JioMart launches online store to compete with Amazon

Bloomberg has reported that Reliance Industries Ltd. has begun testing its new online shopping platform JioMart in a bid to compete with Amazon. Reliance Industries Ltd. is owned by Indian billionaire Mukesh Ambani.

JioMart will start off being open to select customers who pre-register and will offer 50,000 grocery products, free home delivery, and a no questions asked return policy. JioMart is currently available in only three neighborhoods surrounding Mumbai, but with Ambani's plan to have them take on Amazon they are sure to expand.

Reliance Industries Ltd. is an energy and petrochemicals company, that is now pivoting their way toward new business. With India's e-commerce market expected to hit 200 billion dollars by 2027. Mergers and acquisitions have become an important part of Reliance's business as they have acquired retail and telecommunications companies. Currently retail and telecommunications make up 32 percent of Reliance's earnings, but that number is expected to hit 50 percent in the next several years.

Ambani's ambition is to take India's retail market of mostly mom and pop stores and completely transform them. “This tech-enabled partnership will link producers, traders, small merchants, consumer brands and consumers,” Ambani told shareholders in August. Amazon might need to step their game up to compete with Ambani's new project.