Asia's richest man, Mukesh Ambani, is entering the bustling quick commerce sector in India, transforming Reliance Retail's operations by focusing on significantly reducing delivery times. The strategy mimics existing grocery startups that have reshaped shopping habits by promising quick deliveries, ranging from everyday essentials to luxury items. The shift is in response to the booming quick commerce market, which has skyrocketed from $100 million in 2020 to an estimated $6 billion this year.
However, despite its potential, Reliance faces hurdles such as the need for smaller warehouses dedicated to fast deliveries and managing a business that currently relies heavily on traditional, large-scale supermarkets. Reliance's plan includes utilizing its vast retail network for quicker deliveries and adopting innovative practices. This change comes as Reliance Retail prepares for an IPO and aims to compete with established players like Amazon.
The company has already started implementing its strategy in Mumbai and plans to expand to other major cities soon, offering incentives like free delivery to attract customers. (With inputs from agencies.).
