Future Group targets Rs 300 cr from shopping portal

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Future Group is targeting revenues of Rs 300 crore from its online shopping portal, futurebazaar.com, in the first year of operations. The group is also actively looking at entering the online travel retail segment. "The portal offers over 5,000 products in 185 categories including apparel, electronics and home décor. We are planning to scale it up to 1 million soon. We also have a separate space on the portal called 99 online to help first time buyers. This will give first time online shoppers an opportunity to try out some products in an easy manner," said Sankarson Banerjee, CEO of Future Bazaar. Addressing a press meet on Tuesday, he said, of the 21.4 million urban Indians, who were online users, 10% are active buyers. "Considering that only 6% of the Indians are covered by organized retailers, we see a huge opportunity. Currently, about 40,000 people visit our portal daily and 1% of them place orders for products," he said. According to him, 75% of the net users are in metros. "However, 35% of the sales orders are from outside the six big cities in the country. Our aim is to leverage this opportunity as it is cheaper to buy online," he pointed out. Futurebazaar.com offers a 15-day unconditional return to customers, who are not satisfied with the products. It also offers home delivery services in over 1,500 cities in the country.