Reliance Industries Limited (RIL) is getting all prepped up to reopen its entire 1,400 petrol pumps by the end of this fiscal.
RIL issued a presentation on the company’s corporate results for the financial year ended March 31, 2015, that stated that it has already opened 320 of its petrol and diesel pumps subsequent to the complete deregulation of transport fuels.
In March 2008, RIL had shut down its entire its 1,432 petrol pumps due to the huge losses in keeping up with the public sector firms, which sold fuel at prices way lower than their cost as they enjoyed government subsidies.
It was in June 2010 that the government decided not to provide any more subsidies, which deregulated petrol pricing. In addition, diesel was also deregulated in October 2014. It motivated the private retailers to again enter the market.
RIL stated that they will launch customized loyalty programme for different customer segments, along with, “Fleet management programme providing better fleet control, cash flow management and cashless transactions.”
The great Indian baniya community, single-mindedly focused on business and keeping a close tab on profits, has embarked on a digital journey to understand their customers better and boost growth.
Utilising new technologies like Artificial Intelligence (AI), Machine Learning (ML) and data analytics in their businesses, they know better what the young buyers’ preferences are.
Today, India’s Gen-Y shop using a mix of online and offline modes where they compare prices and refer to reviews online even when they shop in an offline store.
The traditional acumen, mixed with New-Age technologies, have unleashed a new breed of baniyas who are defying old wisdom and charting new courses.
“Anyone can set up and start a business with a small or a big idea or investment but without having a business sense, the knowledge of trade and the market trends, they can’t survive. Baniyas are ahead in this game with additional support of family culture and community,” says Anoop Mishra, one of the nation’s leading social media experts.
Indian millennials — aged 18-35 and accounting for nearly 34 per cent of the population — have driven e-retail industry’s growth through their increasing Internet usage, says global services firm Deloitte.
“Millennials’ increasing usage of internet for shopping has driven growth of online retail. E-retail is expected to surge from 3 per cent of total Indian retail market in 2017 to 7 per cent by 2021,” said the report.
Convenience of buying anywhere and anytime, discounts and access to products not available offline are some of the key reasons for India’s Gen-Y going online — and Baniyas know this well.
Prasoon Gupta, Co-Founder and Director, Sattviko Foods, says his idea was to offer a snack that finds its origins in traditional Indian recipes but with a modern twist for young consumers.
“Right from coming up with a unique idea to differentiate ourselves from the other players, and what they deliver, Sattviko has overcome many hurdles and has thrived in its journey to where it is today,” Gupta told IANS.
He has developed an AI-based technology platform called “JIGSAW” to enhance and scale-up the distribution medium.
Ola is serving over one billion customers annually and is creating employment opportunity for millions through its ride-hailing platform.
Ola Co-founder and CEO Bhavish Aggarwal who set up the firm some eight years ago believes the future of employment is micro-entrepreneurship.
According to Mishra, “Unlike entrepreneurs who believe in concentrating on business administration, baniyas are hawk-like people”.
“This is the secret to their ever-flourishing business,” Mishra noted.
Baniyas are strict with keeping their balance sheets up-to-date. They are also a closely-knit community and adhere to their clan’s unwritten rules very strictly.
The inner community network plays a big role, where they have enough access to trade or business knowledge, availability of funds and other resources. Almost all of them have retained the hard-nosed approach of their forefathers.
“The current army of baniyas knows by heart how their forefathers worked. It is deep down there, even if they live and study abroad and then start their business back home. It is right in their genes,” said Mishra. (IANS)