Easy on pocket: Future Group, Bajaj Finserv to offer groceries on EMIs

Future Group and Bajaj Finserv on Tuesday launched a co-branded network card, which will allow existing and new customers to shop on EMIs to shop at the former’s stores.

You will soon be able to buy groceries on EMIs (equated monthly instalments) of three months to two years.

Future Group and Bajaj Finserv on Tuesday launched a co-branded network card, which will allow existing and new customers to shop on EMIs to shop at the former’s stores.(HT File Photo)

Future Group and Bajaj Finserv on Tuesday launched a co-branded network card, which will allow existing and new customers to shop on EMIs to shop at the former’s stores. The card will be available in the market within the next 45 days.

Consumers can avail this facility on a minimum purchase of Rs 5,000 and on a maximum of Rs 3 lakh. The EMIs will not carry any interest as the two companies plan to jointly bear the costs.

The facility will be available at Big Bazaar, FBB (apparel), Central (department store), Home Town (furniture) and eZone (electronics) and will later be expanded to Foodhall and Easyday outlets and to the online platform FabFurnish.com, which Future Group recently acquired.

“Allowing consumers to buy more products via EMIs will entice consumers to upgrade their planned purchases and spend more,” said Kishore Biyani, Future Group CEO. “The next wave of consumption will happen through credit only. We have a vision to have 10 million customers shopping for Rs 1 lakh annually at our stores and this idea will make us achieve that.”

Bajaj Finance already has a base of 5.5 million consumers. With this strategic partnership, the lender will get access to the customer base of Future Group, which has 30 million loyalty card customers.

“For us, it is as important to find new customers as it is to build the right type of partnerships so that we can take care of customers’ multiple needs,” Sanjiv Bajaj, vice-chairman, Bajaj Finserv told HT.

The move comes at a time when wider consumer spending in the economy remains sluggish. Bajaj is hopeful that a good monsoon this year will boost rural consumption and drive its growth.

For the Future Group, this is also an opportunity to connect with customers digitally. It plans roll out its e-wallet soon and also plans to expand its omni-channel push. “All the commerce we do has to be connected digitally. Already, eZone and Home Town have gone online. We will next launch hypermarket chain Big Bazaar, via e-commerce,” said Biyani.