The new e-commerce venture JioMart of Reliance Industries Limited (RIL), which went live in May, saw an order flow of four times than that of the pre-lockdown period.
Reliance Retail is about to announce its deal with the Future group, which will give it access to about 1,700 stores in the future network.
According to the FY20 annual report, the online-offline network has a huge potential for the stakeholders. Reliance Retail has a dedicated section in the RIL annual report. The brands like Big Bazaar, Central and Brand Factory under the future group will be acquired by Reliance retail and will be available in the Jio platform as a part of the deal.
Reliance Retail is seeking to transform the traditional retail through the JioMart platform, by getting a robust omnichannel network in place. The JioMart platform seeks to convert lifestyle, fashion, and electronics into a single platform from the current multiple online channels for individual segments. JioMart, by doing these plans to increase the convenience of the customers.
Jio platform will also provide brands such as Big Bazaar, Brand Factory, and Central after signing the deal with Future group. JioMart platform can also act as a centralized procurement and delivery platform, thus providing various advantages to the sellers.
Current orders per day are exceeding beyond 400,000, which is much ahead than indicated by RIL Chairman Mr. Mukesh Ambani during the company`s Annual General Meeting last month. The average transaction value at JioMart is Rs. 500 per order.
Reliance Retail plans to ramp up its presence in groceries by using a combination of tactics. This includes a tie-up with Facebook`s WhatsApp to increase the order flow, onboarding more Kirana partners, and having more SMART points, which is the neighboring grocery store concept under the Reliance grocery brand SMART across the country.
The SMART point network was set up in less than 45 days from design to the conceptualization to launch, with 18 neighborhood stores up and running near Mumbai. This will be taken to other cities as well. Reliance Retail and JioMart received strong interest from global strategic and financial investors and according to a recent report by brokerage Morgan Stanley, JioMart will sell almost half of the online grocery in the next few years, which will be led by significant investments by the company.
