In a first for the domestic retail
industry, the world’s largest retailer, Wal-Mart, plans to set up an online
marketplace model in its cash-and-carry stores in the country.
The company announced on Tuesday that it is
entering the wholesale e-commerce space and will extend the
business-to-business (B2B) e-commerce platform to its Best Price Modern
Wholesale store members.
The platform will provide them with a
convenient online shopping opportunity. As an exclusive virtual store for its
members, the e-commerce platform will provide a similar assortment of products,
as well as special items.
Online retail, at present, accounts for
less than 1% of the total market in India, but this space is slated to grow at
50-55% over the next three years to reach R50,400 crore by 2016, according to a
report by Crisil. This is close to a four-fold rise from the estimated market
size of R13,900 crore in 2013.
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