Lately, the online store, Big Bazaar Direct, had been in the trending news for their deals with different companies like Oxigen and Paytm. But now Kishore Biyani of Future Group has indicated that they are going to close down the Big Bazaar Direct in coming days.
Message of CEO
CEO of Future Group, Biyani confirmed this news and said that this closing would happen in an only matter of time. Biyani revealed this at an event held in Mumbai and concluded that he had tried e-commerce 4 times in his whole life. He said that Big Bazaar Direct was started way before Flipkart. But they have lost more than 300 cr in this business. He then created Big Bazaar Direct which they are also closing it next week due to loss. Recently, Future Group acquired FabFurnish.com, and they will be focusing on understanding the online space through this store. Biyani concluded that he wants to know if he can develop a profitable model of business.
He showed his concern over the money spent on acquiring one customer online in India and the money paid to Facebook and Google for the same. He also argued that these losses will not affect his plans in the online market. Biyani added that technology is one of the essential element in life and it is vital to understand technology. Along with learning new models and methods of business, they will continue being faithful to their existing business.
With 1000 franchises, Biyani launched Big Bazaar Direct in 2013. This startup adopted the franchise model retail format having a set target of reaching 50,000 franchises by the year end. The platform of Big Bazaar Direct allows customers to buy products of Big Bazaar from their nearest outlet.
Future Group now wants to focus on their core business of the physical retailing. They plan to add 3.5 million sq ft of space. It will be the highest-ever addition by the Future Group in a single year.