Future Group unveils Retail 3.0
By Meenakshi Kumar
5 Dec 2017
After several attempts at integrating the company’s digital and brick and mortar retail businesses, Future Group chairman and chief executive Kishore Biyani has unveiled Retail 3.0, a digital strategy aimed at making the group Asia’s largest leading integrated consumer company with a trillion dollars in revenue by 2047.It has revealed its latest digital model Retail 3.0 under which it plans to open 10,000 Easyday stores by 2022 and will mark in the next 30 years.
Biyani says this is a model called Tathastu that will help to get anything at the Easyday (department) stores. Further, this Easyday store will let all its registered members shop on the messaging platform by sending a message to the store manager.
The company will spend around Rs 15 lakh on each store. By 2022 it aims to open 10,000 stores across the country eyeing a 20 per cent compound annual growth rate for the next 30 years and will add 400 stores to take the count to 1,100 from the existing 700 stores across the country. For the success of this initiative the company has tied up with Google and Facebook to enhance consumer engagement. With the help of these technology giants Future Retail will allow consumers to shop online and has also started shopping through the Facebook owned messaging platform Whatsapp.
Besides fashion stores like Brand Factory and Central, Future Group operates in stores like Big Bazaar, Food Bazaar and Easyday. It is the parent of four listed retail entities Future Retail, Future Lifestyle Fashion and Future Consumer Ltd and Future Enterprises with total revenue of $4.4 billion.