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Singapore-based Shop Your World Pte. Ltd. has launched an e-tailing platform for premium brands www.shopyourworld.in. The portal adopts a virtual ‘shop-in-shop' model, and is targeted at the NRI and tier-2 and -3 audiences. On sale through the Web site are apparel, accessories and gifts; with branded jewellery, home décor and handicrafts to follow.
Among creations e-tailing through the virtual ‘multi-brand outlet' are those by Kimaya, Neeta Lulla, Narendra Kumar, AND, Shaze and Global Desi. From the current clutch of eight brands, the number is set to grow to 25 by December 2011, according to a senior company official.
Speaking to Business Line , Mr Sandip Shah, Managing Director, Shop Your World, said, “We are in talks, and would be very selective about who comes on to the store. They will have to be premium brands, and have inventory to work with in order to cater to demand.”
Shop Your World provides partnering brands an online control panel to manage and display merchandise. The portal also provides brands guidance in choice of merchandise, and price band, based on audience analysis from the target markets.
“We expect 70 per cent of the revenues to come from the NRI audience, primarily from the US and Canada markets. It's been three weeks since we launched, and I see 150 transactions a day in the next one month,” added Mr Shah.
Shopyourworld.in will offer online payments for all buyers, and cash on delivery option for those in India. The target audience has been defined as those interested by these brands but unable to purchase because of lack of distribution.
Bank Tie-ups
Shop Your World has been operating an e-Commerce site www.shopyourworld.com, which sells goods from abroad to Indian consumers, since June last year. Seventy per cent of the goods sold on this portal are electronics. To promote the site, the company forged tie-ups with banks that helped it reach out to credit card and debit card customers.
Mr Shah added, “We will tie up with banks to target their NRI customer base. Through electronic digital mailers, SMSes, collaterals and through their Web sites, we see shopyourworld.in being promoted. We will also advertise in key NRI-focused media in the US market and in relevant media in India.”
Among companies ShopYourWorld.in is in talks with is jewellery major Gitanjali. While the average ticket size is Rs 7,500 on shopyourworld.com, it hopes to do Rs 6,000-7,000 on shopyourworld.in.
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