SyberPlace.com Announces Rs. 400 million Sales Goal for 2008

INDIA: Customer Care Associate and Chief Executive Officer Urvesh Goel today announced SyberPlace sales target of Rs. 400 million for 2008, from 20,000 transactions. The company is targeting an average of one sale for every 5,000 internet users in the country, from 1% of the most active internet users: Who access internet more than 4-7 times a week, from their home PC, and who make buying decisions for their households.

"We are enjoying good support from suppliers for 24 top selling brands of consumer durables and our outlook is very strong,” commented Goel. “Our business has been helped by the Internet penetration in the country, which continues to grow at a pace of 40% every year. Consumer durables sales are posting double-digit growth, projected to be $32 billion in 2011. Indians bought $120 million worth consumer durables from the Internet, during 2006; and, it is projected to grow 200% by the end of 2007.”

Goel added, “Through a newly developed retail web-store format, SyberPlace offers a vast array of consumer durables, exceeding that currently offered in the largest retail stores, without the need to maintain large inventories or lease large retail locations. Customers access the database via an easy-to-use web user-interface, with the opportunity to compare products. They make selections and place orders to deliver products, with 24 x 7 home-shopping access to the SyberPlace web-stores, and no limitations of a typical brick-and-mortar retail store.”

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About SyberPlace.com:

SyberPlace.com is an online retailer for consumer durables, addressing a market opportunity of Rs. 128,000 crore with a business goal of 3% share: Rs. 4,000 crore sales in 2011, targeting 1% penetration in a customer base of more than 20 crore PC internet users and 20 crore mobile internet users, leveraging an investment of Rs. 200 crore in technology, to provide the customer an unparalleled shopping experience. They have retained a leading retail technology provider experienced with some of the largest US fashion brand retailers.

The company has established a supply chain for 24 top selling brands in consumer durables: LG, Samsung, Onida, Philips, Panasonic, Haier, HP, Acer, Lenovo, Toshiba, Cannon, Olympus, Nokia, Motorola, Sony Ericson, Whirlpool, etc. This supply chain provides the company with 27 categories of products.