Reliance to launch e-commerce platform |
Billionaire Mukesh Ambani`s Reliance Retail Ltd could launch its “New Commerce" venture around Diwali this year. New commerce is Reliance Retail`s offline-to-online initiative, which would link producers, traders, small merchants, brands and consumers through technology. Currently, it operates neighbourhood stores, supermarkets, hypermarkets, wholesale, specialty and online stores. Reliance Retail is planning to launch its e-commerce venture in two phases—one, a soft launch around Diwali, and then a full-fledged launch by December-January. RIL is initially looking at the consumption basket which includes daily staples, soaps, shampoos and other household items. The company is signing up local merchants offering them an online-to-offline (O2O) marketplace. Under the O2O model, a consumer searches for the product or service online, but buys it from a physical store. This allows the company to consolidate merchants, who in turn, will cater to the local demand but also help Reliance Retail save costs and enter areas currently outside the purview of online retailers. Since Reliance Retail is fully home-grown, they don`t have any FDI regulations to follow. They can keep inventory as well. Reliance Retail aims to connect as many as 30 million neighbourhood stores through the venture, Ambani said at the company`s annual general meeting on 12 August.
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