Big Bazaar was once an emotion to every Indian family.
¼ of India used to visit the Big Bazaar.
From local markets to stores and commercial mart culture. Such a successful business went crashing into debt and bankruptcy. How ?
Big Bazaar was one of the fastest growing brands, which shook the Indian Markets with a total of 250 stores across India. It was a highly profitable business and people admired the discounts and products.
* The strategies which Big Bazaar used were unique and affordable. The idea was to give all the products which Indians wanted, from home appliances to clothing. Everything was available to everyone.
* A high quality store with air conditioning and lower prices for products along with discounts. Attracted huge audiences.
* Having prime locations and selecting stores which are connected to the transport facility of people.
* Mass expansion across India with high-cost stores with modern facilities.
Reasons for Failures.
* Joining multiple businesses at the same time, instead of focusing on core things.
* High operational costs, opened stores based on massive loans which couldn't be repaid back easily.
* cost of running a business exceeded as the locations were prime and popular locations.
* Being very independent of manufacturing and industry, everything was prepared by big bazaars themselves.
* The vision was big and practical, but it was an extremely long game of 7 to 10 years. An unfortunate incident happened due to Jio launching the free Internet, which made online shopping more intense and accessible. The Big Bazaar Market revenue was only 50% from offline stores.
* The E-commerce market dominated the shopping industry with the free Internet. Big Bazaar started an online platform also, but they launched it way ahead of the world, back in 2007, which didn't work back then.
* Already had massive scale debt which was increasing day by day. Due to the COVID-19 pandemic, another jolt hit them so hard that all their offline stores collapsed for more than 1 year, with operational costs, employees and many other costs creating massive debts and an unimaginable crisis.
Finally, Reliance acquired Big Bazaar assets and raised 24713 crore rupees.
