Reliance to digitise kirana stores in India by 2023
Reliance Retail, which is geared to target the growing number of kirana stores in India which is more than ten million or more to make a cloud is can be called Retail Cloud Orchestration, is a ready a technology platform to bring small retailers into its fold as part of its "new commerce" plan.
At present, Reliance Retail's revenue is Rs 1,30,000 crore - the largest retailer in India so far.By using the modern technology AI, machine learning, Blockchain, and cloud computing to empower the kirana stores become competitive. With this move, it will gain data of 900 million Indians, which will help it become a full-stack data company.
When we see the magical number of 350 million Indian shoppers Reliance Retail has the data and through Jio, it has accumulated data of 300 million telecom consumers. Now, with this "New Commerce" move, Chairman Mukesh Ambani announced a gargantuan plan at the 42nd Annual General Meeting (AGM) of Reliance Industries to go after data, and at the centre of it is a data-based architecture.
"New Commerce is a massive new business opportunity of $700 billion. However, for Reliance, it is the greatest opportunity to promote inclusive growth and shared wealth at the bottom of India's commerce and retail pyramid," said Mukesh Ambani. As per him, the main purpose of New Commerce is to completely transform the unorganised retail market, which accounts for 90 percent of India's retail industry.
Three crore merchants and kirana shop owners, who generate direct and indirect livelihoods for over 20 crore people, form the backbone of India's commerce ecosystem. He further said, "This tech-enabled partnership will link producers, traders, small merchants, consumer brands and consumers," said Mukesh Ambani.
The core strength to make the dream to come as true is, Ambani knows India is a very price sensitive market and to address this segment, Reliance Retail already having presence in 7,573 stores with 17 million square feet in space, with a minimum of Rs 9 crore generated from each store.
It is now looking to go beyond the combined strength and reach of its digital services through Jio, media and entertainment through Network18 (with a reach of 700 million), and Reliance Retail (with a reach of 350 million).
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