Coutloot eyes brick-and-mortar retail market
E-commerce business Coutloot plans to enter the brick-and-mortar retail market by converting small sized shops into its own branded stores. The business plans to open 35 of these small stores from April this year, focusing on areas with high shopper footfall.
Coutloot aims to work towards formalising the unorganised non-MRP, non-grocery retail market in India, the Economic Times reported. With its upcoming stores, Coutloot plans to offer an elevated retail experience while retaining low prices for shoppers. The business is also continuing to increase its seller base and added over 8 lakh new sellers in the 2022 calendar year.
“Customers can seek lower price but standardised products even in the unorganised market,” said Coutloot’s co-founder Jasmeet Thind, ET Bureau reported. “We aim to have a similar model [to] what Chinese low cost retailer Miniso is in its home market, which are present across the country. Indians want convenience which we are offering but we are not tweaking the price points as that is the main sales driver.”
Jasmeet Thind and Mahima Kaul founded Coutloot and the business has grown swiftly to count over 16 million users and over 32 lakh sellers and stores. The business has reported an annual gross merchandise value of $100 million and foresees continued growth.
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