Reliance Industries Ltd has now stepped into the retail sector and has been preparing to compete with companies such as Amazon and Walmart.
Reliance has begun preparations to create a mixed platform for online and conventional shopping. Mukesh Ambani, the country’s richest person, said in the company’s annual meeting on Thursday that Reliance is looking at the biggest opportunity of growth on the hybrid and online to offline new commerce platform in the coming days.
The company’s chairman Mukesh Ambani said that for this, group companies Reliance Retail Limited and Reliance Jio Infocom Ltd will work together. Not only this, the company has already prepared for mega launch of Fiber-based broadband service on August 15. It is believed that Reliance could be a big challenge to the rival companies in this sector, even like Reliance Mobile Services.
In the Bloomberg report, the research firm E-Marketers has said that in the coming days, the business of e-commerce in India will grow rapidly. The e-retail business in 2018 is $ 32.7 billion, which can reach $ 7 billion in just 4 years, by 2022. Ambani said that Reliance Group, which works in the sector from retail to refining, is in the process of interfering in the online market after investing Rs 2.5 lakh crore in mobile and fiber broadband infrastructure.
Other big announcements
-Mukesh Ambani said that Jio has increased its customer base double (21.5 million) in 22 months. There are more than 25 million users in Jio Phone in India.
– Ambani said that compared to 2% last year, consolidated EBIDATA of JIO and up to 13% in retail in FY08.
-Mukesh Ambani’s son, Akash Ambani, said that on the MBPS day gone, today’s time is GBPS.
-Jio’s revenue has crossed the figure of 69,000 crores.
-Akash Ambani said that now your house will be fully in Wi-Fi coverage, every device, plug points and switches will become smart. Now you can easily monitor 24X7 security through the camera.