UPI has disabled the candy business..!?
Digital money transactions have many advantages. But apparently, there are some problems with this. Have you ever wondered what it is? For example, we go to a store. There is no 1 rupee change and no 2 rupee change when you buy an item and buy the rest. The shopkeeper says to buy something for 1 rupee. We will buy some candy for the children with the remaining change. This general trend is widely spread from small towns to big cities. It seems that it was also a business strategy for small traders. But that is not the case today, even if we buy a 10 rupee packet of milk, we pay for it through UPI. This wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital transaction has increased significantly after the advent of Corona.
During the Corona period, people hesitated to go out and buy online. Even outside essential needs, they made UPI payments to ensure security and not to take money from other people's hands. This trend has now spread to rural shops as well. This has changed the way people pay in stores to buy goods. Due to this, the sale of candy has also decreased. This confectionary practice is practiced today everywhere from small grocery stores to medical shops to restaurants. Overall the sale of sweets has seen a significant decline after the advent of Corona. UPI payments in particular have seen significant improvement today. While this is an acceptable reason, it also raises the question of whether the UPI service can compete with the candy business.Abhishek Patil, Head of Development, Cred, and Dunzo, explained this on his LinkedIn page. In the 2010s, companies such as Mars, Nestlé, Parley, ITC, Mondelez, and Ferbetti Van Melle saw tremendous growth. But by 2020 many of these brands have seen a recovery. Especially the sales of sweets have seen improvement. India, the world's largest candy market, has seen a major downturn after the advent of Corona. Although this is a small point, it is still accepted by people from all walks of life. Although the number of sweets given for pennies was small, the practice continued all over India. So this was the biggest profit for the candy companies. But today that opportunity is gone.Candy manufacturers never thought they would have financial institutions as their competitors. But this is true. You should note this. Although it is not direct competition, UPI companies definitely compete with candy manufacturers. So now candy manufacturers are forced to move towards the next level.