Reliance Industries Limited (RIL) has set aside plans to roll out its e-commerce marketplace JioMarket for the time being as India's e-commerce policy remains on hold, two senior executives told Economic Times (ET). The proposed marketplace was expected to start operations before the Diwali festive season. JioMarket had onboarded 15,000 independent third-party sellers and D2C brands over the last 3-4 months, reported ET. Instead of launching the new platform, several products from third-party sellers and direct-to-consumer brands have been integrated into its existing platform JioMart, which once focused on delivering groceries. As of now, Jio is selling products in major shopping categories like smartphones, clothing, and electronics. Earlier this week, JioMart's CEO Sandeep Varaganti said JioMart has increased the SKUs (or stock keeping units) by 80 times compared to the previous year. “JioMarket was conceived to comply with the proposed e-commerce policy norms,” said one of the executives aware of the plans to ET. “However, since the policy is now in the backseat, Reliance wants to have a single platform – JioMart, which it will build to the scale of Amazon and Flipkart to compete against them… Having two platforms would have been difficult to scale up to compete against these big rivals,” a source informed ET. Why it matters: One of the proposed amendments in the draft E-commerce Rules, 2020 stated that related parties and associated enterprises of an e-commerce platform cannot be sellers on that platform, MediaNama reported. This would impact the business dynamics of e-commerce platforms which often promote 'related' brands…
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RIL Drops JioMarket Plans for Now Amidst Delays in India’s E-Commerce Policy
The proposed marketplace was expected to start operations before the Diwali festive season, but existing sellers are now integrated to JioMart
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