. By addressing common pain points such as cash flow management, inventory control, and administrative efficiency, Venda empowers restaurant owners to operate more effectively and competitively.
Accra has had its share of business failures in the hospitality industry post-pandemic with notable names closing down citing cost of business operations as a key factor. Venda’s deferred payment model provides a vital lifeline, helping businesses navigate cash flow challenges and invest in growth opportunities.
A restaurant can use the funds saved through deferred payments to enhance its menu offerings, invest in marketing campaigns, or renovate its premises. These strategic investments can drive customer acquisition and retention, ultimately boosting revenue and profitability.
As the restaurant industry in Accra continues to evolve, platforms like Venda will play an increasingly important role in supporting business growth and sustainability. For restaurant owners and food and beverage managers seeking to optimize their operations and enhance profitability, embracing Venda’s innovative solution is a strategic move that promises significant long-term benefits.
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