Icici Launches Shopping Portal Magiccart

ICICI Ltd has launched its shopping portal on the Internet, MagicCart (www.magiccart.com), which is part of the group's strategy to expand its retail base in the country. The portal has been designed in order to provide an end to end experience to all customers shopping on the net.

Microsoft Consulting Partners have been the strategic partners and have helped create the web based Internet shopping store. The site will be open for transactions to the public from tomorrow, May 6.

Jagannath Rao, business head for MagicCart, said: "Initially the facility is being launched only in Mumbai although by October 2000 we intend to cover 5 more cities. The portal would be tying up with only the leading brands and in the beginning concentration would be laid on apparels."

 

Investments of around Rs 80 lakhs have been made on the setting up of MagicCart.com. Most of this money has been spent on the development and hardware for the portal. Although at first the portal would be catering to the middle age groups they hope to extend this facility to all age groups over a period of time.

There are three payment systems choices that the site would be offering to its customers.

These would include payments via credit cards, debiting against an ICICI Bank account and via cheques.

Cheques would have to be posted which would then be cleared and subsequently the goods would be delivered. Within the next two weeks the portal is looking to offer introducing a cash on delivery choice.

Over the next few months MagicCart would be extending facilities to customers in Pune, Bangalore, Hyderabad, Chennai and Delhi. ICICI hopes to reach out to all these places before the Diwali festival this year. For the launch in Mumbai, MagicCart has already tied up with Madura Garments for Van Heusen, Louis Philippe, Alan Solly and Peter England, as well as Indus League for Indigo Nation and Scullers).

Other strategic partnerships include Titan, Timex, Shoppers Stop, Crosswords and Rhythm House. MagicCart is also in talks with Woodlands, Benetton and Arrow for tying up for this product.