Mini ATMs, e-payments boost Future Retail's sales post demonetisation
The sales volume of fashion and lifestyle retailer Future Retail registered a boost of 20% after demonetisation, a report by The Times of India said, quoting CEO Kishore Biyani.
Speaking at the launch of a co-branded card by Future Group's fashion chain Central and State Bank of India, Biyani said, card transactions before demonetisation were around 65% of total sales. This jumped up to 85% following demonetisation.
The report quoted SBI chairman, Arundhati Bhattacharya who said that Future Group’s sales increased by 20% immediately after the ban because it was an ‘organised retail’ and were positioned to capture payments on electronic platform.
Biyani added that the option of providing ‘mini-ATMs’ at its Big Bazaar outlets also helped Future Group increase its sales.
"Allowing customers to withdraw cash by swiping their debit cards at PoS machines has become a regular practice," said Biyani.
Future Retail will be adding 16 more outlets to the existing 34 stores next year to meet its target of Rs 3,500 revenue for FY18.
About two weeks after PM Narendra Modi imposed a ban on higher denomination notes, Biyani introduced a 'Mini ATM’ facility at Future Group’s Big Bazaar outlets.
People were able to withdraw Rs 2,000 notes using debit cards.
Earlier on in November, Biyani said that he had written to consumer goods companies to extend credit days and offer additional discounts on their merchandise so it can be passed to consumers facing inconvenience due to demonetisation.