JioMarket is expected to have over a million products at launch and a presence on 30,000 PINs, said one of the people mentioned above.
“With this, Reliance aims to disrupt the e-commerce market ecosystem in the same way that Jio disrupted telecommunications or Jiomart disrupted grocery,” reads the communication sent to sellers.
The Mumbai-based conglomerate required these vendors to fill out a form to submit integration details. Among other things, it also researched information on top-selling Amazon Stock-Keeping Units (SKUs) from sellers who want to join the marketplace.
JioMart, the grocery platform, is largely run by Reliance Retail as a seller and will continue to operate as is.
The internal work has been completed and the focus is now on getting started with a good volume of quality sellers before aggressively recruiting independent sellers so it can launch soon, said one of the people mentioned above. -above.
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“There are also some major hires going on for the business, in addition to onboarding vendors. They (Reliance) want to have a good network of vendors before the rollout, but internally they’re looking at timelines for the end of this month or early next month,” said one of the people briefed on this. “They want the market to be operating at a decent scale by the time the holiday season sales begin.”
Former Amazon executive Sandeep Varaganti leads the marketplace business, which was previously head of Prione Business Services – the former joint venture between Amazon and NR Narayana Murthy’s Catamaran Ventures, which housed Cloudtail – one of the most big sellers on Amazon India before.
Cloudtail is no longer a seller on Amazon India after the retailer bought a 100% stake in Prione. Current e-commerce FDI regulations do not allow an entity operating an online marketplace and its group companies to hold shares in any of the platform’s sellers, or to control their inventory.
Samir Ratanjankar, another former Amazon executive, is among the executives building JioMarket. RIL is also expected to leverage its logistics assets such as Grab and Dunzo for market vendors, sources added.
An email sent to an RIL spokesperson did not elicit a response on Thursday evening.
JioMart is still widely known for its grocery business, although it has added other segments like fashion, electronics and others. JioMarket will aim to have a diverse set of products from various industries.
A draft e-commerce policy released by the government last year proposed a “related party clause” for the industry that could prevent e-commerce companies from selling on their own platforms. The clause had a broad definition which could include logistics operations.
ET reported last year that the Tata Group had opposed the proposal in a meeting with government officials, as well as Flipkart and Walmart-owned Amazon India. However, the draft guidelines are not yet finalized.