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Mukesh Ambani-led Reliance Industries on October 26 said that it is going to launch its e-commerce portal for fashion and electronics by 2015 end, according to Quartz India reports.
While announcing its earnings for July-September 2015 the company said in a press release, “Reliance Retail 2.0 initiatives encompassing fashion and lifestyle e-commerce, development of marketplace platform and building distribution ecosystem for Jio devices are on track and gearing up for rollout in a staged manner.”
Executives of the company told that Reliance Industires’ e-commerce platform will have 150,000 vendors
With most of the e-commerce portals being led by young entrepreneurs, the 58-year old chairman is going to give a tough competition to them.
Reliance already has an apparel store-Reliance trends spread across the country.
According to Quartz India, Reliance Jio, RIL’s telecom venture will be of great assistance to the company’s online retailing plans through its mobile wallet, Jio Money and 4G telecom services.
The e-commerce portal is going to collaborate with international brands from Singapore, Australia, Russia, Switzerland, China and Turkey.
Apart from apparels, the company is also going to sell electronics which will offer all devices that are sold by Reliance Digital. Reliance also runs its online grocery retail business which is restricted only to Mumbai.
Comparing RIL’s target of having 150,000 vendors, the already existing portals, Flipkart has only 40,000 vendors and targets 100,000 sellers by December 2015, Amazon India has around 50,000 sellers which started operating from June 2013 and Snapdeal has around 200,000 sellers, according to Quartz India.