Ramesh Goel runs a 1000 sq. ft. grocery store in Bengali Market in New Delhi. He was one of the many ‘Kirana’ storeowners who had once protested against the modern retail format that he believed would wash them out of business.
As if the invasion of malls and modern retail stores weren’t enough, with e-commerce disrupting the retail market and offering a far more convenient and cost-effective alternative, his customers gradually started dwindling, further adding to his woes. As a result, small players like Ramesh in neighborhood markets suffered huge losses and began resenting online retailers.
However, things have taken a surprising U-turn ever since. With several hyperlocal players having entered the ecommerce space, neighborhood commerce or n-Commerce, has again got a huge boost.
Now Ramesh is constantly getting calls from n-commerce players in the retail industry seeking a partnership with his store. He doesn’t mind expanding his business and is mulling tying up with one of them as yet again he can see his small store gaining a steady stream of customers.
There are many neighborhood stores – right from groceries, mobile phones, stationary, dry cleaners and electricians, chemists etc. that have started to tap the new market offered on their platter by the new brigade of n-commerce companies, creating a win-win situation for these local stores, customers and themselves in the process.
The Indian retail industry has got a huge boost with ecommerce ruling the roost. From $550Bn in 2015, the market size is expected to quadruple and touch the $2.1 Tn mark in 2025! Of this, the e-retail market alone is projected to grow from 5Bn in 2015 to 130Bn in 2025. (according to The Hindu). So undoubtedly, riding the ecommerce wave will be a smart move for any retailer, big or small.