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BigBasket eyes 30% rise in GMV to Rs 13,000 crore this fiscal

BigBasket co-founder and CEO Hari Menon said that the company will significantly scale up offline stores from 90 to 695 in a year to reach out to 100 per cent of its customer base.

Topics
BigBasket | Online grocery | ecommerce

Press Trust of India  |  New Delhi 

bigbasket

seller on Wednesday said it expects gross merchandise value on its platform to grow by 30 per cent to Rs 13,000 crore in the current fiscal with push from its quick commerce business and expansion of presence across the country.

co-founder and CEO Hari Menon said that the company will significantly scale up offline stores from 90 to 695 in a year to reach out to 100 per cent of its customer base.

"The expected GMV (Gross Merchandise Value) for financial year 2022-23 is Rs 13,000 crore," Menon said.

The Tata group firm has recorded GMV of around Rs 10,000 crore in 2021-22.

Menon said consumer behaviour for buying grocery is changing due to availability of option, and is expanding services to cater to 100 per cent of customers' basket.

He said there are three sets of customers based on their buying pattern -- those who plan to buy one month grocery in advance, customers who buy items like milk, bread etc on a daily basis and impulsive buyers.

"Now, because of the convenience that you have, the online services, people have moved out from the beginning of the month and now order through weekly planning," Menon said, adding that BB Now fits well into the company's strategy to cater to 100 per cent of customer basket.

"We believe that this whole quick commerce or these three use cases that I talked about is expected typically to be about 15 to 20 per cent of the overall grocery basket of a customer in a month. This business will be typically 15 to 20 per cent of the overall grocery business," Menon said.

He said the company will also integrate all its services into one "super app".

"Having multiple apps for different services can become very difficult. We got this whole concept of the BB super app, which means all our new services will be on one app. If you notice while you are in the area that covers BB Now, you'll find that BB (BigBasket) and BB Now are on the same app. Very soon, you will find BB Daily also on the same app," Menon said.

He said the company is scaling up the number of stores to reach out to 100 per cent of its customers.

"We have about 90 stores. Now we will scale to about 695 stores by the end of the year which will give us hundred per cent coverage of all our existing customers. We are going not city by city, but we are going by cluster of pin code by pin code and adjusting them and setting up stores now. So 90 stores are about 50 per cent of my customer base and very we will be able to get to 100 per cent of our customer base," Menon said.

BigBasket has plans to expand its footprint to 70 cities in the current fiscal year from about 37 cities at present, he said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, April 20 2022. 20:39 IST
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