Is it possible in India ?
Jim a vendor in New York City, set up shop and sold donuts and coffee to passersby as they went in and out of their office buildings. During the breakfast and lunch hours, Jim always had long lines of customers waiting. He noticed that the wait time discouraged many customers who left and went elsewhere. He also noticed that, as he was a one-man show, the biggest bottleneck preventing him from selling more donuts and coffee was the disproportionate amount of time it took to make change for his customers.
Finally, Jim simply put a small basket on the side of his stand filled with dollar bills and coins, trusting his customers to make their own change. Now you might think that customers would accidentally count wrong or intentionally take extra quarters from the basket, but what Jim found was the opposite: Most customers responded by being completely honest, often leaving him larger-than-normal tips. Also , he was able to move customers through at twice the pace because he didn’t have to make change.
In addition, he found that his customers like being trusted and kept coming back. By extending trust in this way, Jim was able to double his revenues without adding any new cost.
I think I read this in Freakonomics – please do mention the source when you copy-paste. Chor.
if i ever do such kind of business, I will definitely try this
oh did I forget ? Its an example story from the current book I am reading The Speed of Trust by Stephen Covey
SO finally cited the source with Vatsap’s insisting ?
Neway, seemingly gud practice but would be good only to business with returning customers and not to those that have one time customers (like electronics shops)
Hi, Thanks for article. Everytime like to read you.
Thanks
Garretot
but its not possible in Todays World….
but quit inspiring article …!!!
its totally impossible dude…..!!!!
its totally impossible dude…..!!!! !!!!
Yes Its Possible Even in India If the customers are dailyvisitors else its tough !!! I have experienced many chaiwala and paanwala !!! Its work as it builds a new realtionship of faith, friendship and Love !!!
its possible in books
or else you can try if one day you open and then you will curse this article..hehe
if i ever do such kind of business, I will definitely try this