“The rapid changes in consumer behavior and acceleration of online commerce, mandate that the Indian retail ecosystem transform to meet emerging consumer needs,” mentioned Piyush N Singh, India market unit lead.
“As the lifeline of the Indian retail sector, a digital led transformation of Kirana stores can result in significant economic gains, including nearly 1% employment growth in India. The transformation process needs to be expedited with comprehensive policy intervention, technology support, and, most importantly, collaboration between key ecosystem players,” he mentioned.
Sameer Amte, managing director in Accenture’s Strategy & Consulting enterprise in India, mentioned the modernization of Kirana shops will not solely assist enhance consumption and native employment however will additionally have a positive impression on the retail ecosystem by way of new development alternatives.
“We believe with an improved, intelligent supply chain infrastructure, easier access to technology and funds, these stores can redefine the future of the Indian retail landscape,” he mentioned.
Amongst the modernization initiatives, the main target areas must be location evaluation of the shop, funding evaluation whereby the lease shouldn’t be greater than 3% of gross sales or one-fifth of the gross revenue, retailer structure which influences the client’s notion of the shop, know-how, product placement practices and buyer engagement.
TRRAIN founder B.S. Nagesh mentioned kirana shops play a vital function within the Indian retail sector, which in flip contributes almost 11% of the nation’s gross home product and eight% of its complete workforce. “Kirana transformation will not only help store owners improve profitability but also add value to the customers and overall ecosystem,” he mentioned.