It will not … ( Log Out / This initiative has far-reaching consequences for the FMCG industry. Also, fintech is another area in which Reliance is well positioned, it said identifying digitizing the kirana stores to accept digital payments … A 48 hour revamp would just fit the bill. 23 lakh crore in 2011-12. Khatabook: Digitising kirana stores in India. In fact, the digitisation of SMBs could add $158 to $216 billion to India's GDP by 2024 and contribute to the country's economic recovery post-Covid-19, according to the Cisco India SMB Digital Maturity Study 2020. More than 500 million Indians are online today, and many have internet-enabled smartphones. Equipped with a holistic online and offline ecosystem, these local retail stores are now able to manage their customers, reduce operational costs, synchronize inventory, onboard new customers, and offer loyalty points, etc. Shopmatic is a Singapore-based technology firm that provides e-commerce solutions to small businesses and individual entrepreneurs. And even in this digital-led world when e-commerce is growing by leaps and bounds, the significance of these small shops in the neighbourhoods remains the same. Currently, cash transactions allow greater flexibility in paying lesser taxes. m.Paani is now looking forward to a new set of initiatives. Digitizing Kirana stores reminds me of one of the biggest trends that are sweeping across a host of industries including FMCG – Digital India. Digitizing India’s Food Supply Chain. However, in this increasingly digital era, technologically upgrading these stores has become an imperative. Posted by Tielman Nieuwoudt. The skyrocketing smartphone penetration in the country, coupled with one of the lowest data charges in the world, has helped bring India online. Learn how your comment data is processed. To address these challenges, leading cash & carry players such as Reliance, Metro, Walmart etc. Amidst this, digitizing a market that remains unorganized to a whopping extent of 90 per cent is a task that needs to be taken up as immediately and extensively as possible. Kirana are typically family-owned stores that operate in fixed locations and carry both basic food and non-food items. These include launching of supply chain and logistics services, which, accelerated by the pandemic, will continue after the Covid-19 crisis ends. Mumbai-based m.Paani which has been digitizing kirana stores since 2015 is now making sure no local shop is left behind By Bora, ET Online I Last Updated: Apr … According to an Assocham and MRRS India research, over 350-400 million retail consumers are projected to be digitally influenced by 2020. The synergy is helping local retailers implement an efficient omnichannel retail management system post establishing their business online. kirana.store intend to create … Over 12 million local kirana stores scattered across the country form the very backbone of Indiaâs retail trade. Besides sourcing, Kirana stores face challenges in tracking sales, merchandizing, driving customer insight and managing the right inventory. The digitization of mom-and-pop stores in India and Indonesia allows shop owners to earn extra incomes while providing additional services to stores customers. The company recently announced its plans to digitize kirana stores for the transformation of the unorganized retail market, as part of its âNew Commerceâ move. So much that, over 12 million local kirana stores scattered across the country form the very backbone of Indiaâs retail trade. Through its concerted efforts, PayNearby is not just digitally empowering kirana stores and local communities but is also playing a highly instrumental role both in driving financial inclusion as well as the transformation of Indiaâs socio-economic landscape. How m.Paani is helping kirana stores in India thrive during the Covid-19 lockdown Leaving the business sector in tatters, coronavirus has made the traditional mom-and-pop stores in India struggle to make sales. Reliance Retail will leverage AI, ML, Blockchain, IoT, and cloud computing to empower these local retailers with an end-to-end digital and physical distribution stack. Indonesia. Using their trademark product, Quicktile provides a brand new look to the store. Digitizing kirana store transactions in Jaipur, Rajasthan Opportunity Transforming the fixed store ecosystem Designing a business model Product suite User experience and user interface design Sales and distribution model Developing a revenue model Key partnerships Concluding thoughts 2 9 16 20 31. After all, Small and Medium Businesses (SMBs) are the backbone of the Indian economy. 06 Sep 2019 3:25 PM Thursday, Jan 21, 2021 | Last Update : 06:15 AM IST. This is evident from the report published by Redseer Consulting, which depicts an increase of 40% in the Kirana share of purchasing from E-B2B platforms. 6 min read. The Indian retail sector has experienced high growth over the … They are even offering contactless deliveries along with sanitization of the goods that you have ordered. And a digital ecosystem will make it hard for them to evade taxes. Mumbai-based m.Paani which has been digitizing kirana stores since 2015 is now making sure no local shop is left behind. Its Indian subsidiary recently co-created an app for kirana stores with fintech startup ePayLater. Read more… 18 are … It also allows these local retailers to facilitate customized offers for customers in their area ordering on the app, giving instant credit for their purchases as well. Digitizing the procurement process, Jumbotail has launched a B2B eCommerce portal for these Kirana stores and suppliers to connect and transact online. The physical infrastructure exists and is going to stay, but the digital infrastructure needs to be created and integrated to strengthen the entire retail ecosystem in India. And looking closely, their concerns are legitimate. PayNearby is a division of Nearby Technologies, Indiaâs leading hyperlocal fintech network offering digital financial and non-financial services to underbanked and unbanked segments of the population. Through such a value proposition, Shopmatic is facilitating an efficient omnichannel ecosystem for kirana stores across the country, thus digitally empowering them. As India is undergoing a digital revolution, cash transactions are steadily declining and digital modes of payments are gaining momentum. He has more than two decades of personal and professional experience — working, living and travelling across more than a hundred countries, primarily in emerging economies in Africa, Asia, Latin America and the Middle East. The retail market, which contains both organized and unorganized segments, stood at Rs. The company recently announced its plans to digitize kirana stores for the transformation of the unorganized retail market, as part of its ‘New Commerce’ move. The company has set its eye on digitizing over 1,00,000 kirana stores over next 18-24 months. 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