Flipkart and Amazon in trouble ? Ambani plan to enter e-commerce.
Mr Mukesh Ambani on Friday announced that in partnership between Reliance Retail subsidiary and telecom unit Jio, the group will launch a commerce platform. He said this while talking at an investment conference in Gujrat.
With a motive to empower 1.2 million small retailers and shopkeepers Ambani said that he will launch it first in Gujrat. There are speculations that it will allow small merchants to sell online putting them in competition with the current e-commerce biggies Amazon and Flipkart.
By the end of this month, no seller on a foreign-funded marketplace will be allowed to source more than 25 percent of its goods from a company affiliated with the marketplace. This new rules will greatly affect Walmart acquired Amazon and Flipkart. While Reliance being an Indian company will not have any such restrictions.
Ambani also said, “India’s data must be controlled and owned by Indian people — and not by corporates, especially global corporations, we will have to migrate the control and ownership of Indian data back to India.”
However, Mukesh Ambani gave no details about the announcement made.