The moral of the story is: There is no doing away with traditional formats. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Consumers have adopted digitisation in payment methods and so has the kiranas. The report covers both the impact that the pandemic has had on consumers and its pursuant impact on kirana stores as providers of essentials. Digital Kirana Store. How entrepreneurs can transform access to safe water, Nine ways to advance LGBT+ policy throughout global organizations, Technology evangelist, a facilitator of customer centricity and innovation. EY | Assurance | Consulting | Strategy and Transactions | Tax. In India, customers don’t just prefer supermarkets and shopping malls to buy essential groceries. FMCG companies, e-commerce, cash and carry retailers and payment companies, logistic providers and intermediary traders, the government, as well as retail associations and traders—everyone has a role to play. In metros, 58% respondents are convinced with the shift to digitisation due to Covid-19, while 46% respondents in the non-metros still feel that cash is the predominant mode of payment. Lacking other means, they have created a simplified online journey using chat apps as a medium of taking orders, providing contactless delivery and then receiving payments through digital platforms. The results: Swift improvement in turnover: Store owners report revenue growth of between 20% and 300% with an average of 135 percent. 64 people follow this. This will navigate you to Accenture.com Sign In page. The increased disruption in supply chain and distribution channels has led to a growing acceptance of start-ups and partners which are endeavouring to enable the kirana stores with technology and services. Happy Shopping. The positive tilt in favour of the Kiranas in the minds of consumers, collective purchasing via societies and resident welfare associations and close association with digital partners is likely to continue. Languishing storefronts could see a strong disruption coming with the aid of technology. Ram Lakhan Kirana Store welcomes you for Digital Shpping, This shop is located in Rekabganj Hanuman Garhi Civil lines Faizabad, Ayodhya. The modernization of small retailers doesn’t just benefit store owners, but also consumers, the government and the industry at large. More than 76% of them reported a bigger customer base, while 67% said they increased staff strength. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Wagadwala Store is a household name in residential complexes of Marol in suburban Mumbai. In the previous article, we saw how mega-companies like Reliance, Amazon, and Metro have started to make in-roads in this segment. FMCGs must relook at their value chain based on changing consumer needs and financial services should recognize that the kirana store is the new hyperlocal touchpoint to provide secondary services like insurance, KYCs, and cheque deposits. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. Customers of Kirti Stores, a small kirana store with a countertop in the posh Pedder Road area in Mumbai, would always pay Amit Chheda, the owner, in cash. You can then update your LinkedIn sign-in connection through the Edit Profile section. These are consumers who would earlier shop online or from supermarkets, are now preferring to buy from local kirana stores to avoid long queues and there is a semblance of trust and traceability. So, who are these stakeholders? Review our cookie policy for more information. The EazyBilling app enables the kirana stores to track digital … 79% respondents in non-metros and 75% in metros stated that consumers are purchasing specialty food items and DIY items in unprecedented quantities to the extent that the kiranas are finding it hard to source such specialty food items like baking goods, instant foods, ready mixes, special masalas and namkeens due to stock-outs. The EazyStore mobile app, that helps a grocery store to set up an online store in flat 30 minutes. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. Profits also grew 30% to 400%.Bigger shopper basket size: As stores modernized, there was a qualitative change in what and how much consumers bought. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. Please refer to your advisors for specific advice. SLIDESHARE: Kirana transformation in India grocery item vegetable and fruits electronics item medicine courier pickup and drop About Us. During the uncertainty, consumers have turned to their local Kirana stores for their requirements. E-commerce sales were estimated at a mere USD 2.5 billion, of the total USD 550 billion sale of food and groceries … Moreover, the way that these kirana store owners have adopted to innovation and digital technologies, such as digital payments, changing operating models and reduced friction towards technology, to cope up with the pandemic is highly commendable. We also list nine steps to quickly incorporate Kirana stores into the formal economy. About See All. LGBT+ inclusion: Can you apply a globally consistent policy across an inconsistent world? Kirana stores play a crucial role in the Indian retail sector, with 13 million such stores catering to the everyday needs of people locally. Does that mean it’s the end of the road for small retail formats? Numbers show that the kirana stores are taking these initiatives positively; however, the challenge lies in helping the store owner understand usage and benefits of such digital solutions. The math is clear: If stakeholders in the Kirana ecosystem help expedite the modernization process, they multiply benefits for themselves. 56% of respondents in metros feel that there has been a positive change in the attitude of consumers post the lockdown. Kirana stores have emerged as local saviours during this time of crisis. