Lumi Business Product Update: Release 9

Lumi Business Product Update: Release 9

We're excited to announce the latest updates to Lumi Business, packed with new features and enhancements designed to improve the customer experience and streamline business operations.

1. Store Wallet

The Store Wallet feature allows merchants to take deposits from customers, which can be stored for future purchases. Customers can also make partial or full payments using their Store Wallet balance, offering a convenient and seamless way to manage transactions.

  • Crediting: If a customer overpays or chooses to deposit funds, the amount is credited to their Store Wallet, available for future use.

  • Debiting: When making future purchases, the payable amount is deducted directly from the customer's wallet balance.

Key Features:

  • Returns Processing: Process returns as store credits, which are automatically tracked in the customer’s profile for future use.

  • Sell Mode Integration: Accept Store Wallet as a payment method during checkout, secured by a 6-digit verification code sent to the customer.

  • Transaction Notifications: Customers receive email notifications detailing wallet transactions, keeping them informed of credits and debits.

Merchant Value:

  • Enhanced Cash Flow: By accepting deposits, businesses can maintain a steady cash flow, helping with financial stability and planning.

  • Customer Loyalty: Having funds stored in the Store Wallet encourages repeat purchases and customer loyalty.

  • Simplified Payment Process: Automates and speeds up transactions, reducing the need for manual payment handling.

Customer Value:

  • Flexible Payment Options: Customers can easily save money for future purchases and make payments as needed, simplifying budgeting.

  • Seamless and Secure Transactions: Using wallet credits for purchases makes the checkout experience faster and more secure.

  • Transparency and Trust: Detailed transaction notifications provide clear records, enhancing customer confidence.


2. First-In-First-Out (FIFO) Inventory Management

FIFO automates the tracking of older inventory, ensuring it’s sold or used first. This prevents stock from expiring or becoming obsolete, promoting fresher products and reducing waste.

Merchant Value:

  • Reduces waste and saves costs by selling older inventory first.

  • Tracks expiry dates accurately and sends alerts when products near expiration.

  • Improves efficiency in warehouse operations, simplifying stock management.

Customer Value:

  • Guarantees fresh, high-quality products every time.

  • Reduces the risk of receiving expired items, boosting satisfaction.

  • Builds trust in product quality with consistent freshness.


3.Manual Debt Recording for Customer Purchases

Previously, merchants could only record items sold on credit during checkout transactions. With this update, merchants now have the flexibility to manually add debt records to a customer's account, even outside of a standard checkout. This allows them to record items sold on credit if the transaction was missed or needs to be adjusted later.

Functionality: Merchants can enter a debt amount, add relevant details or receipts, and the system will update the customer's outstanding balance accordingly.

Merchant Value:

  • Greater Control: Easily add or adjust debt records for more accurate financial tracking.

  • Error Correction: Correct missed or forgotten credit transactions outside of checkout, reducing discrepancies.

  • Improved Accuracy: Maintain comprehensive records of items sold on credit, ensuring financial transparency.

Customer Value:

  • Clear Debt Records: Customers have visibility into their outstanding debts, including itemized details and dates.

  • Transparency and Trust: Clear communication about financial obligations fosters trust between merchants and customers.

  • Better Financial Management: Customers can easily keep track of what they owe, reducing misunderstandings.


4. Instant End-of-Day (EOD) Download

Previously, End-of-Day reports were only sent via email. Now, merchants can instantly download EOD reports directly from the platform, accommodating customers who use usernames instead of email addresses. Reports are available on-demand in both PDF and Excel formats, providing flexibility for daily financial management.

Merchant Value:

  • Access EOD reports instantly without waiting for email delivery.

  • Simplifies sharing and analyzing data, even for non-email users.

  • Saves time by providing quick, on-the-fly reporting options.

Customer Value:

  • Gain immediate visibility into daily financial summaries.

  • Enjoy flexibility in report access, regardless of email usage.

  • Enhanced convenience for customers who use usernames.


5. Credit Repayments Added to End of Day Report

We’ve added credit repayment information to the End-of-Day reports. Merchants can now view all repayment activities alongside other key financial data, providing a comprehensive overview of daily transactions.

Merchant Value:

  • Full snapshot of financial activity, including loan repayments.

  • Better financial tracking, reducing missed details.

  • Streamlined management with clear repayment summaries.

Customer Value:

  • Transparent repayment tracking builds trust.

  • Accurate, easy-to-access records of financial transactions.

  • Confidence in the management of repayment details.




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