The unorganised market is a dominant force in our economy that provides maximum employment opportunities to a workforce of over 470 million. It constitutes of mom-and-pop retail stores, kirana stores, household manufacturing activity, small-scale industries, and domestic services that remain out of the government control, where economic activities go unreported.
The Indian Market Landscape is now changing. India has recently secured the top 50 rank, the highest jump by any country ever, according to World Bank’s The Ease of Doing Business Report 2018. Because, it is getting easier to do business; the unorganized sector is now realizing its huge potential and waking-up to adopt the best and latest in technology, opening up e-stores, using mobile marketing, installing POS systems, going cashless and much more.
The big companies falling under the formal or organized sector, have taken advantage of automation, world-class technology, state-of-the-art facilities owing to their large scale, size and large investments for years. They file taxes, and follow government rules and regulations without many difficulties, vis-a-vis the unorganised sector where incomes are meager and accessibility to affordable technology was a rare sight. Hence, the vision to grow was limited by challenges.
But all that is changing now. The Digital India programme has many initiatives to transform India into a digitally empowered society and knowledge economy. With the new GST implementation, the unorganized sector has more incentives and drive to go digital. They are waking up to a more responsible and improved way of leading life post demonetization.
Taking baby steps like starting a website, or e-store on Amazon; encouraging customers to pay using mobile wallets or swipe machines, introducing new in-store technology like POS systems and barcode scanners, biometric in workplaces, cloud computing to avail pay-as-you-use to reduce costs on services, 3-D printing machines to provide world-class printing & customisation solutions are few ways.
These options could be a boon to India’s retail sector for e.g. The 13 million retail outlets across the country should embrace the latest technology to become competitive. A Point of Sale (POS) Machine is the most needed and visible digital system in any brick and mortar store. It could be a receipt printer, cash drawer, bar-code scanner or pole display.
India is an emerging market in the global space; investors across the world are investing huge money here in unique and innovative products and solutions. It’s important to regularize and to invest in technology so that consumers are happy, make decisions that increase efficiency to help any business stand out. Settling for less is out-of-question when markets are going so strong and competitive all around the world.
Unorganized sector that forms a large part of Indian economy has finally come of age and we can expect rapid transformation in this sector in the coming years.