India’s richest man Mukesh Ambani is toying with the idea of posing as competition to the likes of Amazon.com Inc. and Walmart Inc.’s Flipkart Online Services Pvt. He is in conversation with officials to create a platform which combines online and conventional shopping.
The e-commerce venture will leverage 350 million footfalls in Reliance Retail stores, 215 million Jio subscribers, and the target of 50 million fiber broadband homes and 30 million small merchants
The CEO of Reliance Industries, Ambani opened up about his plans to launch the e-commerce platform at the recent AGM of the company. Alongside, he also made an announcement for the fiber-based broadband service on August 15.
If reports are to be believed, the platform will make use of augmented reality, holographs and virtual reality. With the usage of such tools, Ambani noted that India will be able to experience “immersive shopping”.
Walmart has already acquired a 77 percent stake in Flipkart Group for $16 billion, already leading the Indian markets in the e-commerce sector.
Here are all other important updates from the Reliance shareholder meeting. Firstly, the company has launched a new phone named JioPhone2, which is an upgraded version of the JioPhone 1. Remember, the Jio phone which was available at 1500 which would be returned after 5 years, thereby making the effective cost of the phone as 0. With that scheme ongoing, another scheme which is prevalent is that of JioPhone 2 costing Rs. 2,999.
Secondly, the phone has been upgraded with Youtube, Whatsapp, and Facebook. Ambani children also showed the working of these apps and it was quite interesting how Isha and Akash were taking the lead at the AGM of reliance industries, as they introduce the world to new updates.
The AGM had all the prominent shareholders of Reliance in attendance. Nita Ambani was also lauded by husband Mukesh for her exceptional efforts in boosting sports in the country. Well, that’s how they manage to love and do business!