Have you tried going to a vegetable vendor on the roadside, asking him/her to sell you a Kilogram of tomatoes or any vegetable now? Not feasible. Maybe for the upper elite people, who fear the toll of the pandemic on them? The pandemic is expected to steep at a slower pace shortly. At a very unprecedented time, we had to face such a situation but, a particular problem for a strategic move and these moves will define at the pace we tend to grow in the future. The E-Grocery system is one such market where the profits are solely based on the food and agro societal norms, and these ventures have been taking the cake for the present situation.
The E-market has been financial, a very secure market during the COVID-19 pandemic. The market has done valuations at billion now, and online retails earning the fruit of the penny. The sustainable venture that they provide and the security create a remarkable shift in consumers’ rise versus the local markets affected by the pandemic’s brutal economic murder. Online retail in India is now making real profits due to the festive season. Flipkart, Amazon, and other ventures are boosting their sales and promotions. Online markets have paved the way for the future economy’s survival and may take over the local business to the computer matrix.
The Online market growth for agro products is estimated to hit the roofs by the end of the year due to the increasing demand and the unsafe hygienic environment that the poses to threaten the health of an individual. The E-Grocery market is expected to flourish for the times to come. The question that one poses is the way of marketing that these ventures must follow to call during the pandemic?
The Present Scenerio
The E-Grocery market wouldn’t be on a person’s mind when it comes to thinking of a market that is now booming. Indeed, you need to think about the E-Grocery market as it stands out today as the most significant profit-making venture in India. Standing with 76% yearly sales at the COVID-19 situation, they are currently heading towards a 3 Billion dollar valuation. This wasn’t the case many years ago; the market wasn’t saturated as many sellers didn’t see potential in the consumers to buy any edible or direct consumption products. The market wasn’t capable of survival, and many investors tried to pull in big A-list actors to promote these ventures.
The e-grocery market grew with the start of Ventures like Big Basket and many more. The venture saw a meteoric rise for the first two years and had a Million Dollars financial valuation. Later on, it didn’t see steady growth over some time and had almost started to fall with sales. The Marketing team couldn’t raise the value any more than by bringing in a celebrity. The company needed an A-list actor, and thus, Shah Rukh Khan (1) was approached to be the brand ambassador for Big Basket. The company grew to greater heights when SRK became the brand image associated. With the meteoric growth, e-market like Amazon, Flipkart, and many more came along, to begin with, the e-grocery market.
The market then grew more extensive, and it started to saturate and become dense, with sellers shifting online slowly. The call for the e-market was in high demand as the local market couldn’t sustain the Consumer’s changing mindset. Many didn’t want to travel around for groceries and wanted a better quality of products they were willing to pay. The local retain local sellers who lived on local produce might be either bad or good, and thus the Consumer slowly started to shift to the online market, which badly impacted the local seller.
When the e-grocery market became saturated, they made lesser profits. Each of them became confused about the incentives that the ventures would give out, and based on the price of each commodity; consumers would buy a good. The experiences introduced specific incentives like a yearly subscription or discounts and offered to attract the Consumer. This initiative again boosted individual ventures individually, and thus it pulled more consumers to those offers. The E-Grocery market has had a rough and challenging ride to the market, but what does it call for in the future.
The Future market
With the current COVID-19 pandemic taking the toll on the markets, Consumer is advised not to go out, and thus the only way to get their products home is through online purchases. The market, as predicted, is currently booming with a three billion-dollar valuation. The ventures’ delivery model appeals to the public and thus keeping in mind the pandemic situation. The future of the e-grocery market is certainly undoubted, and the present situation will continue, and the fear of the unhygienic condition will prolong the minds of ordinary users.