JioMart ready to challenge e-commerce giants in India
Despite the lockdown the business magnate Mukesh Ambani is ready to set his foot in 200 smart cities. The big shot is ready to challenge the e-commerce giants Amazon and Flipkart. The JioMart owned by Jio Platforms expanded its services to 200 cities last week.
This tremendous move by Reliance industries started when the conglomerate raised more funds in the previous week. During recent times, the company raised more than $10 billion which includes Facebook’s $5 billion investment. The deal with Facebook is a tie between Jio and Whatsapp but the deal is yet under approval.
The chief executive of Reliance retail tweeted that a firm should never waste a crisis. He also quoted that the Chinese e-commerce giant Alibaba flourished during the SARC pandemic. The greatest rivals of the Indian e-commerce industry Amazon and Flipkart are in fear. Because both the firms are not that strong in the grocery in which the JioMart is targeting now.
The services of both firms Amazon and Flipkart are immensely affected by COVID, since the government has restricted the services in many red zones The Flipkart has even suspended its services and Amazon’s services reduced. A spokesperson of Flipkart said that beyond the high risk and challenges in this pandemic the company has done its best to deliver the essential goods.
JioMart was launched last year with a target to develop 30 million Kirana shops and small pop shops online. The worth of the Indian online grocery market accounts for only $3 million. But this pandemic will pave for the number to increase.
An analysis by Bernstein and Forrester says that JioMart is brilliantly placed that it can disrupt the online grocery market because it can avail the services from Jio Brick and Mortar stores. It is also assumed that it will operate a hyper-local supply and logistics chain.
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