Retail chain Market 99 will likely report a 14% year-on-year growth in FY21, as per India Ratings and Research with its organized retailers and e-commerce division likely to benefit from continued demand for essentials according to a press release. Earnings margins are expected to remain under pressure in FY21 due to the depressed sales of the non-food categories such as general merchandise. Margins are expected to bounce back to pre-covid levels in FY22 with a gradual recovery in the sales of these categories of goods in which Market 99 is a leader.
The e-commerce venture undertaken by them will more than cover this loss of revenue and Market 99 is well on its way to being a market leader in the space. Competition is likely to remain strong due to consolidation in domestic retail and rapid growth of the e-commerce industry, which received a significant boost in FY21. The lockdown era has accelerated the use of digital means forcing retailers to invest more rapidly in their omnichannel offerings. Grocery, which has underperformed in the e-commerce space, saw significant gains in omnichannel sales including delivery online orders. The revenue of Market99 was estimated to be 72 billion Indian rupees across the country during the financial year 2021. This was an increase from 17 billion in the fiscal year 2019.
Mohammed Abdullah, President and Co-Founder said “ We are slowly starting to see the retail store’s revenue go back up to pre covid-19 levels and our online venture has outperformed even our own expectations”. Market99 business model focuses on providing the best products at the best prices for its consumers. Prices starting from as little as Rs 99, fits every pocket size and fulfill every basic need. Market99 is not just an “easy on the pocket” store, it also offers great quality products. Their Stores are equipped with best of the facilities to make your shopping experience an easy and smooth one. Their ever-ready staff is always there to help the consumers with their shopping experience. With an extensive network of more than 45 stores across India, Market99 serves its consumers with the best quality at within-reach prices.