The Foschini Group (TFG) is making remarkable strides with Bash, its e-commerce platform that’s evolving into a profitable venture. Bash is an all-encompassing app that seamlessly unites a diverse array of over 40,000 products from more than 500 renowned brands. Impressively, within its first two months, Bash contributed a significant 34% to total online sales and witnessed a remarkable 73% surge in multi-brand orders. In its latest financial report to stakeholders, TFG revealed that online retail turnover grew by 6.6% during the 12 months ending in March 2023, amounting to a substantial R4.7 billion, contributing 9.1% to the overall group retail turnover.
The impressive growth of TFG’s online retail business is closely aligned with its vision of delivering remarkable omnichannel experiences for its customers, allowing them to access their favorite brands and products anytime, anywhere. Within this expansive ecosystem, TFG leverages its TFG account offering to empower customers with flexible credit options, enhancing their shopping experience. The TFG account serves as a gateway to this world of convenience, enabling customers to not only discover the latest fashion trends but also to manage their finances seamlessly.
In another significant move towards enhancing customer convenience, TFG announced its partnership with Cape Town-based startup, Root. This partnership aims to revolutionize how TFG develops, markets, sells, and manages insurance policies for its store account holders. TFG, the owner of various renowned brands, currently offers life and non-life insurance to consumers in the low to middle-income segment through its TFG Insurance arm, underwritten by Momentum Metropolitan Guardrisk.
As the demand for credit from consumers continues to grow, TFG’s strategic partnership with Root will create a platform where customers can easily access their insurance policies, make claims, and pay premiums in real-time. This partnership streamlines the management of insurance policies, further enhancing the customer experience and providing a holistic approach to financial management. With the TFG account serving as a foundation for credit management and the Root platform facilitating insurance, TFG is well-positioned to meet its customers’ diverse financial needs while continuing its growth in the e-commerce sector.