BigBasket — the Indian online grocery delivery service — recently announced plans to expand its private label offerings with 500 new products by Fall 2021. Currently, 38% of the company's sales are generated from private labels, and the company is hoping to increase revenue by expanding these offerings.
"During the lockdown, we found that there is a huge demand for frozen snacks, hence, we are looking at that segment starting with frozen pizzas,” noted Seshu Kumar Tirumala, the National Head of Buying and Merchandising at BigBasket. In addition, the company stated they saw a surge in health and immunity products during the COVID-19 outbreak and will set up a separate category specifically for immunity building products.
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What's Driving This Trend
- Expansion of Private Label Offerings
- BigBasket plans to launch 500 new products by Fall 2021, aiming to increase revenue by expanding their private label offerings.
- Rise in Demand for Frozen Snacks
- BigBasket found a huge demand for frozen snacks during the lockdown, signaling an opportunity for the frozen food industry.
- Growing Market for Health and Immunity Products
- The surge in demand for health and immunity products during the COVID-19 outbreak indicates a potential disruptive innovation opportunity for companies in the health and wellness industry.
Who This Affects Most
- Online Grocery Delivery
- BigBasket's expansion of private label offerings highlights the potential for disruptive innovation within the online grocery delivery industry.
- Frozen Food
- The increased demand for frozen snacks presents an opportunity for disruptive innovation in the frozen food industry.
- Health and Wellness
- The rise in demand for health and immunity products suggests an opportunity for disruptive innovation in the health and wellness industry.
