Omnichannel style platform 335bazaar — a compact small business aggregating unorganized offline style retailers, which are largely micro-units, and standardizes them aesthetically with its personal inventory – is searching to improve its retailer count to about one hundred by the finish of this year if the present Covid circumstance normalizes. That’s on the back of the undisclosed capital it raised lately from the US-based venture fund Village Global which is backed by some of the world’s most thriving entrepreneurs which includes Jeff Bezos, Mark Zuckerberg, Bill Gates, and Reid Hoffman. While the target appears to be a extremely extended shot, its co-founders believed it to be a “doable” target. “The online channel for us has been doing well. While it takes a little more time to deliver orders but it isn’t a big challenge,” Poornima Vardhan, Co-founder, 335bazaar told TheSpuzz Online.
Founded in August 2020, the enterprise has two retailers in Delhi and it ultimately desires to penetrate into Tier-II and III towns with price tag points of much less than Rs 999 that caters to their target audience. Apart from aggregating and standardizing these retail retailers, the enterprise also leverages them as their micro warehouses. Taponeel Mukherjee, the other co-founder, believed that the trouble of on-line purchasing of life-style segments is in terms of sizing whilst the terms of returns is a major challenge. “Through our network of stores, we will change that. We give customers the flexibility to shop both online and offline. They can look at the app/website and shop or also get it picked up from the neighbourhood store by reserving. They can try and buy it from the store,” Mukherjee stated.
Also study: E-commerce retailer builder Dukaan to enable SMEs provide orders as effectively partners with Dunzo, Shiprocket
The omnichannel model combined with the live streaming of items at retailers to possible buyers on-line helped 335bazaar attract Village Global. “Everyone in the US is looking at the Indian market which is one of the biggest opportunities in the 21st century. Our business model is very strong. We had many conversations with them (Village Global) and I think they understood our vision and background. Credibility was not an issue for us. Everyone is looking at India’s regional market,” stated Vardhan.
“We at Village Global are excited to partner with Poornima and Taponeel as they build 335bazaar – the future of commerce in India. The founding team’s background and determination hold them in good stead to win in this market,” Lucas Bagno, element of the investment group at Village Global told TheSpuzz Online.
335bazaar brings in its personal inventory which is contract manufactured and gives a reduce of the month-to-month sales to the retailer owner. The merchandise rotates each 3-4 weeks. “We are keen on working with micro-entrepreneurs as there is some real value to be created. Retail has suffered a lot in one year and the part of it is to also empower these small independent entrepreneurs to make more money. And hence we are working with unorganized retail as one of the reasons,” added Vardhan. India’s style segment is probably to be worth $16 billion in 2021 with apparel cornering $10.5 billion of the size, as per Statista. The income is anticipated to develop at a CAGR of 10.14 per cent major to a projected market place volume of $23.5 billion by 2025.