The retail market in emerging countries like India and Bangladesh are still dominated by the middle and small-scale grocery stores which holds a major portion of the Indian economy in the FMCG market. Even in affluent households, consumers still prefer to buy their groceries from the traditional grocery stores. The percentage is even higher in the low-income group with relatively less purchasing power who buy all their household goods from these stores. These stores are a huge market place for FMCG and over-the-counter products. But, even though these small groceries constitute a major portion of the retail market, they are subject to certain constraints that deter their growth.
Problems Indentified in Global Grocery Industry
Chain of middleman: The owners of the small-scale stores have to work hand-in-hand with multiple layers of middlemen. This ultimately reduces the margin of profits of the owners substantially, as opposed to the big retail chains. Business is often disrupted due to corruption in the line of middlemen who often exploit these small retailers for their own vested interest.
Unorganized Sector: The work process is paper-based and is manpower-intensive. Deliveries and payments of orders are all recorded in paper and hugely depend on the manpower employed by the owner. Thus, there is huge scope for error and manipulation. Round-the-clock monitoring of transactions is not feasible for owners. The transactions are generally checked by the owners at the end of the day.
Lack of technology: These small stores employ manpower who is not tech-savvy and does not have the adequate technology, which could aid in the growth of this sector in the present economy.
Corporate Disputes: If not monitored properly, there can be delay in deliveries and payments in corporate sectors leading to dispute and dissatisfaction.
Competition with online and big retailers: Online market is at great boom. Today, it is one of the most emerging and successful retail businesses. This has definitely affected the small scale grocery business. They have to constantly think of adopting new ideas to satisfy their customers and earn their loyalty for their survival. Big retailers pose a huge competition.
The ekkBaz Vision
ekkBaz was developed by Enam Chowdhury, and ex-Microsoft. The main idea was to develop a Blockchain which will overcome all the drawbacks of grocery business and also optimize profit and employment opportunities in the FMCG industry. ekkBaz is developing a B2B (Business-to-Business) protocol which is a next-generation B2B collaboration for all its FMCG businesses. ekkBaz intends to make a radical improvement in the grocery store market by enabling direct interaction between the manufactures and owners in all corners of the world.
Components of ekkBaz:
- ekkBaz uses AI (Artificial Intelligence) technology to create an easy-to-use mobile app for its B2B interactions. The interface allows the store owners to place bulk orders, directly converse with the manufactures, and also acquire information regarding the products.
- Direct relationship between groceries and manufactures.
- Avoids paper-based transactions: The technology gives digital identity to its users. Smart contracts are used for any transaction like placement of order, booking or payment. This ensures transparency by enabling paperless transactions and by also eliminating the middlemen.
- The cryptocurrency used by BAZ protocol will be EKK. The users will now be entitled to many privileged contents, data and also get loyalty rewards. The BAZ protocol also aims to collaborate with other FMCG business and protocols through the use of smart contracts in the near future.
- Speedy transactions: The user can place an order, deliver or pay within a very limited amount of time. The users will get instant notification alert securing the transaction.
- Analysis: The users can now have access to the history of their stores. This will help them to gauge their progress, the latest trends in business and also formulate future strategies for further growth of their business.
- Inbuilt Messenger System: The users can now directly chat with the manufacturers or the system providers regarding any issue. The store owners now will have direct access to a huge potential market and clients.
ekkBaz technology is led by a highly competent group of professionals who intends to empower the small-scale grocery store business throughout the world. ekkBaz will be the first ever direct-to-store platform of FMCG products which will connect all store owners, manufacturers, suppliers, and field force.
ekkBaz ICO and Tokens:
- Token Name: EKK
- Price: 1 EKK=0.0001 ETH
- Ekkbass ICO Sale: 1.0 ETH=10000.0 EKK
- Payment Method: ETH
- Soft Cap: 2,000 ETH
- Hard Cap: 32,000 ETH
- Total EKK: 4000,000,000
- Available for sale: 1,000,000,000 EKK (50%)