Diversified Future Group's e-commerce venture futurebazaar.com has revamped its online business portfolio and expects an around Rs 1,000-crore revenue over the next 18-24 months, a top company official said today.
The company had ventured into the e-commerce space or online business four-years ago.
"We want to revolutionise digital commerce in retail in India. We will be offering the cheapest deals online, which will be 5-10 per cent cheaper here. In the next 18-24 months, we expect an around Rs 1,000-crore revenue for the Group coming in from here," Future Group's CEO Kishore Biyani told reporters at the launch of 'The Battle', the unique physical shopping initiative.
The products range from phones, laptops, TVs, apparels, home and kitchen appliances and home furnishings.
The Group, which owns the country's largest retail chain Pantaloon Retail, also expects a gross margin of 10-12 per cent from futurebazaar.com over the next two-years.
"Just like IPOs are being launched in the market, we will be launching products. We will start with mobile phones first and then have an 'IPO' for other categories every fortnight. There will be a battle to buy the cheapest product," he said.
