Future Group and Paytm announced at a press conference on Thursday that Big Bazaar will now be the anchor store on Paytm’s e-marketplace and that all the merchandise from the physical stores will be available online.
The strategic tie up will enable users to shop for everything available in Big Bazaar on Paytm’s e-marketplace and get everything delivered to their doorstep.
“Since we deal with low value products, cost of economics becomes the most important part of the business and Paytm is the only player to work on those lines,” Group CEO, Future Group, Kishore Biyani said on the sidelines of the press conference.
Customers will also get promotional offers from Paytm if they use the mobile wallet to buy goods at Future Group outlets.
“Cost of acquiring customers will be very low with Paytm and the tie up will enable us to sell our products in more geographies,” Kishore Biyani said.
Founder & CEO, Paytm, Vijay Shekhar Sharma, said, “I am delighted that we now have India’s retail Tsar Mr Biyani and the Future Group partnering with Paytm. Together, we see a fantastic opportunity to create an integrated mobile first, omni channel retail and payment solution for our wide consumer base. This partnership will allow consumers to shop easily for Big Bazaar merchandise on Paytm, and have the added convenience of home delivery. In addition, consumers can also pay through their Paytm Wallet while shopping at any Future Group retail outlet. I am sure that consumers will love this!”
Kishore Biyani, added, “I believe this strategic partnership will be a game-changer for the industry. On an end-to end basis, between Future Group and Patym, we will have the lowest unit cost economics in the Industry and this will be our key differentiator to create sustainable customer value. The Strengths of both the companies in large scale customer acquisition and seamless payments through Digital Wallets will be key ingredients in driving this partnership.”
Future Group operates a range of popular retail stores such as Big Bazaar, fbb, Foodhall, Central, Brand Factory, Ezone and EasyDay.
Paytm, on the other hand, is India’s largest mobile payment and commerce platform. With current user base of more than 125 million, Paytm is on mission to bring half a billion Indians to main stream of economy using mobile payments, commerce and soon to be launched payment banking services.