Traditional Business/Retailers have long enjoyed their running of business in the same manner as there was no competition to them and infact one of the negative side of this is the way Traditional Business/Retailers long back avoided giving any importance to its customer or its grievances and infact by making Union / Association, it was almost like no chance for the customer even though the laws were and are there to protect them but all knows the time takes in India for completion of one simple case. Coming to the present scenario about the market and way of doing the business, today the goods are being sold by malls and online and it is online which has affected the traditional business a lot. Positive aspect of online way of working is the way of their delivery and refund and this has been creating a lot of discomfort to traditional business and infact the online sale of medicine at the initial stage created a lot concern and many association started taking action against such sale but today as on 09.05.2020 the medicines are being delivered to doorsteps and via online and hence it is easy to say that future is online and there is no way that online can be stopped in any manner as there is nothing wrong doing business online as from one end it is the right of the customer to get the best deals and services. There is no doubt that India is one of the rising economies in the Global market and this has been accepted by all the association all over the world and rating agencies and also countries all over. Here to appreciate the brilliant way as to how our current Respected Prime Minister, Shri. Narendra D Modi has taken India to a next level and it feels great when we see that our Respected Prime Minister, Shri. Narendra D Modi has been promoting the business and India all over global stage and there is no doubt if not today but very soon India will get lot of opportunities to expand their market to all companies and the results are being shown at various levels. India also is getting its technology usage at a good speed and infact the Lockdown period has somewhat given the MSME business to know the importance of getting into the knowing of use of technology in business and infact this is also a truth that most of the business have started giving importance to marketing and innovation. I firmly believe that Businessperson have only two works to do “Marketing and Innovations”. Today India has got all the technology it wants and there are retailers who have been selling their products online and online means via usage of various social mediums. It is worth noting that with the growth of usage of Internet there is a huge possibility that more than 78% of businesses will be using the Internet by 2022 to enhance the customer experience.
With Technology coming into role, even the Traditional Business can grab the opportunities, which in brief is as under:
- Costs Reduction
- Operating costs reduction
- Importance given to long customer service hours
- Better in terms of Finance Management
- Aware of Target Buyers
However with Opportunities, Threats will be there and most relevant Threat in my view will be as under:
- IT Security
- Ready for Huge Budget for IT
- Proper IT Set-up to ensure no Blackout Day
- 24 x 7 open business for increase in competition
Time has come for the Traders to seriously consider the advantages and disadvantages of online marketplace and how they might apply to their current business goals and where they would want to see their retail business in the future. Please note that it is all about what they intend to do and if Traders want to have their say in future, there is a requirement of them changing the way of doing the business else someone will take-over the same business with new change and no innovative in business. I shall discuss in separate article as to why some business grow, while others remain small throughout their life. Certain reasons, which I think is as under:
- Just put yourself out there
- Unaware or Unsure where to go
- Using valuable time on Trivial Tasks
- Not able to give the best price/ fear pricing
- Work, work to death
- Taking irrelevant risk
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