Big Bazaar goes online with Future Group and Paytm Partnership
Retail company Future Group tied up with Paytm, an e-commerce mobile payment and commerce platform this month. This partnership will now make Big Bazaar merchandise available to Paytm users on its online marketplace and get it delivered to their homes. Big Bazaar will also become the anchor store in the Paytm marketplace as an outcome of this partnership.
Headquartered in Mumbai, Future Group is an Indian private conglomerate which has a dominating presence in the Indian fashion and retail sectors. Supermarket chains like Big Bazaar, Food Bazaar, lifestyle stores like Brand Factory, Central and other FMCG companies fall under the umbrella of Future Group. In May 2012, a 50.1% stake sale of Future Group's Pantaloons went to the Aditya Birla Group.
Bringing multiple products, opportunities and services to millions of people in India, Future Group owns over 17 million square feet of retail space. More than 240 consumers across Indian cities are served by the Future Group.
Founded and incubated by One97 Communications in the year 2010, Paytm is an Indian e-commerce website with its headquarters in Noida, India. It started as a prepaid mobile recharge website, and added bill payment and e-commerce services to its business along the way. Booking bus travel was added to Paytm in 2015; 2016 saw the addition of movie-ticket booking by partnering with Cinépolis.
Paytm is actually an acronym for "Pay through Mobile" which works across Android, Windows and iOS apps.
On using Paytm's facility, Big Bazaar customers will get a 15% cashback on all purchases, both online and offline.
Future Group CEO on e-Commerce giants
Kishore Biyani, CEO of Future Group, has earlier expressed dissent with regards to e-commerce players selling products below manufacturing prices. On discounts offered by e-commerce ventures, he said, "This is legally not allowed in the country. Just because they have foreign funding, they can't kill local trade like that." Post Flipkart's Big Billion Day sale, Biyani also accused online-retailers for indulging in predatory pricing.
On the partnership with Paytm
Biyani said, "On an end-to end basis, we will have the lowest unit cost economics in the industry which will create sustainable customer value."
On the strategic deal between Future Group and Paytm
Future Group CEO, Kishore Biyani said, "The strengths of both the companies in large-scale customer acquisition and seamless payments through digital wallets will be key ingredients in driving this partnership." "Together with Future Group, we see a fantastic opportunity to create a mobile first, omni-channel retail and payment solution for our wide consumer base," Vijay Shekhar Sharma, founder and CEO of Paytm said.