Winning Bizness Desk

Mumbai. The increasing trend of small and big digital payments through UPI has weighed heavily on some confectionary making companies. Candy and toffee sales of well-known companies like Mondelez, Nestle, Parle, ITC and Mars have declined. In fact, shopkeepers used to give candy or toffee up to Rs 1-9 to the customers when there was no holiday at the grocery stores. UPI just ended the problem of leave. Experts have said that as the trend of UPI increased, it became a threat to the sale of toffee in the name of non-holiday.

Covid changed everything

According to experts, all the big candy companies including Mondelez, Nestle, Parle, ITC, Mars had made staggering profits in 2010, but by 2020, most brands saw a huge drop in toffee sales. American company Hershey's even said that India is one of the most affected markets by covid. An expert in this field Abhishek Patil said, 'A development may not compete directly with your business, yet it can reduce sales.' How the toffee-candy business has been affected, this shows that before the arrival of UPI, shopkeepers used to give toffees to the customers if there was no money, but due to the arrival of UPI, the exact amount was paid. In addition, customers also wanted to make contactless payments during the pandemic that promoted digital payments and eventually changed the picture of the toffee trend instead of a change.