A major deal between Facebook and Reliance Industries took place on Wednesday. Facebook announced that it acquired a 9.9 percent stake in Jio Platforms, i.e. Rs 43574 crores. Jio Platforms is a subsidiary of Reliance Industries.
The deal between both firms includes four major collaborations. It includes E-commerce, mixed reality (a form of augmented reality), smart video conferencing solutions, and the media.
Various media outlets even reported that Whatsapp is creating a chat interface for facilitating the services for JioMart. Jio-Mart is the E-commerce platform of Reliance Industries.
We can also say that through this Jio Mart, these giants have given a tough competition to other E-commerce giants including Amazon and Flipkart.
How Does Jio-Mart Work
Through this process, rational consumers would be able to orders products from Small Retail Sellers while sitting at their homes. Even if either of the parties does not have the application installed, it would not be a problem.
The Whatsapp Chat interface would connect more than 400 million Whatsapp customers. It will help the company to catch up with other E-Commerce giants of the country.
So far, the idea of the project has been discussed with around 20million retailers and restaurateurs. It seems as if they have included every kind of product in this project. So far, it is known that this project will include around eight million food and grocery stores, around one million pharmacies, Fashion Stores, Beaty Stores, and various other retailers.
The aim behind this project is to boost the storing capacity of small retailers who store around 300-400 Stock Keeping Units (SKUs) on an average. The target is to increase this capacity up to 1500-2000 SKUs to meet up the high demand.
In case, the retailers do not have sufficient for the increased capacity, this project has a solution for them. Through Whatsapp, these retailers could easily order the required quantity of products that will be transferred to them within 24 hours.
The good would be transferred to them by Jio-Marts official warehouses. This way, it would not only help the company but would also help retailers in fulfilling the demand. This process would definitely help consumers to get their things on time without stepping out of their homes.
How Could It Impact Fashion and Beauty Industry
So far, Jio-Mart has launched this application in Mumbai where it has tried to connect 1000 stores through Whatsapp. Nothing can be said about its impact on the Fashion Industry, but we can still make several assumptions.
Followings are the points showing Jio-Mart’s possible impact on fashion and beauty industries;
- Increase in choices
- Might facilitate ordering fashion and beauty products
- Protection for fraud and malpractices
- Better offers and discounts
- Availability of stock
- Reduction in extra costs, etc
- Wide Reach
Through Jio-Mart, consumers would be in constant touch with millions of retailers at the same time. It would help them in identifying the best product for them. When it comes to purchasing dresses, women have a thousand questions in mind. With millions of retailers, you might answer for every question.
You will also have the opportunity to bargain for the price by comparing it with what retailers would offer. It would reduce the problem of roaming here and there on the streets. Almost all the retailers would be in your hand and your desired product would be just a click away.
Anyway, these are just the assumptions. After this project is in its running stage, we might get a better picture at that time. Currently, because of the Covid-19 pandemic, we can only look and admire our favorite dresses online.