How Kirana stores in India are being modernised?

When compared to its organised counterparts, IT adoption in the unorganised sector is significantly lower. That simply implies that there is a large untapped market for modern all-in-one point-of-sale solutions, as well as cloud and mobile-based apps, which are rapidly catching up.

However, there has been a shift in customer shopping habits during the last few years. Kirana stores are predicted to lose 75 percent of their current 88 percent market share by 2021.

The lack of acceptance of current retailing practises such as digital payments, inventory management, and even an official store layout are some of the factors contributing to the fall in share. Kirana storescan be modernised to alleviate the disruption occurring in the informal retail sector.

More and more Kirana stores are currently engaged in the transformation process as a result of such initiatives. Kirana stores have begun to add tech-driven features like as mobile commerce, loyalty programmes and rewards, and digital inventory management with the support of B2B platforms as e-commerce use has grown.

Most store owners have limited sight of their inventory, which frequently results in damaged or expired merchandise. Because 98 percent of Kirana stores are maintained and managed by a single person, efficient inventory management can be a struggle.Kirana stores, on the other hand, have increased their use of apps to acquire daily commodities, giving them more access to things without expanding their working capital. Prior to the transformation, stores mostly offered grocery basics.

Consumption demands in underserved semi-urban and rural markets are largely unmet, forcing residents to travel to neighbouring towns for their grocery needs. Retail modernization might improve consumption in these areas, resulting in a significant increase in GDP.

Out of the 13 million Kirana stores, 1.4 million are expected to be transformed. With electronic billing and ledger systems, the formal economy might grow by almost 250 percent, allowing the government to have better visibility and traceability.

Finally, the possibilities for reduced unemployment, increased consumption, tax collection, and GDP, as well as the growing use of e-commerce, make this modernisation process unavoidable. Kirana stores in the future will be more connected, digital, and engaging thanks to joint efforts and initiatives from the public and commercial sectors.

However, increased competition and changing customer preferences are forcing unorganised retailers to adapt and become more tech-savvy in order to capitalise on new opportunities and stay competitive. With the government changing rules to allow foreign direct investment in multi-brand retail, local retailers should now move their focus to technology and process implementation. Kirana stores owners must have at least a basic traditional gadget such as a cash register that can do basic operations such as billing and sales summary to compete in urban markets and middle-class neighbourhoods. These devices, on the other hand, lack the flexibility and capability to provide full MIS reports and integrate crucial peripherals for total automation.

These local Kirana stores owners not only speed up their transsection process, but they also improve customer happiness, do more business, achieve immaculate inventory management, and make better use of store space and staff by automating their operations.

As you progress up the ladder, you'll find applications with user-defined displays that assist merchants with both front-end store and back-end warehouse demands. local storeswith fewer locations will benefit from such entry-level solutions. However, as the number of stores grows, more advanced technology and solutions are required and must be adopted.

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