After Independence India 1st Generation born in 1950’s or 1960’s when they come into market in between 1970’to 1980’s was straggling for ROTI, KAPADA AUR MAKAN. Most part of their life was of full of struggle for survivals for fulfilling the basic requirements of family. This was the period when maximum migration took place from villages to cities, mostly extended in metro city of states. During this time there were very few rich people in cities around India.
2nd Generation born in 1970’s to 1980’s became young in 1990’s to 2000 has supported the path where work shown by 1st Generation has settled their families to get better position in society. This was the generation born with big dreams and number of rich people was increasing from hundreds to thousands due to their dedication towards work.
3rd Generation born in 1990’s to 2000 have became smarter right from tenage in between 2010 ro 2020 was the generation born with gold spoon, this generation is well equipped with technological knowledge. Now the issue currently we are facing with 3rd Generation is that they are more interested in doing jobs or they do nothing ,but don’t show there interest in expanding their own small retail business operated by their family members.
Impact on small retailers
India is estimated to be the economic superpower of the future. Globalization has empowered the country and its youth to grow significantly. However, large percentage of India’s population still remains un-impacted to this progress. This is because lack of digital literacy in the India. Benefit of same is take by Big National and Multinational corporates have jumped in e-commerce business, some of the famous brands are like Amazon, Flipkart, Snapdeal, Homeshop18, Myntra etc. with recent e-commerce boom , more and more wholesalers and manufacturers are moving towards establishing their products on such web-site & due to high competition & high affiliation charges they are keeping very low margin. It has become very critical for a small business owner (Grocery trader, Cloth Merchants, etc) to take their business online.
Concern Area
Presently the overall benefits or the business profit margins are moving to the ecommerce web-site corporate which are operating their business digitally, however the said profit are being shared with the foreign company so the direct benefit of these transactions are benefiting to them only and not actually to the Indian economy. So the challenges with us is to make the youth understand the opportunity and the cost lies in the overall market trend of digital world.
In India, approximately 40% population is living below poverty line, illiteracy rate is more than 25-30% and digital literacy is almost non-existent among more than 90% of population. In a country with more than 6, 50,000 villages, where more than half of its population live in rural areas and off-the-map villages. Most are remote and too isolated to benefit from the country’s impressive economic progress. Yet there’s a growing desire among people in rural India to be part of its modernization process. Smart phone has played role as the entry point for millions of Indians to get meaningfully involved in retail market. And that bet seems to be working.
Future Scope
Success is coming for e-commerce companies as they continuously innovating to engage consumers, especially users who are online but not transacting or are limited to using online channels for availing specific services. E-commerce companies also working hard on distributed logistics, building trust with aspirational consumers (rural and urban) and provide them with right category-product-mix. Effectiveness increases when features like vernacular languages and assisted commerce that helped them to drive the large online opportunity for e-commerce firms looking to accelerate growth beyond the favourable industry metrics.
India’s online retailing business is estimated to grow by more than 1,200% to $200 billion (`13, 30,550 crore) by 2026, up from $15 billion in 2016, according to a Morgan Stanley report last year. It estimates online retail to account for 12% of the country’s retail market by then, up from just 2%. On the other hand, India’s physical retail market is estimated to top $1.1 trillion by 2020, from $680 billion at present, with organized retail expected to grow at 20% per annum, according to a study by MRRSIndia.com and Assocham.
Area of Improvement for Small Business
If offline retailers want to survive, they have to welcome the changes and young generation have to support them in expansion, take business to online from offline model. With thousands of apps designed to digitize the retail experience, store owners have an incredible arsenal of services to complement their shoppers experience and streamline business operations. Pairing in-store interactions with online experiences, such as email marketing, social media and paid advertising (e.g. Google business, Facebook ads, etc.) is a useful low-cost tool for any owner.
For businesses that refuse to adapt, the future is unstable. But those that see an opportunity in the changing ecosystem of retail shopping have much to gain. Its stories like Size Up’s that keep me confident brick-and-mortar businesses are still very much here to stay. E-commerce may be Omni present; it also marks a turning point where those who adapt will prosper and those who refuse risk struggling to stay afloat.
Support from youngster
Young people need a sense of belonging, connectedness to their family, friends and community, and to make a meaningful contribution of their technological knowledge. Career progression is a priority for young professionals, but they must provide that platform through guided mentoring sessions to senior members about affiliation availability on different digital gadgets like, Google, Facebook, Linkedin, Jio, etc, as well as engagement sessions if possible.
To recapitulate, plethora effective measures can be taken to overcome this issue. Eventually the Government should introduce strict legislations to mitigate the worst situation caused by Digital storm for retail market. Unemployment will increase and complete market control will go in the hands of few National and Multinationals. Waiting from government help is not a good idea, Young member should take responsibility, to change New India.
If you required any help or suggestion please fill up inquiry form.
