ADAG enters online retail business

New Delhi, November 23:: Seeking to grab the top market position within a year in the Rs 20,000-crore market, Anil Ambani group announced its foray into the online retail business where it would sell everything that could be sold over the Internet.

Under the banner of the group's financial products distribution unit Reliance Money, the new venture would make available a wide variety of products for e-shopping, ranging from financial products like IPOs, mutual funds, insurance policies and gold coins to items like apparel, accessories, books, magazines, CDs, DVDs, home appliances and even flowers.

Announcing the launch, Reliance Money CEO Sudip Bandyopadhyay told PTI over the phone from Mumbai that the e-commerce web portal-- RelianceMoneyMall.Com-- would be like a big shopping mall in electronic format where consumers would be able to buy whatever that can be sold online.

Asserting that the company was targetting at least 20 per cent market share for the new venture, Bandyopadhyay said that the aim is to grab the top position in less than a year.

"There are over 60 million Internet users in the country and this number would double in about two and a half years, all of whom we are looking to tap as our target market.

Besides, there are already an estimated 10.8 million people shopping online," Bandyopadhyay said.

"We are looking at a market share of at least 20 per cent in this market with business worth over Rs 20,000 crore a year," he added.

The portal will also be a host of subscription-based financial products such as technical charts, stock and commodity alert SMS packs, newsletters and research reports.

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