Reliance Retail, retail arm of Mukesh Ambani-led Reliance Industries, plans to foray into unexplored markets and tap the potential of e-commerce channel this year, according to PTI.
“Continued expansion is the way ahead. The roadmap is clear — it will be achieved by growing in existing markets and foraying into unexplored markets,” Reliance Industries said about its retail business in its annual report.
Elaborating on the company’s plans for the vertical, it said: “The business is poised to launch multi-channel shopping in the coming year.”
With online retailing becoming popular in the country, Reliance Retail is also looking to tap the potential of this segment.
“The potential of e-commerce combined with the network of physical store locations will offer tremendous choice and convenience at a great value to the consumer,” the report said.
Reliance Retail, which does not sell its products online currently, is looking at foraying in newer markets to accelerate growth.
It has five main verticals — value formats, fashion and lifestyle, digital, jewellery, and brands. The company added that digital sector would be one of the growth verticals for the coming year.
“Expansion of ‘Digital Express Mini’ format to newer geographies that represents potential for mobility devices would be a priority for the company,” it said.
Reliance’s retail business grew by 34 percent and reported annual revenue of Rs 14,496 in 2013-14 as against Rs 10,800 crore in the previous financial year. The company reported first time profit in 2013-14. It reported profit after tax of Rs 182 crore in the fiscal.
Reliance Retail operates 1,691 stores across 146 cities.
