Mukesh Ambani, the brain behind Reliance Jio is all set to continue his journey of success and prosperity in the nation. He has planned to step ahead with Reliance Retail, in the world of common e-commerce methodology, via a new protocol and approach to help the economy grow.
What is Reliance Retail?
A venture which has been predicted to reach a market value of $200 billion in the next two years by Bank of America – Merrill Lynch. It has been in the industry since 2006 but now it’s time for an update considering India’s unorganized market and the new rage of digitalization.
Reliance Retail will focus on the mom-and-pop stores of the country or as commonly called, the Kirana Stores, especially because they occupy 90% of the Indian retail market. If the plan is implemented well, there’s no way in the world that can stop Reliance to reach the zenith of success with increased revenue.
So, what is the game plan?
1) It will use its nation-wide network and Jio base to shift such kirana store shopkeepers to a digital world.
2) It will help the merchants with online ordering, generating online GST compliant bills, managing inventory via alerts, etc.
3) It will help merchants with fast delivery service for replenishment stocks
4) Digital features enabled by the Reliance network will also help customers with better analytics, information, and promotions. Customers will be more aware and get direct brand discounts.
5) It will also help kirana stores to create their own chatbot with a new app
However, all said and done, it will take time for the brand to convince and shift such Kirana stores to the organized sector. A research does estimate a possible tie-up with 5 million kirana stores in FY21 for Reliance Retail which even in the worst scenario will generate $6 billion to the enterprise.
The company is now entering the competitive world against giants like Amazon and Flipkart but then again, its USP has a voice of its own backed up with solid strategies, which might work wonders both for the Ambani family and for Indian economy.