Your friend has a Toronto-based bakery shop that accepted only cash in its early year. To grow her customer base, she wants to accept QR payments. What options (service providers such as Square,...

Design of QR Code Payment Service for Toronto Based Bakery Shop    4
DESIGN OF QR CODE PAYMENT SERVICE FOR TORONTO BASED BAKERY SHOP
Table of Contents
Introduction    3
Analysis    5
Conclusion    9
References    10
Introduction
    The bakery shop business in Toronto is a famous and profitable business. It is fun to operate the business by interacting with various customers and establishing a well-integrated relationship with them. Thus, operating a bakery is an exciting business but there are various benefits and disadvantages also associated with the bakery business. The bakery business in Toronto is fully managed and controlled by me. There are 10 employees who works in the bakery shop. Hence, this is a sole proprietorship business and the business transaction over the past 10 years was conducted through cash. Since, the bakery business is small, its mostly hands-on-work with which the employees make the dough texture. Further, the dough texture is mixed with sugar and flour. Over the past one decade, I have been able to establish a strong business relationship with the customers, vendors and the local community in which I operate my business. Everyday is an exciting day where I communicate with the employees to make all new kinds of
ead, meet with the customers in order to know their preferences and try my best to increase the sales by selling different types of bakery products to the customers. Further, its bakery business which is a creative and innovative way of generating revenue and also helps to enhance the
and value by sharing creative and delicious bakery products to the customers. The bakery products which are made in my bakery shop in Toronto are cakes, cookies, colorful pastries and other baked products. I have also framed some new plans to manufacture various bakery products with new flavors and innovative textures. But the major disadvantage of the bakery business is that it takes a considerable amount of time to bake the products and hampers my family life as well as the personal lives of the employees working in my bakery shop. I have to get up again early in the morning and structure plans for making
eads and pastries. The employees have to work till late night for cleaning the dishes, restocking of the bakery inventories and preparing for transition of the baked products to different shops in Toronto. Further, operating a bakery is very stressful as I have to evaluate the ingredients necessary for baking the products, decide the amount which should be charged and owing a business which is ever-changing and there are various ups and downs associated with it. I also have to deal with various financial issues, client complaints, conflicts between the employees and minutes issues with the bakery business in a daily basis. The baked goods necessitate expensive ingredients such as butter, eggs, cocoa as well as good quality sugar for making the bakery products delicious. Thus, when there is a slight inflation in the country then the average cost of the bakery ingredients rises resulting in the profitability of the bakery business. The profit margin acquired from my bakery shop is 5% to 7% and is extremely small as there is stiff competition in the bakery industry. Hence, in order to maximize the sales and revenue of the bakery business, I have to sell the bakery products at competitive prices and at a low profit margin. If I do not sell the products at lower than the market prices then I will lose market share along and not able to increase the profitability. Finally, the bakery spoilage percentage is huge and quick if all the products are unsold. The average baked product spoilage rate in my bakery shop is approximately 6% to 10% and diminishes my profit margin. Spoilage also happens due to improper storage of the bakery ingredients and handling (Zen Business, 2022).
    Presently, I want to implement a QR code payment service so as to avoid the long queue in my small bakery shop. QR code is a scannable code which is contactless. For this I have chosen PayPal QR code which will let the customers pay for the bakery products easily using the PayPal app through their smartphones. It is quick mode of payment where customers can make payment for the goods purchased using the QR code of PayPal which is directly linked to their bank account. Further, there is no necessity of any hardware or software required for implementation of the QR code in the bakery shop in Toronto.
Analysis
    QR code is a black and white square design which we are now familiar with. With the increased usage of smartphones and access to high-speed internet helps in the mass adoption of the QR code by the purchaser of goods and services. Hence, QR code is now present everywhere from a big shopping mall to a small grocery store. As per research study in 2020 by Statista, it is observed that around 11 million households are able to use and scans the QR code alone. In the year 2018, it was only 9.76 million users who were using the scans. The full form of QR code is Quick...