Reliance Industries Limited (RIL) recently announced its financial results for the fiscal year 2022-23. According to the company’s earnings report, Reliance Retail’s digital and new commerce ventures contributed 18% to its revenue, which amounted to INR 4.5 Lakh Crore ($60.5 Billion) for the year. Reliance Retail is the retail arm of RIL, and its digital and new commerce ventures include JioMart, Ajio, and Reliance Digital. JioMart, which is the company’s e-commerce platform, reportedly saw significant growth during the year, with a 54% increase in the number of orders fulfilled.
Overall, Reliance Retail reported a 14% increase in revenue for the year, reaching INR 25.9 Lakh Crore ($347.8 Billion). The company’s net profit for the year was INR 3,142 Crore ($421.2 Million), up 21% from the previous year.
RIL’s digital and new commerce ventures have been a focus for the company in recent years, as it seeks to expand its presence in India’s e-commerce market. JioMart, in particular, has been growing rapidly, with the company investing heavily in building its supply chain and expanding its product offerings.
Reliance Retail’s success in the digital and new commerce space is likely to continue to drive growth for the company in the coming years, as more consumers in India turn to e-commerce for their shopping needs.
Reliance Industries Limited (RIL), a conglomerate with a presence in various industries, including telecommunications, retail, and energy, reported that its digital and new commerce ventures contributed 18% to Reliance Retail’s revenue in the financial year 2022-23. The company’s digital businesses include Jio Platforms, JioMart, and others, while its new commerce ventures include Reliance Retail’s omnichannel retail initiatives. The company’s retail business has been growing steadily, and its digital and new commerce ventures have played a crucial role in this growth. Jio Platforms, for instance, has been a significant driver of revenue growth, with the company raising $20 billion in investments from global investors, including Facebook, Google, and Silver Lake Partners. JioMart, the company’s online grocery delivery service, has also been expanding rapidly, with a presence in over 200 cities in India. The company has been leveraging its extensive physical retail network to enable same-day delivery and offer a wide range of products at competitive prices. Reliance Retail has also been investing in new technologies, including artificial intelligence, machine learning, and computer vision, to enhance the shopping experience for customers and improve supply chain efficiency. The company has been experimenting with new retail formats, such as JioMart Smart Stores, which offer a unique shopping experience, integrating technology and human interaction.