THE FUTURE OF LOCAL RETAIL IN THE DIGITAL AGE-LEVERAGING COMMUNITY-BASED FINANCE MODELS

In the era of digitisation, technology has shown its significance in every sector of economy. In this direction, E-commerce and quick-commerce have picked a rapid pace whereas local retailers are facing difficulty in coping with this new competition and technology. Customers demand over the period of time have changed. New generation need has shifted from trust and loyalty to speed and convenience. As this digital age, facilitated the customer of speedy delivery and convenience of place. Customers orientation shifted from local retailers to online or instant shopping. Developing country like India, where there is a growing economy and huge difference in terms of infrastructure is observed in rural and urban area. We have found that local retailers are facing hurdles as new technology has slipped into the market and challenging the traditional retailers. Due to lack of digital literacy and convenience of conventional business where accounting was done manually and customers were handled personally, digital age has drastically shaken the local retailers. Therefore, in this study, we have focussed on various aspect of local retailers and how E-commerce and quick-commerce are capturing the market. We have found that if the local retailer focussed on digital literacy and use of technology in their business, they can regain their market. Regional and local niche market could expand with the use of new technology. Government has launched various programs, such as Mudra scheme. With the efficient utilisation of such schemes, local retailers could enhance their customer base, expand their market and create niche in the particular market. Keywords: E-Commerce, Local retailers, Quick-commerce, technology, Mudra scheme