Earlier this year, the 21-year-old CEO of Reliance Industries offered a glimpse of what he’s going to do with his billions. Mukesh Ambani announced that he was planning to invest $100 billion in expanding a wide array of E-Commerce and other business interests over the next 20 years.
The aim is to develop Reliance’s existing businesses into larger, more innovative and profitable enterprises.
Now, we know where he’s headed.
Mukesh Ambani will step in the world of e-commerce to compete with Walmart and Amazon
It’s one of the biggest open challenges of today, as well as the potential future of Indian e-commerce.
One of India’s biggest billionaires is going to be in charge of an industry worth a billion dollars per year by 2025.
It is a common experience that once you see the world of online shopping, you have a hard time whenever you want to go back to shopping offline. Ecommerce companies such as Flipkart and Amazon have conquered the world of retail (and other consumer goods) and now Mukesh Ambani’s retail empire – Reliance, has decided to make a place in the world of e-commerce.
Mukesh Ambani is going to knock in the E-Commerce market very soon. Addressing the Vibrant Gujarat Summit 2019, he said that Gujarat is both a birthplace and a workplace for Reliance. Soon Reliance Industries will enter into e-commerce with the help of Jio. Reliance Retail is established in 2006 in the retail sector.
It has about 10 thousand retail shops across the country. Now Reliance will knock in retail e-commerce with the help of Jio. Jio currently has around 28 crore users.
Mukesh Ambani said that we will do a new experiment in the field of e-commerce. It will start from Gujarat. With this, 1.2 million small retailers and traders of Gujarat will be linked together. This will be an experiment in which online and offline markets will be linked together and it will have access to every corner of the country. Mukesh Ambani is going to use Jio’s connectivity and data for his e-commerce venture.
According to sources, officials associated with the company say that the project will take at least 18 months to complete. Through this project, Reliance Group will challenge companies like Amazon and Walmart. Last month, the government tightened the rules for foreign e-commerce companies. Mukesh Ambani wants to take full advantage of this opportunity.
Use of Latest Technology on E-Commerce Shopping
It will also use the latest technology, to make e-commerce shopping easier and to keep customers’ interest in mind.
While making eCommerce shopping, customers can see all those products sitting at home using virtual reality(VR). When viewing a product, users will be able to see a 360-degree image. And the delivery of any product you buy will reach your home faster than all other e-commerce services.
By using this technology, he will be able to attract more customers.
Mukesh Ambani said that our goal is to make Gujarat a digital Gujarat. In the coming time, Gujarat will be the most digitally connected state in the country. He also said that we are ready for 5G service. Jio has expanded its network according to 5G.
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