The retail sector has grown exponentially over the past few years. Thriving on the recent advancements and technological progression, the industry has adapted to the modern-day tools and initiatives to match the ever-changing expectations of the people. Everything was panning out smoothly for the retail sector until the pandemic caught it off guard and impacted it drastically. Regardless of the global health crisis of the Coronavirus hitting it hard, the industry is coping well with the current scenario and giving itself a complete overhaul to get back in the game more robustly.
Although the sector is remolding itself as per the need of the hour, local retailers and Kirana owners are suffering at the hands of giants due to the lack of awareness, resources, and knowledge about the new-day technology.
Addressing the concerns of local and community retailers serving their specific regions, one will observe how technology has been a critical driver of success for the industry. Yet, it hasn’t revolutionized the streets and the regional retail segment. The present scenario of retail is eventually helping in educating Kirana stores and enabling them to learn about running their stores digitally, but it will take time and effort to reach a mutually beneficial space.
What is the Current Scenario, and How is it Obstructing Further Growth?
The present scenario where renowned names in the market took the lead has had its own shortcomings. For instance, the retail giants that shifted their focus towards delivering essentials and groceries at people’s convenience hit a dead end when they could not cater to their customers at a promised time. This further surfaced a new issue that portrayed how the leading names in the market are not able to regard their time commitment and provide satisfactory service to their customers. This is an obstacle that is actively barricading the success of the retail industry.
To resolve this, it is imperative for the players to connect and collaborate with the local stores and Kirana owners in order to serve the consumers effectively and within the committed time span.
Adopting and Adapting to the Technological Approach
The retail industry has entered the digital age, accelerating the technological evolution. It is establishing its presence in the virtual world with retailers coming forward and launching their websites/ digitally supported portals and applications.
The Kirana retail businesses and local retailers might be new to the latest advancements in technology, but it is time to clarify their queries about going online with their stores and help them get accustomed to the new way of working.
Increasing profitability and efficiency, the modern-day retail format is serving the country well and strengthening its economy while making local businesses compete in the market as they become more accessible to the customers via tech-based portals. It is all about getting tuned to the new age media and helping your business adapt to the situation and prosper by the day.
In addition to this, online retail platforms are playing a crucial role in the industry’s progression. The big sharks in the market charge a significant commission in getting the smaller businesses online and serving as the mediator in the process; however, the online retail platforms connecting local retailers to the world of virtual enterprises and technology is proving to be much more beneficial.
Retail Management Platforms: The Present and Future of Retail?
Retail management platforms are not only collaborating with Kirana owners and aiding them to run their course their way online but have also launched additional services such as credit and inventory management.
Eliminating the need to visit Kirana stores and helping local/ smaller retailers to serve the customers at the comfort of their homes, retail management platforms have integrated various add-ons to their portals. For instance, some retail management platforms provide a unique service where they send pop-up reminders for the distributors when their specified inventory limit drops lower than they have set it to be. It keeps them informed to stock up whenever required to keep the flow of the operations smooth and cater to the patrons without any hassle. These platforms also allow the retailers to run their own discounts and combos/offers to attract more customers, thereby increasing their profit numbers by a substantial amount.
Giving the retailers complete control of their account, business tactics, and strategies, the platforms contribute to the industry’s growth and take it to another level. Helping customers locate the closest retail shop to their home and ordering conveniently to aid the small distributors and Kirana owners adapt to the special needs via digitizing their businesses, these platforms have truly empowered the sector while mending the post-COVID damage caused to the retail industry.
Helping the technological revolution reach the streets and hidden corners of the country, these tech-based platforms reflect how technological advancements clubbed with management portals safeguarding the present and the future of the retail industry, helping it raise the bar by every feature and service offered.