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Rs 50 cr boost for Shoppers Stop to ramp up online biz
08 May '15
2 min read
Retail giant Shoppers Stop is reportedly planning to invest Rs 50 crore in its e-commerce business in the next two years and is targeting to generate 10 per cent of its annual turnover from online retail.
Shoppers Stop is scaling up infrastructure, software, people and delivery systems to face e-commerce players who have been eating into sales of most of the brick and mortar retailers.
With 72 stores across 34 cities, Shoppers Stop reported an annual turnover of Rs 3,370 crore last fiscal. Its net profit rose 10 per cent to Rs 40.7 crore.
The company has recently appointed a new CEO, Sachin Oswal (co-founder and former chief operating officer of Infibeam), to head its online business.
With its omni channel strategy in place, Shoppers Stop will initially engage in e-commerce in places where its stores are physically present and then take it to tier II and III cities and even to international markets.
Shoppers Stop is already selling through sites like Jabong, but is not satisfied with the response it’s getting. The company says it is short of its online sales target. But even as it is firming up its online sales, the company has decided not to give discounts like other e-commerce players. (SH)
Shoppers Stop is scaling up infrastructure, software, people and delivery systems to face e-commerce players who have been eating into sales of most of the brick and mortar retailers.
With 72 stores across 34 cities, Shoppers Stop reported an annual turnover of Rs 3,370 crore last fiscal. Its net profit rose 10 per cent to Rs 40.7 crore.
The company has recently appointed a new CEO, Sachin Oswal (co-founder and former chief operating officer of Infibeam), to head its online business.
With its omni channel strategy in place, Shoppers Stop will initially engage in e-commerce in places where its stores are physically present and then take it to tier II and III cities and even to international markets.
Shoppers Stop is already selling through sites like Jabong, but is not satisfied with the response it’s getting. The company says it is short of its online sales target. But even as it is firming up its online sales, the company has decided not to give discounts like other e-commerce players. (SH)
Fibre2fashion News Desk - India
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