These services illustrate the power of great ideas generated by local markets.
“When we’re doing our job well, it means making it really easy for markets to move fast,” Suarez said. “We can connect them and accelerate, and then, get out of the way.”
Innovating in India
At its core, retail innovation is focused on a simple goal: finding the solution that makes the most sense for customers.
In many respects, the Indian market is unique.
In rural India, small stores called kiranas are a major part of how many customers get their groceries. Like many small business owners, they buy products wholesale, so they can keep their costs low. But, many wholesalers don’t offer online payments, which pushes business owners to make a special trip to their banks for cash. The time spent at the bank can mean interrupted service back at the store, as many kiranas have to close their shops to stand in line and make a withdrawal.
Earlier this year, Walmart India announced that it was adding the PhonePe payment method, allowing over 1 million members of Best Price’s B2B Cash and Carry wholesale stores to pay for purchases via their phones.