Anil Ambani group enters online retail business

Anil Ambani group enters online retail business

New Delhi: Seeking to grab the top market position within a year in the Rs20,000-crore market, Anil Ambani group on Sunday announced its foray into the online retail business where it would sell everything that could be sold over the Internet.

Under the banner of the group’s financial products distribution unit Reliance Money, the new venture would make available a wide variety of products for e-shopping, ranging from financial products like IPOs, mutual funds, insurance policies and gold coins to items like apparel, accessories, books, magazines, CDs, DVDs, home appliances and even flowers.

Announcing the launch, Reliance Money CEO Sudip Bandyopadhyay said over the phone from Mumbai that the e- commerce web portal - RelianceMoneyMall.Com - would be like a big shopping mall in electronic format where consumers would be able to buy whatever that can be sold online.

Asserting that the company was targetting at least 20% market share for the new venture, Bandyopadhyay said that the aim is to grab the top position in less than a year.

“There are over 60 million Internet users in the country and this number would double in about two and a half years, all of whom we are looking to tap as our target market... Besides, there are already an estimated 10.8 million people shopping online," Bandyopadhyay said.

“We are looking at a market share of at least 20 per cent in this market with business worth over Rs20,000 crore a year," he added.

The portal will also be a host of subscription-based financial products such as technical charts, stock and commodity alert SMS packs, newsletters and research reports.

Besides a wide range of products, Badyopadhyay said, the new portal would also provide 15-20% lower price than other avenues.

Reliance Money said that the new venture would provide the country’s largest online portfolio of financial products and would supplement its off-line distribution network, spreading across over 10,000 physical outlets and more than 20,000 touch points.

The web portal has been powered by technology from global software giant Microsoft, which is also among the partners and associates of Reliance Money in the new venture.

Besides financial products, customers would also be allowed to purchase a wide variety of non-financial products such as apparel, accessories, books, magazines, music CDs and DVDs, Home Appliances, Gifts, Flowers etc on the Shopping Portal.