futurebazaar.com, the new online shopping destination

futurebazaar_logoFuture Bazaar, a subsidiary of the Kishore Biyani owned, India’s biggest listed retailing company, Pantaloon, has recently launched its online retail initiative – futurebazaar.com, in direct competition with virtual shopping sites like ebay.in, indiatimes.com, rediff.com. Although, present online retail turnover is estimated at Rs. 180 crore, futurebazaar.com is targeting to achieve a sale of Rs. 300 crore in the first year itself. Unlike other aforesaid portals, the futurebazaar.com is backed by brick and mortar retail chain Big Bazaar of the Future Group. The portal is reported to be getting a traffic of around 40,000 hits every day with a conversion rate of 1 per cent.

Futurebazaar.com, among others, claims to have on offer the widest range of apparel, books, entertainment, cameras, consumer durables, home decor, kitchenware and kitchen appliances, mobile phones, toys and games, laptops, watches and accessories. The current range of over 5,000 products is categorised under 15 major headings and 185 sub headings.

All the products on offer at futurebazaar.com carry manufacturers’ warranty and are delivered at the customer’s door step through Big Bazaar chain and logistic carriers like Blue Dart and Gati in more than 1,500 cities and towns spread across the country. Unsatisfied customers have the choice of unconditionally returning the merchandise within 15 days of purchase. The portal can deliver merchandise. Portal also claims to provide customer support through real persons as against virtual support throgh computers provided by its competitors.

“Leveraging the tried and tested ‘brick and click’ strategy, futurebazaar.com is the only e-commerce portal with a strong offline presence, quite different from the current e-commerce players who have adopted a ‘marketplace’ model. Backed by our end-to-end supply chain and the ability to source nearly a million products, our economy of scale gives the customers the lowest prices,” said Sankarson Banerjee, CEO, Future Bazaar, while formally launching the shopping the portal.

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One response to “futurebazaar.com, the new online shopping destination

  1. E-tailing has now started in India in a big way no doubt about it…….

    How you will pay now???

    In most developing countries, the payment schemes available for online transactions are the following:

    A. Traditional Payment Methods

    Cash-on-delivery. Many online transactions only involve submitting purchase orders online.

    Payment is by cash upon the delivery of the physical goods.

    Bank payments.

    After ordering goods online, payment is made by depositing cash into the bank account of the company from which the goods were ordered.

    Delivery is likewise done the conventional way.

    B. Electronic Payment Methods

    Innovations affecting consumers, include credit and debit cards, automated teller machines (ATMs), stored value cards, and e-banking.
    Innovations enabling online commerce are e-cash, e-checks, smart cards, and encrypted credit cards.

    These payment methods are not too popular in developing countries. They are employed by a few large companies in specific secured channels on a transaction basis.

    Innovations affecting companies pertain to payment mechanisms that banks provide their clients, including inter-bank transfers through automated clearing houses allowing payment by direct deposit.

    So go ahead and Shoppppp..

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