The increasing trend of small and big digital payments through UPI has weighed heavily on some companies. Candy and toffee sales by well-known companies like Mondelez, Nestle, Parle, ITC, and Mars have declined. Shopkeepers used to give candy or toffee up to Rs 1-9 to the customers when there was no change at the grocery stores. UPI just ended the problem of leave.
Growth leader at Cred, Dunzo, and founder of GrowthX, says, "As the trend of UPI grew, it became a threat to toffee sales in the name of no change."
The Founder of GrowthX says wrote in one of his social media posts that in 2010 all the big candy companies including Mondelez, Nestle, Parle, ITC, and Mars had made staggering profits, but by 2020, most brands saw a huge decline in toffee sales.
The largest chocolate manufacturer American company even said that India is one of the most affected markets by Covid. The Founder of GrowthX said, 'A development may not compete directly with your business, yet it can reduce sales.'
1. Before the arrival of UPI, shopkeepers used to give toffees to customers when there was no money, but due to the arrival of UPI, the amount was paid exactly as much as the bill was made.
2. Customers also wanted to make contactless payments during the pandemic. It promoted digital payments. It changed the picture of the toffee trend instead of a change.
