New ecommerce platform created with help of Reliance Jio Infocomm.
State of Gujarat first to trial new project
Reliance Retail, part of the Reliance Industries conglomerate, has partnered with Reliance Jio Infocomm to announce the creation of a new ecommerce platform. The new platform will be optimised for use on the JioPhone, a popular mobile handset that was introduced by Reliance Jio in 2017. Till date, more than 40m JioPhones have been sold in India.
Some innovations announced for this marketplace include making use of augmented reality and holograms to provide shoppers with an immersive shopping experience. With an initial target of 1.2m small retailers in the state of Gujarat, the platform will allow retailers to increase their reach and visibility substantially.
Healthy Q3 sales
The retailer also announced that Q3 earnings for the entire Reliance Retail group rose to more than US$4.9b, a rise of 89% versus last year. The strong growth was attributed to a combination of increased sales during the festive season as well as store openings.
Reliance Industries chairman, Mukesh Ambani said, “In our new-age consumer businesses, we maintained robust growth momentum across retail… and the share of consumer businesses is steadily increasing its contribution to the overall profitability. As we execute on our strategies to deliver superior products and services to Indian consumers, I am confident Reliance is well-positioned for the future and for the next cycle of growth.”
The Reliance Retail group has businesses in grocery retail, fashion and lifestyle, consumer electronics, telecommunications and petrol retailing.
Find out more information about Reliance Retail here.
Retail Analysis Asia