Mukesh Ambani’s Reliance Industries Ltd. is all set to take on the likes of Walmart Inc.’s Flipkart Online Services Pvt., Amazon com Inc. in the retailing sector by creating a platform that will combine the face of conventionally shopping and internet together.
Mukesh Ambani, the Billionaire Chairman planned this out on Thursday during his company’s annual shareholders’ meeting in Mumbai. The plan is involving two of the Reliance groups together – Reliance Jio Infocomm Ltd and Reliance Retail Ltd. businesses. However, on 15th August last year, the Infocomm Ltd launched a fibre-based broadband service for their customers.
There is no doubt that the retailing giants Walmart and Amazon have invested in India’s retailing sector for the year. With the e-commerce out in the open, it is predicted to double the amount to $72 billion by 2022 were currently in 2018; it is near $32.7 billion. The retail to refining conglomerate is looking for the advance growth in the e-commerce sector for approximately 2.5 trillion rupees that have been setting up mobile and fibre broadband infrastructure.
It is said that the platform will have an implementation of augmented reality, virtual reality and holographs in order to offer an immersive shopping experience. There are no timeline or financial targets for now. It is stated that the service will be available for the small merchandise too. This will open a path for them as “do everything that large enterprises and large e-commerce players are able to do."
In May, Walmart who is said to be the world’s largest retailer will acquire around 77 per cent stake in the $16 billion in Flipkart group. That will leave the remaining stake for the co-founder Binny Bansal and other shareholders.
There were many things that came out in the shareholders meeting:
Jio will be introducing the fibre broadband services in over 1,110 cities nationwide.
Even the e-commerce venture will be leveraging 350 million footfalls in Reliance Retail stores, 50 million fibre broadband homes, 215 million Jio subscribers and 30 million small merchants.
In Mumbai the total share of reliance decreases 2.6 per cent to 964.50 rupees.
The JioPhone2 ahs being introduced by the carriers that have an upgraded version of the featured phone offered at the cost of 2,999 rupees. This will allow the users to use Facebook, Whatsapp and YouTube.
Well, what e-commerce holds for the Reliance group can be seen in the future.