With growing appetite of Indians towards luxury gourmet food, the retail space has been witnessing rapid expansion over the past five years; the space is expected to grow manifolds over the next few years. The size of the gourmet food market in India is estimated at Rs 6,500 crore, growing at a CAGR of 20% year on year. The market is set to cross Rs 13,700 crore by 2015.
At present, most of consumption of gourmet food happens through offline channel if you are looking to buy gourmet products, which are authentic and directly sourced from manufacturers or importers. Here comes GourmetCo, a Mumbai based online store which offers wide range of gourmet food.
GourmetCo, currently offers 9 Gourmet shops on the website including: Italian Mercato, Tea Room, Coffee Barrel, Jams & Honeys, Health Foods, Mixed Bag, Kiddie Corner, Gourmet Gifts and Paraphernalia. From these shops you can buy a variety of cheese accompaniments, Italian food products (including pastas, olives, Italian sauces, olive oils and vinegars), organic and exotic jams and honeys, health and breakfast items such as cereals, porridge and cereal bars, a range of products such as biscuits and cookies.
The company leverages hybrid model over online and phone, consumers can order via both channels. They deliver the order in Mumbai on the same day, but it takes 3 days to deliver in other cities across the country.
Like most of the ecommerce companies, GourmetCo offers all plastic card based payment options along with Cash on Delivery (COD). Speaking about product sourcing, Neerja Mittersain, founder GourmetCo said, “We source products exclusively from official importers or distributors in India. We also source and import some products directly from manufacturers”.
Besides etailing branded ready to eat food, the startup has also been creating its own (private) label called Sain’s Market which works with local or global producers to bring the authentic taste experience to its consumer.
“We are doing close to 100-125 orders per day with ticket size varying in the range of Rs. 400 to Rs 2,000,” said Mittersain. On marketing front, GourmetCo relies mostly on word of mouth, and sees decent conversion rate. So far, GourmetCo is self funded venture, and is looking to raise funds to develop its in-house label and hire more people.