Reliance Retail, which witnessed 'unprecedented growth of retail footprint', is also investing in the backend warehousing and logistics assets of its retail business.
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Reliance Retail has crossed the milestone of a billion transactions in FY23 and its registered customer base reached 249 million, said the latest annual report of Reliance Industries.
In FY23, Reliance Retail's digital commerce and new commerce businesses contributed to 18 per cent of its revenue, which stood at Rs 2.60 lakh crore.
The company added 3,300 new stores, taking the total count to 18,040 stores with a total area of 65.6 million square feet and has plans to "continue to expand reach into Tier 2 and 3 markets through store network expansion".
"The business crossed the milestone of 1 billion transactions in FY 2022-23, up 42 per cent Y-o-Y. Stores recorded footfalls of over 780 million, which were up 50 per cent Y-o-Y," said Reliance Industries' annual report.
Moreover, Reliance Retail, which witnessed "unprecedented growth of retail footprint", is also investing in the backend warehousing and logistics assets of its retail business.
"Investments in boosting supply chain infrastructure remained a priority to deepen warehousing and fulfilment capabilities with the addition of 12.6 million sq ft of warehouse space during the year," it said.
Besides, Reliance Retail which had forayed into the FMCG, relaunching the iconic beverage brand Campa and its own brand 'Independence', has plans to expand it. Its beauty business also launched the digital commerce platform 'Tira' and opened its flagship store in Mumbai.
"These businesses will be ramped up progressively in the coming period," said the annual report.
The business also expanded its product basket through acquisitions and partnerships at both local and global levels like Metro, Campa Cola, GAP, Pret A Manger, Lotus, Sosyo, Maliban and Toffeeman.
Reliance Retail runs an integrated network of physical stores, digital commerce and new commerce initiatives. Its digital brands like Ajio and Netmeds are scaling up at a 'rapid pace' and contributing to the strong growth of the retail segment.
According to the company, growth in new commerce business has been fast-paced with rapid expansion of its merchant partner network.
"Currently, more than 3 million merchants have partnered with our new commerce platforms," it said.
Reliance Retail has best-in-class technology adoption for driving operational efficiencies. It is using 'Artificial Intelligence/Machine Learning driven decision-making models help in improving customer experience,' it said.
Over its strategic priorities, the retail business of billionaire Mukesh Ambani-led Reliance Industries will continue to expand its reach into the smaller tier II & III markets by adding more stores in those regions.
Besides, it will also 'scale up digital commerce and new commerce businesses by offering widest catalogue and superior value'.
It would also continue to 'build new capabilities by strategic acquisition and partnerships with international and Indian brands', the report added.
Over the retail sector, Reliance said factors such as favourable demographics, rising income levels, a rising share of urbanisation, access to better education and aspirational lifestyle are driving consumption growth in the country.
"These trends are a force multiplier for the Indian retail sector which currently stands at over $800 billion and is expected to grow at 11 per cent CAGR to become a $2 trillion market by 2030," it said.
Reliance Retail envisions expanding its offerings and scale of operations to make products available to Indian consumers at affordable prices, the report added.