ID Trusts You with Its Shop and Busi­ness Plan

There’s no sales­man or a cam­era in this shop. Pick your prod­uct at the iD Trust Shop and pay when you can

The Economic Times - - Disruption: - @times­group.com

Bengaluru: Next time you visit an apart­ment or a soft­ware park, you are likely to come across an un­manned shop: just pick what you like and drop the money. Oh! did we men­tion that you can al­ways pay later?

iD Fresh Food, the ready-to-eat food com­pany founded by IIM-B alum PC Musthafa (42) and his four cousins 10 years ago, is mak­ing one such at­tempt in Bengaluru with its iD Trust Shop. The firm is in­stalling visi-coo- lers at res­i­den­tial com­plexes, soft­ware parks and cor­po­rate of­fices. There is no sales­man or ever watch­ful cam­eras. You can pick prod­ucts like idli-dosa bat­ter, wheat parathas and cha­p­atis, and drop the money at the box placed there. Short of money? A cus­tomer can pay what­ever he/she has and pay the rest later. The firm says it will re­plen­ish the shop on a daily ba­sis.

“We have in­stalled17 Trust Shops in Bengaluru, and will be launch­ing them in Hy­der­abad, Chen­nai and Mum­bai in about a week,” said Musthafa. The Trust Shop, Musthafa said, was born out of pos­i­tive sto­ries the team hears ev­ery day.

“For us, this is a larger-than-life project. If we are able to re­mind, at least a few, on the pos­i­tive value of trust, we have achieved the pur­pose.”

“They are prob­a­bly one of the pi­o­neers,” com­mented YLR Moor­thy, the pro­fes­sor of mar­ket­ing at IIMB. “This would prob­a­bly be a scal­able model,bu­toneshould­move­with­cau­tion, and ex­pand slowly based on pro-

THIS RE­LA­TION­SHIP IS BASED ON TRUST

gress. Trust equa­tions could be dif­fer­ent in dif­fer­ent cities.”

The firm is not patent­ing the idea and keep­ing it open to prod other brands to em­u­late and cre­ate trust move­ment. “Our ex­pe­ri­ence in the past four weeks has been en­cour­ag­ing,” said Mithun Ap­pa­iah, Vice Pres­i­dent, Sales & Mar­ket­ing. “In some apart­ments, the col­lec­tion is as high as 90% and on some days it is over100%.”

iD Fresh, backed by He­lion Ven­tures, claimed to have crossed Rs 100 crore in rev­enues last fis­cal, and is tar­get­ing .₹ 250 crore in 2016-17.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.