Hybrid model ‘phygital’ can help business perform better, says Biyani
Biyani at Amazon’s SMBhav event said that a hybrid model of ‘phygital’ (physical and digital) can help businesses perform better. Future Group has already embarked on the phygital journey through its association with Amazon.
Amazon India and Future Group had recently entered into long-term business agreements for expanding the reach of the latter’s retail stores and consumer brands through the former’s online marketplace.
“Physical has its own advantages and nuances and digital has its own advantages. Both of them came in different eras and they will meet, I think in the next 3-4 years it will be ‘phygital’,” Biyani said at the event.
“Physical retailers will need digital, while digital will need physical presence because of the costs related to acquiring customers and fulfilling orders, ultimately, there will be a hybrid model which will help our business to perform better,” Biyani added.
Future Group operates the Big Bazaar, Food Bazaar, Easyday stores along with a host of fashion stores. Future Group is expecting its retail business to generate revenue of Rs 40,000 crore (approx $ 6.3 billion) for fiscal 2018-19.
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