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
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.