Future Group is betting big on Future Bazaar, its e-commerce initiative, as it gears up to expand operation.
To make this channel available for consumers online and through mobile, the company has unveiled The Battle, a dedicated four-day online shopping festival, which will offer mega discounts for consumer electronics products.
“We want to revolutionise digital commerce in retail in India. We will be offering the cheapest deals online, which will be 5-10 per cent cheaper,” said Kishore Biyani, CEO, Future Group.
Future Bazaar is the online retail venture of Future Group and sells products from its group companies. The company had ventured into the e-commerce space or online business four-years ago.
“We expect the scale to go up five times during this concentrated festival and touch 50,000 units. As more plans unfold, we can expect the e-commerce division to garner a R1,000-crore revenue in two years,” said Rajiv Prakash, CEO, Future Bazar.
Future Bazar is looking at gross margins of 12 per cent from the e-commerce venture. It may take this initiative to general merchandise, footwear and other products in future.