Mukesh Ambani Takes On Amazon And Walmart
Asia’s richest man, Mukesh Ambani takes on Amazon and Walmart, the world’s largest e-retailer. He will do this by combining his Jio telecom service, mobile devices, and retail network.
The Reliance chairman said at an event on 5th April, “Jio and Reliance Retail will launch a unique new commerce platform to empower and enrich our 12 lakh small retailer and shopkeepers in Gujarat”. This 12 lakh number is equivalent to 1.2 million.
Fastest growing Jio currently has around 280 million subscribers. While Ambani’s retail side operates around 10,000 outlets across more than 6,500 cities and towns in India. The master plan is to team up the two verticals and bring them through Jio’s applications and devices. This was said by V. Subramaniam who is a top executive at Reliance Retail.
The previous month, the government made strict rules which disallowed foreign-owned e-retailers from selling their products. These rules certainly affected the operations of both Amazon and Walmart. The after effects later lead to the acquisition of Flipkart Online Services Pvt. in a $16 billion deal. It is also said that this will also benefit the local enterprises such as Reliance retail.
V.Subramaniam also said that Mukesh Ambani will gradually reveal the details of his plans in e-commerce. He further added that, “His platform would use augmented reality, holographs and virtual reality to create an immersive shopping experience”.
Let’s see what is in the store now!