The online F&G delivery market alone is estimated to be around $600 million in India and is expected to touch $5 billion by 2020 at a CAGR of 72%.
The Indian food and grocery market is believed to be the sixth largest in the world, with retail comprising 70% of sales. Following rapid urbanisation, there has been a significant consumption of packaged and ready-to-eat foods by Indian consumers.
BigBasket, one of the top players in F&G delivery has been the game changer of online F&G in India. We got the opportunity to get in touch with Meera Iyer, the head of marketing at BigBasket. Here is what she told us about the journey to the success of BigBasket.
Our service is that of delivering a wide range of groceries to end customers. We operate an inventory model & there are 3 critical parts of the model –
The mantra that has enabled us to become India’s largest online grocer is simply a maniacal focus on customer service. Our customer-facing metrics are best in class in the world – 99% on-time delivery, 98% fill rate, less than 1% returns, 95% 1st call issue resolution are some things that we are proud of and keep working to get even better on.
We are not millennial-focused. Our audiences are slightly more mature. And there will always be theories & models that will change every once a while for specific target groups.
No. We are happy to stay focused on the 25 cities we are currently operational in.
We have demonstrated a viable business model to grow online grocery business & broken even in 2 large markets Bangalore & Hyderabad – also our first 2 cities. It’s been done in the shortest time & in a remarkable way with excellent process & customer metrics. We came up tops in Forrester’s CX findings.
It’s going North. Grocery is the single largest sector of retail in the country. With busier lifestyles, entry of more large players, we see this business accelerating in the next 5 years.
February 15, 2018