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Beep Online Marketplace: Scaling Grocery Store Sales and Business

A marketplace for online grocery store sales is more than just selling. It’s beyond marking smart set of rules, finding customer data, and engaging store automation. It’s about accepting and adjusting to the actualities of the retail industry and disrupting its standing business models. Moreover, it’s about ascertaining customer loyalty, retained through experiences rather than product features. Few years back, customers would usually call their local grocery store to place their orders. The seller after fulfilling a couple of orders of that particular customer could identify the usual buying pattern and would create more personalized proposition. Now, although, technologies and processes may have changed, but distinction through brand, product range, customer understanding, and service are still at the heart of being a successful grocery seller. Attracting more customers and boosting sales are the age-old challenges affecting every retail business, and grocery stores are no exception. According to a recent study by the Food Marketing Institute- ‘shoppers rely on a wide number of channels for grocery shopping, denying any single retailer as their main source for shopping’. This means that modern consumers rely on multiple stores to meet their needs. It’s hence, a matter of convincing them for most if not for all of their grocery shopping needs.

Indian Retail Scenario

The Indian retail industry witnessed a staggering 6.69% inflation for the month of August 2020, indicating a recovery in the pricing powers’ – Economic Times India is the sixth-largest grocery market and has a colossal potential for growth. The forces driving this fact are the growing population with disposable incomes. The Indian grocery market, accounting for 69% of India’s total retail, offers plenty of chances to retailers. Most of the retailers have tried tapping into this potential, but without significant results. The local kirana is still at the center stage of Indian grocery market. Even as retail leadersclash to become the customer’spractice when it comes to buying grocery, the small grocery store sales have held their importance. The grocery business in India is typical in several ways, mainly due to the combination of consumers and the distinctive distribution models of the retail sector. From small stores to big box stores to online grocery stores, the grocery business in India functions across channels. However, most of India’s grocery tradeoccurs through the unorganized sector, which isprimarily small stores, also known as local Kiranastores. Indians have habituallytrusted local kirana stores for their regular food & grocery requirements. These stores, overtime, develop a personal connection with their customers and are well-versed in customer likings and inclinations. Consequently, it enables them to store locally appropriate products. Indian customerschooseto buy their monthly supplies from these local stores for reasons such as vicinity, familiarity with the shop owner, and convenience of credit, among others. There are over 12 million small local stores in India and formulate more than 90% share of the Indian F&G market, which will reach USD 810 Billion by 2020. Also, check the E-commerce trends in India.

Ascent of Online Grocery Marketplace

However, with growing disposable incomes along with internet penetration, the online grocery market will grow in the prospect. The online grocery market size, which was worth USD 0.69 billion in 2017, will grow to 16 billion in 2020, as per the predictions; rendering to a staggering 148% CAGR. India consists of the youngest population in the world that plays a key role in the foreseen growth in the grocery market of the country. Well-found with disposable incomes, internet connectivity and smartphones, young buyers prefer ordering their grocery online, because of their busy lifestyle. This modification has majorly backed creating a market setting in India.

Opportunities with Online Grocery Selling

The Internet is a potent platform offering extensive awareness to e-commerce or the grocery industry. Millions of people search the internet each day, looking for products and services. Online shopping is growingevery year and appreciated as a suitable method to buy products. In addition an e-commerce platform such as an aggregating marketplace like Beep, allows you to engagein pre-set-uparray of marketing and sales systems for your business. This amalgamation of features and benefits gives a push much needed for business growth. Also, it gives customers that extra reason to stay and buy products from that particular grocer online.

Low Set-up & Running Costs

The cost ofsetting up an e-commerce marketplace is lower as compared to cost of setting up an offline business. The fully automated system therefore saves on staffpays and other business costs. The money saved will then utilized to expandthe product range further.

BusinessOperations and Accessibility

The marketplaces reduce any geographical limitations businesses would normally face. A seller can operate business from any location. Moreover, the automation of every process enables them to focus on other important aspects of their business and expand their reach.

Scalability

E-commerce marketplaces are very effective in allowing business owners to track what they are selling and to keep a check on the existing stock level. This enabling benefit allows them to grow their business in terms of sales, customer base and profits. Keeping a track is possible with the online marketplaces, allowing the business to track and record every move.

No Time Constraints

With online platforms and selling, customers can see and place orders anytime convenient to them. This helps the business to maximize sales and profits.

ImprovedMeasurability

Measuring results through trackable systems are easier with online marketplaces. One can view the number of orders processed, typical cart total, cart abandonment frequency and total revenue generated.

Time and Cost Savings

Once a business has been set up online on a marketplace, a seller doesn’t require any more investments in terms of costs and time. The costs saved on business promotions and advertising is immense. In addition, the automated processes save time and resources.

Greater Margins

Online marketplace allows businesses to sell at higher margins. This makes way for greater profits and revenues. The range of payment options on the platform translates to a 100% payment from the customer straight away. This ultimately means- improved cash flow on grocery store sales.

The Bigger Picture with Beep

The two main segmented business models in the online space are – Inventory controlled and Aggregator models. These two segments will capture US$ 810 Billion Indian market by 2020. However, they haven’t been able to embrace the small kirana stores in the organized sector. This is due to the fact thatthe small stores undergodisorganized inventory management, lack of product assortment, costly procurement, and lack of adoption to new technology, which limits their involvement in aggregator, based online grocery models. To bridge the gap between the need and supply of the unorganized grocery sector, Beep’s hyperlocal digital marketplace is providing a solution to the local kirana stores. With Beep, the small store owners can tap into the immense capacity of theonline environment. Beep enables the local store owners to harness the potential of online selling and boost their online grocery sale, with the right set tools and features offered on a single platform for their local business.The perfect mix of an excellent digital solution, high-quality personalized services and trust of the local kirana’s is sure to overturn the grocery industry for good. Instead of sticking to theold ways of offline selling through brick and mortar set-ups, sellers need to adopt the online business format to leverage their existing kirana stores and create a win-win position for their business. Beep is here to lift the burden of low visibility, poor sales and inefficient processes leading to unhappy and unsatisfied customers, off the shoulders of local kirana store owners. We offer a great deal of power packed features that empower the local businesses to build up or promote their existing local store. Promoting your store was never this easy! Meet your customers half way and enhance your grocery store sales manifolds with Beep. Visit our website to know more!

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