To counter the high price tag that existing retail software come with, BI Retail has deployed the ‘Software as a Service’ (SaaS) model where the software is available on a subscription model.
“It would be made available for Rs 5,000 a retail outlet and would decrease as the number of subscriptions by a client increases,” says Niraj Jaipuria, director, Regional Sales, Asia-Pacific, BI Retail.
The new software (BIRetail) is aimed at helping retailers hold stock efficiently, improve customer servicing and manage their supply chain better.
The implementation cycle for BI Retail would be four weeks against 6-12 months that other retail business intelligence software providers take, says Jaipuria.
The software could be used even when retailers scale up. “This can be used by single store owners and retailers having up to 100 stores,” says Jaipuria.
BI Retail was started with an initial funding of Rs 5 crore ($1 million) and is targeting a turnover of Rs 250 crore ($50 million) in five years. BI Retail is being used by retailers in the UK, West Asia and India.
The Indian retail sector is valued at around Rs 2.7 lakh crore ($450 billion). The market size of Indian retail business intelligence software is pegged at about Rs 235 crore ($47 million).
Source: The Hindu Business Line