The Foschini Group (TFG) is seeing significant growth in online sales, with its e-commerce multi-brand platform, Bash, playing a significant role. Bash accounted for 34% of TFG’s total online sales within two months of its launch and saw a remarkable 73% increase in multi-brand orders. According to the most recent financial report, TFG’s online retail turnover increased by 6.6% during the fiscal year ending March 2023, reaching R4.7 billion and contributing 9.1% to the overall group retail turnover. Notably, TFG Africa reported the most aggressive growth in online retail turnover, with a 33.2% increase.
Anthony Thunström, CEO of TFG, expressed confidence in the platform, saying, “While there is still work to be done, the foundation is now in place to capitalise on this platform.” He also emphasised their vision of providing customers with remarkable omnichannel experiences by delivering beloved brands and products anytime, anywhere. Bash’s co-founders and CEOs, Claude Hanan and Luke Jedeikin, echoed this sentiment, emphasising the platform’s advantages over pure-play competitors. They reaffirmed their commitment to leveraging these assets to provide customers with the most convenience and choice while minimising incremental costs.
TFG recently announced a partnership with Root, a Cape Town-based start-up, in the pursuit of convenience and innovation. This collaboration aims to transform how the company develops, markets, sells, and manages insurance policies for its store account holders. TFG Insurance, the parent company of popular brands such as @home, Sportscene, Jet, Coricraft, and Volpes, provides life and non-life insurance to low to middle-income consumers through Momentum Metropolitan Guardrisk.
TFG’s decision to collaborate with Root comes after the company reported a record-breaking demand for credit in its most recent financial results. This demand arises as a result of consumer pressures caused by high inflation and interest rates. TFG’s customers can easily access their insurance policies, make claims, and pay premiums in real-time by leveraging Root’s platform. TFG Insurance product manager Khim Franciscus-Davids emphasised the advantages, saying, “For our employees, the entire customer journey can be managed through one interface.” Previously, our back-office processes necessitated working across multiple platforms with disparate spreadsheets and reports.”
TFG’s collaboration with Root enables it to streamline policy management by incorporating quote generation, policy administration, reporting and claims into a single platform. Gareth Jones, the CEO of TFG Insurance, emphasised the importance of developing products that are simple to understand, meet the needs of customers, and are supported by simplified underwriting.
Root has a track record of successful insurance collaborations. In September 2022, the startup partnered with Mr Price Money to help the retailer launch Life Matters, its own life insurance solution. This collaboration not only aided Mr. Price Money’s entry into the burgeoning microinsurance industry but also demonstrated Root’s capabilities in providing low-code, end-to-end insurance platforms.
TFG’s Bash platform has quickly become a significant contributor to the company’s online sales, achieving impressive growth in just two months of operation. Bash, with over 40,000 products from over 500 brands, provides customers with convenience and choice while providing TFG with a competitive advantage. TFG’s collaboration with Root for insurance solutions also demonstrates the company’s commitment to improving the customer experience and streamlining processes. TFG is positioned for continued success in the online retail space as a result of these strategic moves, which foster remarkable omnichannel experiences for its customers.
