Reliance Retail’s ‘Panch Pran’: How imperative are small businesses to Mukesh Ambani’s retail venture | The Financial Express

Reliance Retail’s ‘Panch Pran’: How imperative are small businesses to Mukesh Ambani’s retail venture

Ease of Doing Business for MSMEs: In order to operationalise and grow multiple channels to increase Reliance Retail’s reach to serve customers, especially in underserved rural India, Mukesh Ambani highlighted the strategy to integrate with “millions of small merchants and provide them a platform to prosper.”

Reliance Retail’s ‘Panch Pran’: How imperative are small businesses to Mukesh Ambani’s retail venture
Reliance on Monday announced the launch date of Jio’s 5G network.

Ease of Doing Business for MSMEs: Indian billionaire Mukesh Ambani in his address at the 45th annual general meeting (AGM) of Reliance Industries on Monday touched upon the role small businesses play in the five imperatives or ‘Panch Pran’ for Reliance Retail’s business model.

In order to operationalise and grow multiple channels, as one of the imperatives to increase Reliance Retail’s reach to serve customers, especially in underserved rural India, Mukesh Ambani highlighted the strategy to integrate with “millions of small merchants and provide them a platform to prosper.”

“We will enable them to become an integral part of the widest distribution portfolio across the country so that they can provide the choices available in big cities to their customers in the hinterland,” he said. 

Ambani also announced that Reliance Retail will partner and integrate with all brands, small producers, and MSMEs — as part of its imperative to expand the product portfolio — in order to source from the widest range of products for its customers. Moreover, he said the company will extend its product and design capability to MSMEs so that they can offer products of the highest quality across different price points and become globally competitive.

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The other three imperatives for Reliance Retail underscored by Ambani were first, focus on enriching customer experience across every digital and physical touchpoint using technology; second, deepen the categories that the company operates in to offer a maximum choice on a continuous basis to customers; and third, strengthen the logistics and supply chain capabilities by establishing a strong technology-enabled supply chain, Ambani said. 

Meanwhile, the company also announced the launch date of Jio’s 5G network. Ambani said the rollout will begin from Diwali this year and expand across India by December 2023. Through 5G services, “We will catapult tens of millions of small merchants and small businesses to great heights, empowering them with cutting-edge, plug-and-play solutions delivered from the cloud. We will provide millions of medium businesses with the same digital capabilities that were earlier available only to larger companies,” Ambani added.

Also read: ECLGS helped MSMEs start new trades as well apart from reviving, scaling business: Report

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First published on: 29-08-2022 at 19:18 IST