Mukesh Ambani’s new commerce plan is a $700 billion opportunity for the company as the Reliance Industries’ retail arm plans to “empower” 3 crore small traders and merchants, RIL Chairman Mukesh Ambani said at the 42nd Annual General Meeting on Monday. “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,” Mukesh Ambani said. The unorganised retail industry accounts for over 80% of total Indian retail. Reliance Retail, one of the biggest retail chains in India along with Kishore Biyani’s Future Group, is deploying new-age technologies such as blockchain, Internet Of Things, AI on a pan-India basis to link producers, traders, small merchants, consumer brands and consumers.
Reliance Retail is also working on merchant Point of Sale (POS) Solution – Jio Prime Partner POS – 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,” Mukesh Ambani said. The POS solution will be helpful in transition smallest neighbourhood kirana shop to a future-ready digitized store.
Meanwhile, Reliance Retail has touched Rs 130,000 crore turnover in the last year and has registered a 7-fold increase in revenue and a 14-fold increase in profit in the last six years, Mukesh Ambani said. The company became a global retailer with the acquisition of British toymaker company Hamleys in May 2019. The company has a foothold in thousands of Indian cities with operations across clothing, footwear, jewellery, supermarts and electronics.
“Today, we are the only Indian retailer to be ranked in the Global 100 top retailers,” Mukesh Ambani said the meeting. Reliance Retail plans to be among the world’s top 20 retailers by 2025. Reliance Retail and Reliance Jio are expected to be listed within five years, Mukesh Ambani said. “If these two consumer businesses had been separately listed companies, each would be ranked among the top 10 in India today, in terms of value” he added.―Financial Express