SnapBizz, a retail digitisation company along with Samhita CGF’s REVIVE Alliance, and Nielsen, a global measurement and data analytics company along with leading national banks are enabling the digitisation of small grocery stores and retailers.
Samhita CGF’s REVIVE Alliance is a blended finance facility that focuses on restoring the livelihood of informal workers and entrepreneurs affected due to COVID19.
This collaboration is a step toward stimulating the adoption of digital tools and practices among small grocery merchants to help them improve business outcomes and profit.
The collaboration is supported by organisations such as Nielsen, TRRAIN (Trust for Retailers & Retail Associates of India), Michael & Susan Dell Foundation (MSDF), United States Agency for International Development (USAID), British High Commission, New Delhi, and United Nations Development Programme (INDP).
The initiative aims at targeting small and local merchants that fall in the lower-income bracket, having a net income of INR 20-25 thousand a month and aims to ease their access to working capital and supply chain challenges.
SnapBizz, will provide a digital solution for local merchants. Samhita-CGF through the REVIVE Alliance, a blended finance platform supported by the USAID, MSDF, Omidyar Network India, British High Commission, and UNDP will provide financial assistance through Returnable Grants and incentives for small grocery stores to access the digital solution & training. TRRAIN will extend its support to the initiative through self-help videos for merchants on modern retail prices. Nielsen will be providing store acquisition and data evaluation support, the company said.
National Banks and SnapBizz are also collaborating in the roll-out and subsidising the digital solution for the program.
The company further added that the digital solution will help the merchants to efficiently and effectively manage their stores, help the store go online with their own storefront, give them access to suppliers of goods and working capital finance.
It will enable the merchants to sell more & acquire new customers by going online and enabling home deliveries, manage the store billing, inventory, accounting, and compliance and optimise the access and supply of goods and money.
Further, they will also be provided with financial incentives like the digital adoption reward of INR 1,000 at the end of four months by Samhita-CGF and REVIVE Alliance and other performance rewards and ongoing incentives and promotions from Banks and Brands.
The initiative is also expected to open newer in-store promotion avenues for FMCG brand by letting them collaborate with local merchants and drive the targeted promotions.
The Returnable Grant, a zero-interest credit instrument provided by Samhita-CGF’s REVIVE Alliance, will focus on supporting merchants in adopting technology. The merchants will have to return the money in installments once they see success.
The returned money will be used to fund a new batch of merchants. The funds would be used and reused leading to a multiplier impact to the fund invested, added the company.
“Many Kiranas (Grocery Stores) have gone digital in recent months and their stores have gone online by accepting online payments, ordering supplies online, managing inventory, etc. However, there are still millions of Kiranas that continue to work without any digitization or technological help which puts them at a huge disadvantage and hinders their growth tremendously.
Our collaboration with Samhita-CGF and National Banks is to ensure that every Kirana has a fighting chance to face the growing world of e-commerce and online marketing. We are privileged to have partnered with these organizations as it brings us closer to our vision of driving inclusive growth and integrating small merchants with the larger ecosystem. We are working together towards a digitally enabled India for all segments of the society”, said Prem Kumar, Founder & CEO, SnapBizz.
“Small kiranas are the backbone of the retail business and they’ve been at the frontline during the COVID-19 crisis, staying open through lockdowns, and providing households in their localities with essential goods, with great risk to their business and health.
Digitisation could help them modernise their trade and improve business outcomes on both the supply and demand sides in the current pandemic, from ordering online to customer acquisition to accepting digital payments”, said Priya Naik, CEO & Founder, Samhita
She further added that the REVIVE Alliance is proud to partner with SnapBizz and leading national banks to help incentivize and accelerate the digitisation and business growth of small kiranas by providing Returnable Grants.
The collaboration will enable small kiranas to build resilience, compete with modern commerce and even thrive in the post COVID-19 era, ensuring that local economies and livelihoods are strengthened and empowered. We invite the private sector, especially financial institutions, to join us in this collaboration and support the revival of small kirana stores across the country.
“The REVIVE Alliance is thrilled to partner with SnapBizz and National Banks to create a better normal for small kiranas across the country, accelerating their digitisation and business growth and enabling them to compete with modern commerce” said Diptanshu Ray, Retail Intelligence Lead – South Asia at Nielsen.