“Change your strategy as trends change” this is an excellent prescription for the successful business, and it is what most of the largest and highly profitable retail companies embrace, and hence Reliance Industries do.
At a world level, the Reliance industry aims to be amid the top 20 companies with refining and petrochemicals, it has established new era businesses - Reliance Jio and Reliance Retail.
On a brief note, Reliance Retail, founded in 2006, is the biggest retailer across the country by revenue. It has numerous physical stores nationwide and serves millions of customers each day.
But, for Reliance Jio we will grab information during the read, so, in the coming sections of this blog, you will find an introduction to RIL, Reliance Jio, SWOT analysis, and a good initiative JioMart along with its working ecosystem and core strategies.
Reliance Industries Limited (RIL) is a Fortune 500 company and the biggest private-sector corporation in India. Reliance’s products and services portfolio meet approximately all of us on a daily basis, over economic and social bandwidth. The largest company has grown from being a textiles and polyester company to a mingled pro in entertainment, energy, retail, food industry, and digital services.
In addition to that, the “Reliance industry”, India’s largest brick and mortar retailer, has also stepped into the red-hot online retail market as online retailing is the need of the time when individuals get aware of any business. If speaking about the Reliance industry, the brand already has earlier experience with the e-commerce region with Ajio.com and Reliance Trends (meeting fashion industry).
The inception of Jio was in 2005 when RIL split, the company was known as Infotel Broadband previously, now by this time it is widely acknowledged as “Reliance Jio" (a dream project of Mukesh Ambani). It has begun with broadband services, stepped into 3G and 4G, and is extending its mobile products and services through e-marketing.
Initially, Jio has created a really tough competition that Airtel and Vodafone have watched almost the double-digit rate of decline in their revenues, at that time, Lyf phones made an attempt into the market with Jio Preview offers as unlimited free data pack for 3 months and free voice calls with SMS was the way they listed into the market. (source)
Price: One of the most attractive strategies, Jio adapts, is pricing strategies. Not only the company offered a satisfying price to their various products for individuals but it also leads the in-vogue telecom market. Rival companies also modified their pricing strategies when Jio introduced premium 4G services at cheap prices. However, Jio has revised its latest tariff plans.
Products: Jio is providing telecom products and assistance with high-speed internet services and exclusive offers.
Place: By the various broadly spread circulatory channels, Jio products, and other digital items are sold out at various Jio stores located in several cities in India. Reliance Jio stores have evolved into India’s largest supply chain in a short period of time that turns out to be an augmented platform for distribution, incorporating a huge number of national and international personal brands.
Promotion: When it comes to making positive brand consciousness, Reliance Jio has adopted a bit aggressive marketing strategy including launching ad campaigns on television, radio, newspapers, magazines, and social media platforms like Instagram, Facebook, Twitter, and YouTube. They also have used film industry stars and celebrities’ power to do acting in their commercials ads and become joined with their brand.
In order to understand the basics of SWOT analysis and other business analytics techniques, have click on 8 Most Popular Business Analysis Techniques used by Business Analyst
Strengths are defined as appropriate actions or steps that each business takes in its spectrum of operations that can provide a business with a strong position among rivals. The following are the strengths of Reliance Jio:
Substantial customer acquisition strategy,
Robust customer base,
Fast technology for better customer experience,
Secure and steady endorsement of parent company Reliance Industries,
Brand management and control,
Rapid and ample network, and
Various offerings under a single name.
SWOT Analysis of Reliance Jio: Part-1
Weakness are the areas where any business or brand requires enhancement, few weaknesses of Reliance Jio are following;
Delayed introduction into the market,
Overabundant freebies, and
Poor data connection.
Opportunities are the exciting promenade in the business environment that besieges it on which any business can exploit to advance its returns. Presently, Jio is looking for some coming growth by launching 5G and 6G Technology at affordable prices Major opportunities for Reliance Jio include;
Forthcoming consumed technology,
Inflation to different countries,
Cutthroat Pricing Strategies, and
Apps and 5G and 6G technologies.
Threats can be various factors in the business environment that could be adverse to the business in its growth, some of the threats that Reliance Jio faces are;
Hazards of loss of customers
Critique and negative image
Eradication of unpaid services
Unethical business behavior and marketing practice.
SWOT Analysis of Reliance Jio-Part-2
JioMart has initiated a point of sale (PoS) machine installation process and a platform to place orders for Kirana (corner) stores in early 2019, it is currently available in Navi Mumbai, Thane, and Kalyan region but soon will be available in other parts of the country.
Jio has recognized four indispensable sources of strength in order to get an enlargement that includes;
Augmenting geographical stretch,
Introducing brand new store conceptions and channels,
Reinforcing and upgrading customer experience, and
The JioMart operates on an online-to-offline (O2O) business model,i.e, customers could purchase products directly by the app from neighboring sellers. It’s a retailing platform to give consumers packaged goods and kitchen supplies.
By this approach, all the offline sellers can provide their products on the JioMart and also can be connected with a broad extent of online customers.
As oil to telecoms syndicate launches its digital commerce enterprise to go live, encouraged as it is, after the latest investment by the Facebook, social media giant.
JioMart is leveraging its complete ecosystem- from its cash and importing unit for acquisition, and exclusive labels to credit, stock and inventory management, demand production, and doorstep delivery included.
Working of JioMart Ecosystem, Pic credit
A very straight forward strategy Reliance Jio adapted, they are offering the Kirana owner multiple attractive offers and benefits, like Pay Rs. 50 and get items worth Rs. 150, many of amidst following;
It also involves many food-based items like unpacked grains, where Reliance Jio is also attempting to promote its exclusive trademark brands like Good Life at convincing discounts.
Several individual labels, Reliance is presuming into Jiomart, are Best Farms, Masti Oye, Kaffe, Enzo, etc, and also asked to stockpile products from local distributors and markets.
The essence of JioMart’s strategy is to solicit middle-class families via its perception of unbundling, and in the action to shift purchasing nature.
Encourage less but more rapid purchases along with inviting discounts and coupons, also keeping items worth unharmed.
As per the strategy, it will maintain to expand the network in tier II and III cities across the nation.
Reliance Jio has begun with a lot of huge investments and continues to establish assorted stores in various cities in India, it has been a very good dynamism for the Indian consumers where Jio is enlarging its business along with ingenious e-marketing strategies, assistance, products, and services
Since every development has both positive and negative effects, the same applies to Reliance Jio. To make its retail zeal a substantiality, Reliance Jio will have to combat other deep-pocketed rookies that are Amazon, Alibaba-backed BigBasket, and Tencent-funded Udaan as they hold heavy-hitter edges.
Hopefully, you have acquired the idea behind Reliance Jio’s business strategies and working ecosystem of JioMart. For more business and analytical blogs, connect with us at Facebook, Twitter, and LinkedIn.
What is the OpenAI GPT-3?READ MORE
Introduction to Time Series Analysis: Time-Series Forecasting Machine learning Methods & ModelsREAD MORE
How is Artificial Intelligence (AI) Making TikTok Tick?READ MORE
6 Major Branches of Artificial Intelligence (AI)READ MORE
7 Types of Activation Functions in Neural NetworkREAD MORE
7 types of regression techniques you should know in Machine LearningREAD MORE
Reliance Jio and JioMart: Marketing Strategy, SWOT Analysis, and Working EcosystemREAD MORE
Top 10 Big Data Technologies in 2020READ MORE
Introduction to Logistic Regression - Sigmoid Function, Code ExplanationREAD MORE
What is K-means Clustering in Machine Learning?READ MORE