Reliance Retail revenue increased by 10% through partnership between E-com and merchants

According to Reliance Industries’ latest annual report, the Digital Commerce and Merchant Partnerships business contributed nearly 10% to Reliance Retail’s Rp15,381.8 billion in revenue for the 2020-21 fiscal year, compared to the previous fiscal year. Has risen “significantly” from near zero. Reliance Retail reported a pre-tax profit of Rs 9,842 million in the previous fiscal year.

“Digital commerce has gained a lot of traction as a result of lockdowns / restrictions,” and “it’s likely to stay strong,” the company said.

In the previous fiscal year, Reliance Retail enhanced digital commerce and omni-channel capabilities in all businesses and embraced the latest technologies such as artificial intelligence (AI) and machine learning (ML) to respond to changing consumer behavior. did.

Reliance, which launched India’s largest hyperlocal platform JioMart last year, acquired online pharmacy Netmeds, online furniture retailer Urban Ladder, and online lingerie retailer Zivame to enter the fast-growing e-commerce segment. We are strengthening our entry.

According to the report, physical stores are still an opportunity for the company to grow, especially in the case of expansion in small towns.

As of March 31, 2021, Reliance Retail operates 12,711 stores, covering 33.8 million square feet. About two-thirds of them operate in small towns, with more than half of the 1,456 new stores opened in 2021 in these markets.

“More than half of our orders on digital platforms come from Tier II and smaller Tier Towns,” he added.

Fiber2Fashion News Desk (DS)