Reliance Industries’ (RIL) Chairman & Managing Director Mukesh D Ambani on Thursday said the company saw its biggest growth opportunity “in creating a hybrid, online-to-offline new commerce platform”.
According to Ambani, who was addressing the shareholders at the company’s 41st Annual General Meeting (AGM) here, the new commerce platform will be created through the integration of its offline retail arm and online technology platform.
He further said Reliance Retail’s revenue grew by 100 per cent on a year-on-year (YoY) basis Rs 69,000 crore last year.
“As Reliance transitions to become a technology platform company, we see our biggest growth opportunity in creating a hybrid, online-to-offline new commercial platform. We shall create this by integrating and synergising the power of Reliance Retail’s physical marketplace with the fabulous strengths of Jio’s digital infrastructure and services,” said Ambani.
He said that this platform is expected to bring together the 35 crore and growing customer footfalls at Reliance Retail stores, around 21.5 crore and growing Jio connectivity customers and the targetted 5 crore Jio Giga Homes.
“Our new commerce platform will redefine retail in India by enabling all customers ─ rich or poor, whether at home or on mobile ─ to transition from simple shopping to personalised immersive shopping experience. This will be made possible by Augmented Reality, holographic technology and VR devices,” said Ambani.