In the coming three years, Style Baazar eyes up to 2 per cent of the net revenue coming in from the online platforms. Shreyans Surana, Baazar Style Retail’s Managing Director said that the company is looking to build an ecosystem around online sales.
He also announced that Style Baazar will initially launch online via its own website, with plans to expand to other marketplaces in the future. In the second quarter of the current financial year, Baazar Style Retail reported a 65 per cent increase in revenue, rising to US $ 37.07 million from US $ 22.45 million in the same period last year. During the same quarter, the company’s net loss decreased to US $ 0. 105 million, compared to US $ 0.183 million in the previous year.
Baazar Style Retail Ltd. anticipates that offline stores will drive the majority of its revenue in the coming years. “Offline stores will be the main source of income. Although we want to create a successful online business model, we only anticipate 1-2 per cent of revenue from the internet section over the next three years,” said Surana. He added that the company is focused on offering customers an online shopping experience while maintaining healthy margins.
Currently, the company operates an omnichannel model in its stores, allowing customers to have their purchased clothes delivered directly to their home address.
