In this article I will share a thought on retail store solutions, please do not consider this article as a business idea but a narrative of my thought. I think, this is one of the futuristic retail store solutions that will provide a technical way out for unorganized retail stores to do business like their organized counterpart.
Read the article to understand how this future ecommerce business will look like. This business is completely technology driven and more like a SaaS product. When viewed with retail industry’s progressive perspective will find this solution has the power to revolutionize the entire unorganized retail sector and bring them on ecommerce platform.
Introduction
The e-commerce market has increased by 25% annually during the past fiscal year and is predicted to reach US$ 200 billion by 2026, up from US$ 38.5 billion as of 2017. The urban market’s unorganized conventional retail sector is simply astounded by the organized retail establishments that are sprouting up next to them and the rapid expansion of e-commerce.
Today I will show how technology can help these businesses find a way out from this uncertain threat by adopting a minor change.
Problem Statement, why does this store solution business have good prospects?
The persisting growth story of organized retail and their omnichannel presence has started giving a sense of existential threat to small retail traders. These retailers are now looking for a solution to compete with the organized retail, but they expect solutions that are as good as the current practice of their business, liberal, and progressive.
We can imagine how challenging it could be for an ordinary traditional retail shop to build their e-commerce store, partnering an aggregator, or list in the online marketplace. For some of them it is beyond imagination. We know, it is due to their thought which sees things with complexity, and low interest in adopting changes. This store’s solutions thought has evolved from this crisis and intends to bring a solution that will enable small traditional business in ecommerce platform. Before we continue let us understand the basics of the e-commerce model.
How does a retail e-commerce function?
They list a wide range and variety of products in the marketplace by different contracts with producers, wholesalers, and even traditional retailers.
How does an e-commerce platform earn money?
The e-commerce platform is a middle party between traders and customers who earn service revenue from the participating traders.
Why are the price and quality adaptive for customers on their platform?
The price and offers are best in type due to high competition, more choices for customers, and standardized processes.
I hope, now you are clear on how a retail e-commerce platform works. Please note this is basic, today, there are different revenue or operation models that exist. Nonetheless, we will pick up the basics (Listing and selling) in these narratives and frame that this thought in a very innovative way.
Concept of the store solutions SAAS
Please note, that this is a technology-enabled futuristic business, hence requires a few preconditions, I am assuming following.
- Every SKU (Stock Keeping Unit) has scannable metadata tagged right from the production level. [Metadata will describe the product descriptions, price, images, sizes, and specifications].
- Every shop will have its own metadata tagged in the SKU to describe seller details.
- SKUs to be placed on the shelf in the manner of a traditional retail store.
- Every shop will have one or multiple scanning devices installed on the shop, in such places from where every SKU comes into focus.
- The scanning devices will access the marketplace’s interface 24X7 through high-speed internet with minimum latency. [RFID technology riding on 5G]
The infrastructure and goods mentioned above will enable stores to connect to numerous marketplaces at once and sync the products on their shelves by scanning the metadata that has been tagged on the items.
The e-commerce platform system will get data information continuously and update the listing of categories, and sub-categories. This dynamic listing nature of the ecommerce marketplace software will remain connected with every store. [Across geography 24X7 and automatically update online stores].
Check home based business ideas here.
Check online business ideas here.
Check small business ideas here.
Solution for the shopkeepers.
So, to become online sellers, the small traditional retailers are not doing anything extra than their day-to-day retail shop operation.
This article on the store solutions is a narrative of my thought, engineers and IT people may evaluate the merit and take it forward. I know a lot many technical aspects that need to be evaluated to justify a business concept on this thought, I am being a non-technical person leaving that to engineers and IT guys.
Best of luck!
