Financial Daily from THE HINDU group of publications
Wednesday, Mar 13, 2002
Marketing - Retailing
Polaris launches retail product
POLARIS Retail Infotech Ltd, the wholly owned subsidiary of Polaris Software Laboratory, has launched a general application product for the retail industry called Retail Excel.
Mr Nat Narayanasamy, Director and Head of Business-Polaris Retail, told reporters here that the product was being developed in two stages; the first phase was unveiled on Tuesday.
``The second phase will be launched on November 1. The product is tentatively priced between Rs 10lakh and Rs 70 lakh, depending on the extent of application required to the customer,'' he said.
Retail Excel leverages a new branded construction and architecting methodology developed by Polaris Retail called Coffet. Coffet is a component buffet and works on the recognition that ``no two retail businesses are identical,'' Mr Narayansamy said.
``Retail Excel embodies the mandatory functionality of a typical retail business from procurement to cash settlement (P2C) by providing an effective point of sale solution along with a comprehensive back office transaction processor,'' he added.
Polaris Retail has invested about Rs 25 crore in developing this product and expects to garner sales of $5 million in the next 12 to 18 months.
``In the next two months, we expect to close three large deals and in five years, we aim to achieve sales of US $ 50 million,'' Mr Narayanasamy said.
The company is targeting the $150 million market in India, West Asia and the Asia-Pacific.
Mr Mukesh Mathur, Senior Vice-President, Polaris Retail Infotech Ltd, said that the company was also in talks with several corporates and retail chain stores in India, including Apollo Hospitals.
``We are in talks with various retail chains in India which also includes pharmacy retail stores such as Apollo and supermarkets in Chennai,'' he said.
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