VIJAYAWADA: Thanks to cash shortage, online grocery stores and supermarkets in the city have registered a four-fold increase in sales post demonetisation for the simple reason that they have the most sought-after swiping machines. But, as they say, one man’s loss is another’s gain. Wholesale traders and retail shopkeepers are facing the heat of demonetisation and have seen their sales dip by at least 30 per cent.
Post demonetisation, supermarkets and the mega marts in the city are crowded with people who seem to be treasuring small change and hesitant to spend that valuable `100 and `500 notes. Several people are also thronging the supermarkets to get change for `2,000 notes.
However, it is not that people are on a spending spree. Most of them are choosy, cherry picking items. “In the last 20 days, households in the city had to take some tough decisions.
They have bought fewer soap bars and groceries, and are restraining themselves. Biscuits and salty snacks, which consumers typically buy on-the-go, are the worst-hit. The decision to ban old `500 and `1,000 notes has led to a severe cash crunch, forcing the citizens to rely on swiping cards for purchases.” said V Mohan, sales manager at Reliance Mart.
“We usually prefer wholesale markets for our monthly groceries. -But in the absence of swiping machines, we are deliberately coming to supermarkets even though they are pricey. Even though we are using the card for payment, we cut our monthly ration so as to maintain some amount in the credit card,” confessed a couple. Online stores like Big Basket are perhaps the biggest beneficiaries.
“We were just not ready, to the sudden rise in demand, that too in cities like Vijayawada and Guntur. The cash crisis panic has set in among consumers and they are stocking up daily essentials.
The sales have sky-rocketed by four times and a majority of the customers are opting for online payments. We are also offering 10 per cent discount on the usage of payment gateways and online transactions,” said M Sudhakar Reddy, zonal in-charge of Big Basket.