MallStreet connects brick and mortar retail shops with potential customers via live video.
With the number of COVID-19 cases rising in India every day, shoppers are increasingly moving towards e-commerce in a bid to avoid stepping out. Bengaluru-based ReCast Technologies on Thursday launched a platform ”MallStreet” that will connect brick and mortar retail shops with potential customers via live video.
The company, which has launched the service in Bengaluru, plans to expand to top 20 cities by the end of next year, and aims to clock revenues of Rs 500 crore over the next few years.
MallStreet will be available as a browser-based web-app and aims to combine the sensory and social gratification of in-store shopping at retail stores with the convenience of e-commerce and emergent need for social distancing.
“We are offering a digital infrastructure service to brick and mortar stores that will help transform them into a digital entity, without denuding them of their identity as an established and household name…This will also boost sales for stores that have seen sales fall because of the pandemic,” ReCast Technology co-founder and CEO Jayesh Chakravarthi said at a virtual briefing.
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MallStreet facilitates chat and video-assisted shopping where shoppers can shortlist products, negotiate, pay, and have the item shipped.
Sandeep Upadhyay, co-founder and CMO of ReCast Technology, said the company will focus on Bengaluru at present, and look at expanding to the top 20 cities by the end of next year.
The platform currently has 140 stores from Bengaluru on its platform that will be increased to 300 by the end of the month, and to 3,000 by March-end, he added.
Asked about monetisation, he said the company will look at four routes.
“While listing is free currently, we will have a subscription fee in the coming months for the shops. We will also look at options like a talktime fee depending on the time spent on video calling with customers, a fee on transactions and ads,” he added.
