The digital commerce and merchant partnerships business contributed nearly 10 per cent to revenues worth ₹1,53,818 crore of Reliance Retail in fiscal 2020-21, ’significantly’ rising from near zero in the preceding fiscal, according to latest annual report of Reliance Industries. Reliance Retail reported a pre-tax profit of ₹9,842 crore in the last fiscal.
"Digital commerce gained significant traction in the wake of lockdown/restrictions" and is "likely to remain buoyant," the company said.The digital commerce and merchant partnerships business contributed nearly 10 per cent to revenues worth ₹1,53,818 crore of Reliance Retail in fiscal 2020-21, 'significantly' rising from near zero in the preceding fiscal, according to latest annual report of Reliance Industries. Reliance Retail reported a pre-tax profit of ₹9,842 crore in the last fiscal.#
In the last fiscal, Reliance Retail strengthened its digital commerce and omni-channel capabilities across all businesses and adopted latest technologies such as artificial intelligence (AI) and machine learning (ML) to cater to changing consumer behaviour.
Reliance, which had launched India's largest hyperlocal platform JioMart last year, has acquired online pharmacy Netmeds, online furniture retailer Urban Ladder and online lingerie retailer Zivame, stepping up its play into the fast-growing e-commerce segment.
Physical stores still remain a growth opportunity for the company, particularly for expansion in smaller towns, the report said.
As of March 31, 2021, Reliance Retail was operating 12,711 stores, covering 33.8 million sq ft. It operates nearly two-third of that in smaller towns and over half of 1,456 new stores opened in FY21 were in those markets.
Moreover, "over half the orders on digital platforms are from Tier II and smaller tier towns," it added.
Fibre2Fashion News Desk (DS)
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