Mumbai : Lately, Big Bazaar Direct, the online store, had been in news for their tie-ups with various companies like Paytm and Oxigen. But now Kishore Biyani-led Future Group has decided to close down Big Bazaar Direct.
Future Group’s Chief Executive Officer Biyani confirmed the development to The Free Press Journal and said that it will happen it is just matter of time. Biyani who had come as the guest of honour at a JLL event in Mumbai, further said, “I attempted e-commerce four times in my life. We started Future Bazaar way before Flipkart. We lost Rs 300-350 cr in business. Then, we created Big Bazaar Direct and we are officially closing it in next one week. We lost there as well.” Recently, the group had acquired the online furniture store -FabFurnish.com. The group will focus on understanding the online space through this store, asserted Biyani. “I do not want to grow the business but understand if we can create a profitable model.”
He expressed concern over the amount spent to acquire one customer online in India and the amount paid to Google and Facebook for the same. He also stressed that these losses will not impact their future plans in the online space. He added that technology is part of life and it is important to understand it. Along with learning new methods of business, “we will continue being faithful to our existing business,” he concluded.
