The size of online retailing in India is estimated at about Rs. 500 Crore a year while that of teleshopping is estimated at Rs. 900 crore a year. That makes a total of over $300 million. While United States recorded $131 Billion retail ecommerce in 2009.
Looking at this attractive market size & the future where the e-retailing is to take off in India, Future Group, India’s largest retailer, is going digital in a big way. Future group aims to sell wide range of products from bedspreads to trendmills through internet, mobile phones, TV & dedicated kiosk.
In addition to the group’s online retail arm, Future E-commerce, who already operates an e-commerce portal, it will launch new initiatives such as marketing through mobile phones & virtual shopping through manned kiosks.
Kishore Biyani, Group CEO, with the view that most of people in urban areas spend 8 to 10 hours in a day on one of the four screens, says that this translates into huge sales potential.
The company owned futurebazaar.com will increase the number of products available online significantly. At present, there are 4000 SKU’s at futurebazaar.com compared with 1.6 lakh SKU’s that an average Big Bazaar store stocks. The company is targeting sales of Rs. 300 crore from digital commerce in first year.
In order to grow in virtual world the company is in talks to acquire a small IT company with about 150 personnel to develop and maintain contents & websites.