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. During the national lockdown because of the global pandemic, our survey revealed people turned to local stores for their daily needs. It can automate POS processes and store operations, provides centralized control for multi-store retailers. In addition, food and grocery (the hot sellers of Kirana stores) account for more than 65 percent of the retail sector in India. Retailer that have gone the modernization way are enjoying a distinct competitive advantage. Local Kirana Store Network. Kirana stores play a crucial role in the Indian retail sector. However, such promising numbers are still at a nascent stage. A huge 90% of the retailers felt they had more time for themselves. 0 items ₹0.00; Select Page . Kirana store billing software is a software solution designed specifically for retail stores or chains. However, such promising numbers are still at a nascent stage. Partner - Customer Experience and Design Thinking, EY India, Sentiments of India – pulse of the country, Kiranas, Sentiments of India – Pulse of the country, Kiranas. 64 people like this. With consumers now spending more time at home, we see an increasing demand for specialty food items and DIY items. Wagadwala says the only digital enabler in his store prior to … The survey also highlights the evolving relationships of the kiranas with various stakeholders. Product/Service . Accelerating the digital facelift of Kirana stores Kirana stores play a crucial role in the Indian retail sector, with 13 million such stores catering to the everyday needs of people locally. Therefore, local traders and kirana stores would become increasingly dependent on the Reliance network on all sides, i.e., procurement, online distribution and offline sales. These solutions have not only made payments seamless and … The kirana store owners have taken a lot of effort to keep up with the changing demands of the crisis and managing their day-to-day supplies. All Rights Reserved. It is clear that the journey from ‘cash-only’ to accepting digital payments for the average kirana store is ridden with speed-breakers at every step of the way. Please try logging in with your registered email address and password. India's kirana stores, the original ecommerce play By definition, ecommerce is when a customer trusts a seller without visiting the store, orders remotely and has the package delivered home. Ram Lakhan Kirana Store. It is a complete retail shop management software that provides complete sales solutions to shopkeepers. The pandemic has caused the kirana system to evolve from physical sales to digital plane. On the contrary, it’s time for retail industry stakeholders to step up support and help Kirana stores ramp up in a sustainable manner. We identify seven systematic steps that can help Kirana store owners evolve into digitally powered retailers who understand their customers and are able to boost engagement and create more fulfilling experiences. The pandemic has led to a renewed trust in the local kirana store with a surge in new consumers visiting the local stores both in metros and non-metros. This is where players such as the Bengaluru-headquartered Jumbotail , an online wholesale marketplace for food and grocery that connects kirana stores to producers and distributors, play a vital role. 79% of respondents in non-metros and 50% in metros state that there are new consumers coming to their store post the lockdown period. SLIDESHARE: Kirana transformation in India. The steps they take now will define the future of Kirana stores and of the Indian retail landscape at large. By 2021, in just a year from now, the share of traditional trade in the retail industry will likely reduce to 75 percent from the present 88 percent. Kiranas have proven themselves to be both agile and resilient, being able to bear the brunt of an unforgiving pandemic. For more information about our organization, please visit ey.com. “The end objective is to help kirana stores generate more sales, more profits and more cash … 8578058616. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. Kirana Net is a network of Kirana Stores. Manjunath is one of the many small kirana store owners who adopted digital payments post demonetisation. Bangalore-based SnapBizz offers new-age solutions to transform traditional Kirana stores into smart stores, complete with several features that will enable the stores to gain a competitive edge and increase profitability. By 2030, India will mostly be a middle income-led economy, furthering the gap between what customers need and what Kirana stores offer. Consumer preferences have changed with ‘do it yourself’ (DIY) coming to the forefront. The platform will transform the unorganised retail market completely, he said. Online Kirana Store App, a new addition to the vocal for local movement, where local meets global. The app, called Digital Shop, facilitates instant digitization of all business operations for kirana store owners, without the need for an additional investment on a device. The mainstay of India’s retail sector Kirana stores play a crucial role in the Indian retail sector. Their go-to option for hundreds of years has been their near and dear Kirana stores. New Commerce is a massive $700 billion opportunity that will empower kirana stores in smaller towns digitally. © 2020 EYGM Limited. There is already a separate, active Accenture Careers account with the same email address as your LinkedIn account email address. percentage growth in revenue, with an average of 135%. The recent situation says otherwise. The report includes a survey that focuses on insights gathered through 27 qualitative interviews conducted across 12 cities, 5 metros and 7 non metros in India. Relax the Back. Network of your trusted local kirana stores. Some of the key insights from the survey include: Consumers have a more positive outlook towards their local kiranas and they are quickly becoming a trusted point in the local ecosystem. FMCGs, large retailers and financial services companies should recognize that the kirana store is the new local touchpoint and their conduit into the daily life of a trusting consumers. 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