Digital models will drive the ‘Phygital’ kiranas, says report
Indian retail economy is on a strong growth path to reach US$1.3 trillion in the next 5 years, says a report by ResearchAndMarkets.com, which has assessed 13 million Kiranas that form the backbone of this retail network.
Kiranas have especially proved their resilience in the recent times of COVID-19 on merits such as accessibility and reach, home delivery, localized experience, selling on credit, support from the government etc.
These Kiranas have various business as well as financial needs such as inventory management to reduce the cost of operations, transparency in pricing and newer revenue streams, effective support on Credit, Credit Management, GST support, Digital Payments and so on, noted the report released on 4 Nov 2020. Various business models have come up to address these issues.
While multiple eB2B models have come up on the fintech and retail side already who are trying to act as one-stop shop for all Kirana needs, the interesting bit is the sector convergence happening with certain other B2C sectors.
Driven by the above, digital models will drive the ‘Phygital’ kiranas and enhance the potential of the channel to further bolster its role in the strong Indian retail economy, it said. #economy #credit #banking #retail #consumer /fiinews.com
