Reliance Industries will not be going ahead with its plan to roll out a new marketplace for third-party sellers.
The company will instead work on its existing e-commerce platform JioMart and has already integrated thousands of independent sellers into it, two senior executives informed The Economic Times.
Speaking on the change of plan, a senior executive said, “JioMarket was conceived to comply with the proposed e-commerce policy norms. However, since the policy is now in the backseat, Reliance wants to have a single platform – JioMart.”
The person said that the company has now shifted the focus to building its existing e-commerce platform and upscaling it in order to rival players like Flipkart and Amazon, the report added. The executive also highlighted that it would have been difficult to expand two platforms to the scale of their competitors.
The report added that JioMart has already roped in over 15,000 third-party independent sellers and direct-to-consumer (D2C) brands on its platform who were earlier supposed to be integrated into JioMarket.
JioMart recently announced a month-long festival sale where it is offering products across categories to serve as “one-stop shop for all its customer shopping needs this Diwali.”
The sale commenced on September 23 and will last till October 23, reported news agency ANI.
"As one of the largest multichannel homegrown e-marketplaces, we aim to transform the digital retail ecosystem by empowering local stores, kiranas, SMB (Small and Medium Businesses), MSMEs, local artisans, and burgeoning women entrepreneurs," Sandeep Varaganti, CEO, JioMart, was quoted as saying.
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