Fashion portal abof.com has clocked an annualized gross merchandise value (GMV) of Rs 100 crore within 90 days of launch. The portal, which was launched in October, last year, hit this number in the middle of January.
Abof is a fashion portal from the house of Aditya Birla Group. Abof differentiates itself by offering apparel, footwear and accessories for millennials only and has been designed keeping this audience of 18-30-year olds in mind. Abof, whose services cover 6,000 pin codes in over 500 cities in the country, reflects the trend of offline retailers that have chosen the online mode.
Within three months of launch, abof is seeing over 20% orders from repeat customers, and less than 15% return versus the industry average of 20-25%, Prashant Gupta, president of abof, told ET in an exclusive interview.
According to Gupta, the three key strategies that have helped the company grow in a short time are sharp segmentation and focused targeting at millennials, personalized content and style tips.
The fashion portal works on an inventory model and has about 55 brands translating to 10,000-12,000 SKUs. About 40% of its business comes from its own private label brand, Gupta said, adding that the company will never have more than 100 brands on the portal.
Its services include delivery across 365 days a year (including Sundays and holidays), refund on pick up, and spot exchange. It has tied up with third-party logistics players GoJavaas, Delhivery and some others for delivery and has managed and developed the backend technology to enable spot exchange service where the same delivery person picks up and exchanges the item with the customer.
Abof has also integrated advanced technology and introduced features like a 3D trial room and visual search. The company partnered with UK-based Metail which has customized its 3D technology for abof and Indian body types.