News from India
The India-based conglomerate JioMart, which had a turnover of US$47.5bn in revenue in the 6 months ending 30 September 2019, has launched a new ecommerce platform. JioMart is being run by 2 of the firm’s subsidiaries, Reliance Retail and Reliance Jio, both major players in India’s retail and telecoms industries. The new platform currently features over 50,000 grocery items and is available in 3 cities with plans to expand to more in the coming months. JioMart will be competing with Amazon and Walmart in India’s valuable ecommerce market. Big-name retailers are targeting India’s ecommerce market, which is expected to grow from US$38.5 billion in 2017 to $200 billion in 2026: Amazon plans to invest billions of dollars in the Indian market and Walmart recently acquired Flipkart for $16 billion. These 2 firms lead the country’s ecommerce market and sell a wider variety of goods than just grocery products, though JioMart could eventually expand its product selection to compete for more of India’s ecommerce volume.
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