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He sold cosmetic products through virtual studios within his pharma retail outlets. Now MedPlus founder and CEO, Dr Madhukar Gangadi, is replicating the same model to sell general merchandise.
mySmartShop, his new venture, leverages the power of Internet and bulk-buying, to take top Indian and global brands to tier-II and tier-III cities.
The concept is simple. An entire range of appliances, gadgets, apparel, accessories and footwear are showcased on touchscreen computers installed in 500-800 sq ft shops in small towns. The customer can view the range, place an order and it will be delivered within a day or two.
“If a consumer wants to buy a microwave oven in small town, his choice is limited to just one or two. But we offer him the entire range that is available in big metros. It is as good as walking through a huge multi-brand mall in big cities,” Dr Gangadi told Business Line .
Dr Gangadi has raised $13-14 million from private sources for Max Range Retail (formerly known as ZeroStock), which is promoting the mySmartShop chain.
When it began, ZeroStock's no inventory model became the talk of retail world. Zero Stock's flagship programme was Cornerstone, the made-to-order menswear stores, which kept no stock, but only had a range of shirts in different sizes, a trial room, and a computer screen.
MedPlus and mySmartShop work on the same principle – buy in bulk from the manufacturer, avoid distributor network, discover better value and pass it on to the consumer.
“Using the kiosks, the consumers can check a number of brands in apparel, footwear, home appliances, books and electronic goods. We entered into tie-ups with several brands. We deliver the products in a day or two from central warehouse,” said Dr Gangadi.
mySmartShop already has 90 stores at taluk-level towns and district headquarters in Andhra Pradesh. The company plans to take the concept to other states.
MedPlus Health Services, with over 1,000 outlets spread in several states, registered a turnover of Rs 700 crore this financial year.
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