MUMBAI: Bigadda.com will be discontinuing its social media services and will be moving into the e-commerce business.
Big Adda’s e-commerce operations have been operational since last three months in pilot phase and during this time, it witnessed ramp up of orders. Big Adda has crossed Rs 20 million (Rs 2 crore) gross value transactions per month in June.
“This is a conscious decision to transition Bigadda.com to e-commerce business. The digital space is dynamic and ever-changing. In 2007 when Bigadda.com was launched, social media networks were the next big thing in the digital space, and we believed that local social media platforms would do exceptionally well. However local social media networks show no potential anymore with dominance of Facebook and other global players. We believe that the growth drivers of digital space are e-commerce, gaming and video on demand (VOD). We already have a strong presence in gaming with Zapak & Jump Games and VOD with Bigflix.com. With this transition we will cover the third growth driver as well. The total E-commerce market in India is estimated to be Rs 3000-3500 crore with teleshopping a Rs 1500 crore market, Readers offer Rs 1000 crore market (Teleshopping plus Readers offer is called alternate retailing market) and online Rs 700 crore market. Alternate Retailing Market is growing at 30% CAGR while online is growing at 50% CAGR. With increasing spending power and aspiration of youth in small town of India and acceptance of credit /debit card as mode of online payment, e-commerce will grow exponentially in India,” said Reliance Entertainment (Digital Business) CEO Rohit Sharma.