Reliance Industries (RIL) is working towards empowering the 3 crore merchants and kirana shop owners with its end-to-end digital and physical distribution stack new commerce, its chairman Mukesh Ambani said today. Speaking to shareholders at RIL's 42nd Annual General Meeting (AGM), Mukesh Ambani said the company's retail arm will soon unveil Reliance 'new commerce'. "This user friendly digital platform is designed for inventory management, customer relationship management, financial services and other services," he added.
“These highly energetic and self-motivated entrepreneurs have suffered in recent years because of their inability to invest in technology and infrastructure," he said.
For this, Reliance is deploying blockchain, IoT, AI and other new technologies on a pan-India basis. This tech-enabled partnership will link producers, traders, small merchants, consumer brands and consumers.
According to the RIL chairman, this will modernise even the smallest neighbourhood kirana shop to become a future-ready digitized store. "I believe that the small must not only survive, but also thrive in New India," Mukesh Ambani said.
"Reliance Retail has brought a retail revolution in India," he said, adding that 'new commerce' is meant to revolutionise India's three crore kirana stores.
The purpose of 'new commerce' is to transform unorganised retail into organised retail. New commerce is a $700-billion business opportunity, he added.
Reliance Retail has grown phenomenally in recent times, registering a seven-fold increase in revenue and a 14-fold increase in profit in the last six years.