Every project must improve the lives of common people. Micro & Small Retailers (MSR) who are the king of retail are struggling to survive due to disruption by eCommerce. Their problems are – capital, risk, space. We have modeled our business in such a way where these MSRs are able to address all the three major issues / problems and success would depend on their hard work and wisdom. We work with the slogan with these MSRs – Aur Kamao Bahut Kamao where by they can improve their lives.
We aim to work very closely with MSRs and building a strong support system with them 15 million Mom & Pop Stores controls almost 90% of Retail in India. They are king of Retail. We educate, empower and enable these Micro & Small Retailers (MSR) to enhance their business without any further investment in Inventory or space and of course, without any additional capital and ZERO risk. iStreet Bazaar model works in that manner. These MSRs are marginal retailers who are not serviced by any direct distribution system of brands/manufacturers regularly. Most of the time, these MSRs have to travel to the nearest bigger town/city for buying inventory for their store. Hence their supply system is very eratic . We have created a B2B market place for these MSRs where they can source products without travelling out from their town and they can source the products at the best price right in their town. Over 13,000 such MSRs have signed up with us from 1200 + cities, towns and villages. It may take some more time to fully converge with our concept, however they have take the first step to walk along with us so that they can earn more money without further investment and risk.
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India is more conservative in their consumer behavior with online retail accounting for only 1% of total retail spending. There are several grassroots problems such as – more than 95% of Indians are not tech-savvy hence avoids taking risks when it comes to shopping online. A recent study showed that 91 percent of rural customers do not know how to enter their addresses in English, leave alone shop online. Only 2-3% of the population shops online while the rest still shop from Mom & Pop because of the relationship and level of trust they enjoy with them. Further, small towns and villages doesn’t have proper addresses, it is difficult to trace addresses poses a hindrance in the delivery system, especially in semi-urban and rural areas. These factors hinder the progression of ecommerce in small towns and cities, which have great potential for sales otherwise.
We are setting up ‘iStreet Bazaar Internet Retail Stores’, across India to take benefit of eCommerce to common people of smaller towns, villages and even of metro cities. It would give the common man the benefits, comfort and joy of shopping thru the Internet. iStreet Bazaar through it’s world class platform and network stores offers thousands of products and hundreds of brands at extremely competitive prices so that customers in smaller towns and villages can easily buy products which otherwise won’t be available in their area. iStreet Bazaar eliminates payment related issues that arise when transacting online. It also puts a face to the online transaction since the customers will be transacting at a store with a person behind the counter. This increases the level of trust that is necessary during any online purchase. In the Indian scenario this definitely becomes a big advantage for the customers since trust is one of the key factors in the adoption of eCommerce.
“iStreet Bazaar”, India 1st Internet Retail Store Chain, has beautifully conquered these hindrances and harnessed the power of hybrid model of online-offline retail through their 4000 e-empowered Mom-Pop – iStreet Bazaar Stores and now available to over 15 crores common man to the new world of online shopping in the last few years.
iStreet Bazaar is a project by iStreet Network Limited. The company is based in Mumbai and is listed on the Bombay Stock Exchange. Its mission is to simplify and deliver eCommerce to the last mile. It operates in the ‘Internet & Catalogue Retail’ segment through its network of ‘iStreet Bazaar’ – Internet Retail Stores