Lalit Agarwal, CMD of V-Mart Retail, said digital business is still a work-in-progress for the company.
V-Mart, a chain of retail stores, reported earnings for the March-ended quarter. The company saw a significant recovery in Q4 but now the focus is on the Q1 outlook as nearly 80 percent of the country is under a lockdown.
Speaking in an interview with CNBC-TV18, Agarwal said, “We have to learn a lot in digital business and understand a digital customer. So, we are still learning, but we are building volumes and a lot of transactions are happening online.”
On e-commerce, he said, “We started the journey almost a year back and we have gained sufficient momentum. We have got more than 1.5 million downloads of our app and we have got some amount of traction.”
“We will continue our journey on growth. We had targeted to open around 50 stores this year; Q1 almost washed out, but we continue our search and property finalisation as we speak because we believe stores are there for the future. Definitely, these are bad times but it is a good time to procure properties and get it at a good deal,” he said.
For the entire management interview, watch the video