Anil Dhirubhai Ambani Group (ADAG) is plotting a major foray into retail. Though unlike elder brother Mukhesh Ambani’s brick and mortar model, the ADAG Group is banking on internet and mobile shopping.
Reliance money, India’s biggest broking and financial products distribution outfit with daily volumes in excess of Rs 2,000 crore (20 billion) has a new mandate. Go beyond markets and sell even mangoes. Its called Reliance Money mall and even though it was quietly launched two months ago, it is clocking Rs 5 crore (50 million) worth of daily transactions, selling mangoes, home appliances, gifts and apparels. But is this the beginning of a brick and mortar retail foray?
Sudip Bandhopadhyay, MD, Reliance Money, said, “We would like to keep it to online. In our case, we already have an online platform to reach out to the consumers and so this is just an extension. There are 80 million people buying and selling on the internet. So why not reach out to them and maybe someday when we are advertising gold coins against mangoes, they will go for gold coins.”
But internet is not all. Reliance Money is also plotting a strong mobile platform thrust riding on the strengths of Reliance Communications.
The company is happy with the 10 per cent margin that it gets with manufacturers taking care of the distribution, logistics and after sales services. Reliance money is also looking to put the internet platform on other websites within the ADAG group as well as outside, clearly an indication of a serious online retail thrust.
Source: MoneyControl
