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A study through Flourish Ventures reveals that merchants in Brazil, Egypt, India and Indonesia report higher visitor traffic, but are likely to fall if they don’t become more tech-savvy.
SAN FRANCISCO, Sept. 14, 2022 /PRNewswire/ — Today, Flourish Ventures released a new study report indicating that convenience retail outlets are performing better than expected despite protracted supply chain and competition issues from large stores and online retail. The review showed higher-than-expected sales and that 94% of consumers surveyed plan to make as many or more purchases at their convenience retail stores in the future. generation to remain applicable and competitive.
“Our studies show that local retail outlets are here to stay,” said Flourish’s managing wife, Arjuna Costa.
The 2022 Corner Store Digitization report, published through Flourish, a global fintech investor in partnership with Bain
50% of consumers stop daily at their corner store and 24% use a store note to shop with credits.
71% of consumers bought more groceries at local retail outlets closed by Covid-19.
73% of consumers fully agree that the corner store is important to their community and value proximity, convenience and service.
80% of traders are hungry for virtual businesses and monetary tools, which have the potential to increase their profits by 60-100%.
“Our studies show that even with the pandemic, predictions of the demise of convenience stores would have possibly been premature,” said Flourish’s managing wife, Arjuna Costa. operations and visitor responsiveness.
Merchants are embracing the new technologies consumers were looking for During the pandemic, merchants accelerated the adoption of virtual technologies to address supply chain inefficiencies, low online sales, and limited access to monetary and banking services. Effects of studies include:
Across countries, 55% of merchants use messaging apps in their businesses and 75% plan to increase their use in the next 12 to 24 months. Together, those points point to the opportunity for a “digitized corner store,” a smart, well-funded, efficient, responsive, and competitive retail technology.
Flourish estimates that when corner retail outlets go digital, merchants can increase their profits by 60-100%, which could explain why 80% of merchants are hungry for better financial and trading tools. However, its adoption remains slow due to other pressing business tasks, knowledge security issues, unfamiliarity, and limited access.
“As the ecosystem of digitized convenience stores matures, first-generation platforms, such as ApnaKlub in India, MaxAB in Egypt, Mercê do Bairro in Brazil, and ShopUp in Bangladesh, will become reliable service providers,” Costa continued. “However, to serve this market, marketers want to know what challenge to solve quickly, how to monetize, and when to marry or expand a generation. They want to create a continuous and reliable onboarding process, as investors are reluctant to invest time and money. value. “
To learn more, read the 2022 Digitalizing the Corner Shop report here. Flourish Ventures is an early-stage global venture capital corporation with over one billion dollars under control and 70 portfolio corporations in Africa, India, Latin America, Southeast Asia and the United States. The company supports vendors whose inventions global consumers and small businesses in achieving financial health.
Watch the content to download the multimedia: https://www. prnewswire. com/news-releases/new-research-finds-corner-shops-are-faring-well-against-big-box-stores-in-emerging-markets -but-the-digital-challenges-remain-301623857. html
SOURCE Flourish Ventures Services