Mukesh Ambani’s Reliance retail to focus on New Commerce platform

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Updated: August 21, 2019 7:07:26 AM

Reliance Industries chairman Mukesh Ambani had recently announced RIL’s ‘New Commerce’ platform at the company’s 42nd annual general meeting (AGM) with the aim to transform the unorganised retail market which account for 90% of India’s retail industry.

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Reliance Retail’s main focus will be the ‘New Commerce’ platform, which is in line with the firm’s belief that technology and digital is the future of the retail industry. Reliance Retail chief operations controller Ashwin Khasgiwala said: “We are busy building the ‘New Commerce’ platform through which we will connect Indians to kirana stores across the nation. It is a tech-enabled partnership which would link producers, traders, small merchants, consumer brands and consumers.”

Reliance Industries chairman Mukesh Ambani had recently announced RIL’s ‘New Commerce’ platform at the company’s 42nd annual general meeting (AGM) with the aim to transform the unorganised retail market which account for 90% of India’s retail industry.

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Highlighting the importance of technology in the retail sector, Khasgiwala said, “Things are evolving so fast these days that it has become more and more important to have a strong connect or interaction with the customers. That is why we are harnessing AI and machine learning to understand the customers and their needs in a better way. The way new technologies are evolving and new start-ups are coming, the way to serve customers will change and get better in the coming times.”

Ambani recently said at the company’s AGM that Reliance has become India’s largest retailer by crossing Rs 1.3-lakh crore turnover.

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