The ongoing Covid-19 crisis began in India in March 2020. The strictest lockdown imposed in the world has disrupted lives of people and businesses. Small retailers have been majorly hit due to tough business environment and increased competition from large organized players. Will the small retailers survive with easing of lockdown?
Retail stores selling essential items have seen major spike in sales, whereas non- essential retailers have been badly hit. Interestingly both have uncertain future due to the continuing crisis. All of them have to adapt to the new normal with increased costs due to higher safety measures, digital payment solutions, higher regulatory costs and their hidden expenses, badly hit supply chain.
In addition to the large organized retailers like Reliance-Jiomart, Amazon, Bigbasket, Grofers entering the grocery market will be strong competition to local retailers and much better placed to grab market share.
Small retailers will need to adapt to the new normal by aggressively digitizing their business and changing as per new consumer behaviour.
Nityanand Jha, Assistant Professor, Unitedworld School of Law (UWSL)
Disclaimer: The opinions / views expressed in this article are solely of the author in his / her individual capacity. They do not purport to reflect the opinions and/or views of the College and/or University or its members.