Select Citywalk, a shopping destination for the Indians, is soon coming up with its online store, according to the ET. The move seems to be in response to the pressure placed on the brick and mortar stores by the changing consumer trends.
“Over the years, we have gained traction, knowledge of the business, margins in the business, what brands are coming, what deals are happening etc. We have better insight into the retail business than people who are not in the business…and are better equipped to deal with online retail” said Arjun Sharma, Director and Promoter of Select Citywalk.
Above: Citywalk hosting a platform for promoting Great Online Shopping Festival 2013
Select Citywalk has approached Technopak Advisors and a Bangalore technology company for strategizing its marketplace model. As per the model, Select Citywalk will be charging commission from their existing tenant on the actual sales made through their e-commerce site and the site will have the same pricing as they are at the store, but are yet to decide on whether to allow retailers who are not tenants to sell their product on the site.
According to Arjun Sharma, they are planning to go live with their e-commerce platform by the year end and are expecting that their online portal to account for 3-5% of the total sales in the initial years. He further adds that brick and mortar is a different aspect and in this country it is not going away for a long time, hence it will always be Select Citywalk’s mainstay.
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