Reliance Industries-owned Reliance Retail aims to be among the world’s top 20 retailers over the next five years, chairman and managing director Mukesh Ambani said at the 42nd annual general meeting in Mumbai on August 12.
“The retail business has grown phenomenally, registering a seven-fold increase in revenue and a 14-fold increase in profit in the last 6 six years,” Ambani said. Reliance Retail’s revenue crossed Rs 1.3 lakh crore in FY19.
It has also seen a three-fold rise in per-store productivity in the last five years. In 2018, Reliance Retail sold a TV every four seconds and a phone every two seconds.
Reliance Retail was the only Indian enterprise to be ranked among the Top 100 retailers of the world, he said.
Reliance Retail Limited is a subsidiary of Reliance Industries Limited. Founded in 2006, it is the largest retailer in India in terms of revenue.
Talking about “new commerce”, the RIL chairman said it was a “massive” business opportunity worth $700 billion.
“For RIL (Reliance Industries), new commerce is an opportunity to integrate merchants, consumers and producers,” Ambani said.
“New commerce” would transform unorganised retail into organised retail and would revolutionise India’s three crore kirana stores, he said.
RIL also intended to utilise merchant point of sale (POS) solution–Jio Prime Partner POS– to create an ecosystem around small merchants. “This user-friendly digital platform will modernise even the smallest kirana shop to become a digitised store,” Ambani said.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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