{"id":61182,"date":"2024-05-29T07:14:07","date_gmt":"2024-05-29T07:14:07","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/29\/ril-gears-up-to-enter-quick-commerce-space-times-of-india\/"},"modified":"2024-05-29T07:14:07","modified_gmt":"2024-05-29T07:14:07","slug":"ril-gears-up-to-enter-quick-commerce-space-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/29\/ril-gears-up-to-enter-quick-commerce-space-times-of-india\/","title":{"rendered":"RIL gears up to enter quick commerce space – Times of India"},"content":{"rendered":"
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MUMBAI: Mukesh Ambani’s Reliance Industries is all set to enter the quick commerce space to take on Zomato’s Blinkit, Tata Group‘s BigBasket, Swiggy‘s Instamart and Zepto. Reliance Retail’s JioMart could launch the service as early as next month, sources told TOI.
To begin with, JioMart will deliver groceries in at least 7-8 cities and eventually scale up the service to cover over 1,000 cities.The development comes a little over a year after the company discontinued its 90-minute grocery delivery service JioMart Express. The plan now is to fulfil deliveries under 30 minutes, the sources said. Reliance Retail did not respond to queries.<\/p>\n
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Reliance’s move comes at a time when Walmart’s Flipkart is also gearing up to foray into the quick commerce space, a concept which has found rapid traction, particularly among millennial and Gen Z households. Blinkit, Swiggy and Zepto service deliveries of groceries and a range of non-grocery items in 10-15 minutes. Unlike incumbent players, JioMart will not adopt a dark store model for its quick commerce operations but instead tap into Reliance Retail’s vast network of stores and fulfilment centres.
As of now, JioMart offers slotted and next-day delivery options to customers. “Over time, JioMart will also deliver non-grocery items through quick commerce,” sources said, adding that this is where it can effectively tap into Reliance Retail’s over-18,000-stores across categories and formats. “JioMart is focused on hyper local omni-channel presence and continues to serve its customers from thousands of stores located in proximity to consumers across the country,” said a source aware of the company’s strategy.
Reliance’s entry into quick commerce will intensify competition in the space and players will have to contend with the company’s pan-India reach and deep pockets. Currently, Blinkit leads quick commerce with about a 40-45% market share. Goldman Sachs estimates the size of online grocery market in terms of gross order value to be about $11 billion as of FY24 of which, quick commerce already makes up about 50% or $5 billion in GOV. Analysts also say that instant deliveries may well be eating into the share of kirana store purchases.<\/div>\n