Reliance to create 'omni-commerce'

RIL chairman Mukesh Ambani spoke about his retail business plans in the company's latest annual report

Mukesh Ambani’s Reliance Industries will create a differentiated ‘omni-commerce’ model for its retail business, by integrating infrastructure built by its telecom venture Jio and Reliance Retail.

“We are augmenting reach to customers via online-offline product assortment across channels. These efforts in building a seamless interface will deliver superior value proposition for customers,” Mukesh Ambani, chairman and managing director of RIL, said.

In the annual report, RIL said as part of Reliance Retail 2.0 initiatives such as fashion and lifestyle e-commerce, development of market place platforms and building of a distribution ecosystem for 4G devices are on track and are being rolled out in a phased manner.

"Reliance Market continues to build on its leadership position as the largest cash and carry player, serving a partner base of over 2 million registered members. ,\" it said.

Ambani said Reliance Retail is the country's largest retailer with Rs 20,000 crore revnues and has grown 29 per cent on a compounded annual growth rate (CAGR) in the last five years.

In FY 2015-16, Reliance Retail added 624 new stores taking our total stores to 3,245 stores, spread over 12.8 million square feet and it is currently operating 3,383 stores. “Reliance Fresh” has consistently appeared in the list of most trusted national brands, he said.

Reliance Retail posted a growth of 21.3 per cent in its earnings before interest and taxes at Rs 506 crore in FY 2016 as compared to Rs 417 crore in FY 2015. The company's revenues jumped 22.5 per cent in FY 2016 to Rs 21612 crore as compared to rs 17,640 crore in FY 2015.