India’s B2C retail is poised to boom. The market for B2C e-commerce is estimated to be worth Rs. 17255 crore and is growing at a CAGR of 51.27%.
For the past few years the online retail in India has shown a 30% increase on year on year basis. Today, it’s online retail industry stands at Rs. 1105 crores (USD 0.23 billion), which is still miniscule compared to that in the developed countries like U.K. UK’s online retail market stands at a whooping £9 billion (USD 15 billion). But, in near future Indian online retail industry will grow by leaps and bounds because India is a growing economy; it will have a third largest population of net users by 2013; in India, people are reluctant to travel due to worsening traffic conditions. Hence all the big business houses in India have either entered or are planning to enter the online retail space.
Monginis, a leading Cake brand in India, did not want to be left behind in the online space also. It is almost a 100 year old brand and today has become synonymous with Cakes in 37 cities where it retails its yummy cakes through more than 500 exclusive cake shops. One of the core brand offerings of Monginis is to make its products easily available to the consumers. It does it by opening its exclusive cake shops as soon as any area, commercial or residential, begins developing. “Being first” is the brand motto. Monginis sensed an online retail opportunity and launched its e-commerce site http://www.monginis.net/ in the year 2005.
For Monginis, the objectives for online portal were very clear. The ecommerce business should complement the Cake Shop business and it should increase the reach of the brand in order to offer more “convenience” to the consumers. Monginis cake shop business addresses a “self consumption” market whereas the ecommerce business caters to the “gifting” needs of the people. So, when one wants to celebrate his or his family member’s birthday, he would just drop into any of the Monginis Cake shops and buy the cake of his choice. But, when he wants to gift a cake to anyone in the same city and / or other 36 cities where Monginis has presence, all he has to do is to do, is to log in on www.monginis.net and place order for a cake he wants to send to his near and dear ones. Thus, Monginis entered into online gifting market and now, consumers have more choices for gifting.
No comments:
Post a Comment