Mukesh Ambani’s RIL has taken first flight towards fulfilling its e-commerce plan and opened My Jio Mart to take on e-tailers such as Amazon and Flipkart.
Mukesh Ambani’s RIL has taken first flight towards fulfilling its e-commerce plan and opened My Jio Mart to take on e-tailers such as Amazon and Flipkart. The soft launch of the e-commerce platform was confirmed by a Reliance official, Livemint reported. The platform will cater to select locations, for now, such as Navi Mumbai, Thane and Kalyan, the report added. “My Jio Mart aims to bring happy and prosperous life to millions of people by forming meaningful, long-lasting and mutually rewarding business association,” the website says. Meanwhile, Financial Express Online has reached out to RIL for further comments.
Reliance had unveiled its new commerce plan a few months back and the plan is seen as a $700 billion opportunity for the company. RIL’s retail arm plans to “empower” 30 million small traders and merchants via its platform, RIL Chairman Mukesh Ambani had said earlier at the 42nd Annual General Meeting. “New Commerce is a massive new business opportunity of $700 billion… the main purpose of New Commerce is to completely transform the unorganized retail market,” he had said. India’s unorganised retail industry amounts to about 80% of the total Indian retail.
Reliance Retail, which is one of the biggest retail chains in India along with Kishore Biyani’s Future Group, is deploying new-age technologies on a pan-India basis to link producers, traders, small merchants, consumer brands and shoppers. The retail arm of Reliance Industries Limited is also working on merchant Point of Sale (POS) Solution in order to create an ecosystem for India’s commerce. “This user-friendly digital platform is designed for inventory management, customer relationship management, financial services and other services,” RIL chairman had said.
Reliance Retail operates multi-format stores ranging from neighbourhood to supermarket. Reliance Retail has over 10,091 stores spanning close to 7,000 towns in the country.