Phygital24 (formerly known as MiGrocer) is a retail technology company helping retailers across the country create and launch superior online ordering applications, which help them boost sales, improve profits, and acquire new customers.
The Covid-19 pandemic has accelerated the use of technology and digital tools for grocery stores and other retailers. Online shopping has been growing exponentially among new demographic groups, and retail brands are increasingly connecting with consumers via interactive and virtual shopping experiences.
By embracing technology solutions and e-commerce tools, retailers can surpass their existing revenues and business margins. This is all due to the increased market reach and by establishing online connections with the new and unexplored markets.
In the context of the currently changing nature of FMCG retail in India — when the e-commerce market is projected to expand at a CAGR of 18.15% to reach a value of INR10,494.3 billion by 2024 from INR3,550.7 billion in 2018, according to a ResearchAndMarkets.com report — retail technology players such as Phygital24 have stepped in to provide the much-needed upgrade to the retail ecosystem.
According to industry reports, currently, there are 330,000,000 online buyers vs. only 13,899 online retailers in India. Increased adoption of smartphones and access to the Internet, along with streamlined logistics infrastructure are the key factors driving the growth of the e-commerce market in India.
This means that the stage is set for whopping growth in the size of the e-commerce market in India. To tap into these favorable market conditions and to give a huge shot in their arm for boosting revenue and market reach, retailers need to put in place a digital ecosystem equipped with all the necessary features capable of increasing profits.
Solutions tailor-made for retailers
In sync with the emerging needs of business and commerce, Phygital24’s website ordering system not only brings a high conversion online ordering system capable of pumping up sales but also offers retailers simple-to-use and yet powerful modules to manage business rules, deliveries, and user experiences.
Phygital24 offers SaaS retail solutions for Grocery Stores, Restaurants, Meat Stores, and D2C Brands. Its online ordering system technology helps to drive higher sales and smoother operations for the retailers while streamlining grocery ordering and delivery operations.
No wonder that progressive retailers are lapping up Phygital24’s digital solutions for grocery and supermarket chains, which enable them to boost revenue, digitalize and simplify customer experiences and improve business efficiencies. The solutions offered by the company are currently available in geographies spread across India and North America.
The company empowers mid to large-sized retailers that do not have the tech know-how but are hungry to compete with big-box online retailers such as JioMart, DMart, BigBasket, Grofers, and Amazon, among others.
For the grocery industry, Phygital24’s cloud e-commerce platform has helped setup online stores for established grocery retailer chains such as Sampoorna Supermarkets, Vijetha Supermarkets, and Ushodaya Supermarkets, while it also empowered independent stores such as Get Farm Fresh, Local Garden, Freshito, and Farmers Products.
Amid first wave of the Covid-19 pandemic, Phygital24 (then known as MiGrocer) made a strategic partnership with CSC e-Governance Services India Limited and launched CSC Grameen eStore, which was an instant success and widely appreciated by Central Minister for Communications, Electronics & Information Technology Shri Ravi Shankar Prasad and popular national media. During Covid-19-driven lockdowns, Phygital24 provided solutions for free of charge to help both retailers and customers who were struggling to get daily essentials.
Looking ahead, Phygital24 plans to empower over 100,000 small retailers with its freemium offering, and more than 1,000 medium-to-large format stores such as supermarkets and restaurant chains by end of this year itself. The company also plans to offer a wide range of other solutions such as specialized point-of-sale systems, customer relationship management systems, and inventory management systems for supermarkets and restaurants.