Reliance Retail to connect kirana stores digitally soon
The move is aimed at digitally empowering kirana stores, including those in smaller towns.
New Commerce is a massive $700 billion opportunity that will empower kirana stores in smaller towns digitally. “Reliance Retail has brought a retail revolution in India," Ambani said.
The platform will transform the unorganised retail market completely, he said. At present, unorganised sector accounts for 90 per cent of India’s retail industry.
Addressing shareholders at the 42nd AGM, Ambani said the retail arm would be one of the key growth engines in the group’s scheme of things. “Reliance Jio and Reliance Retail will account for 50 per cent of the company's EBITDA soon,” he said.
He said the retail business grew phenomenally last year and now has presence in 7,000 cities. Two-third of Retail Retail stores are in tier II, III and IV cities, he said. The retail business crossed Rs 1.30 lakh crore in revenue last year and serves more than 1 lakh customers every hour. Ambani said Reliance Retail’s digital arm Reliance Digital sold one TV in every 24 seconds and one phone every 2 seconds last year.
The Reliance e-commerce platform would enable small merchants to “do everything that large enterprises and large e-commerce players are able to do,” Ambani said. The acquisitions will help bolster this network of partners.
“We are now getting ready to roll out the platform at a larger scale. Reliance’s New Commerce platform thus represents the Digital Symbiosis of Big and Small Enterprises. I believe that the small must not only survive, but also thrive in New India,” he said.