Mumbai: Reliance Retail, India’s largest retailer and Fynd, the omnichannel platform from Reliance-backed Shopsense Retail Technologies have been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies – Asia Pacific for 2022.
Reliance Retail is ranked number 3 on the list and has been recognised for its new commerce initiative, JioMart and its innovative integration with WhatsApp. Fynd has been listed at number 9 for its innovative retail technology solution that helped store owners with no online presence sell goods remotely when they had to shut due to the pandemic.
Reliance Retail’s growth over the years has triggered a large socio-economic transformation on an extraordinary scale in India. Reliance Retail’s operating model unleashes the aspirational energy of the new, resurgent India. It’s guiding philosophy rests on the tenets of enabling inclusion, growth and building sustainable societal value for millions of Indians.
Through JioMart, Reliance Retail aims is to transform and grow the small merchant ecosystem, so that the merchant partners prosper and are able to service their customers better. Reliance Retail’s robust operating model and capabilities have withstood the testing times posed by the pandemic. During the lockdown period when most sources of supplies were disrupted JioMart platform enabled Reliance Retail to continuously serve the Kirana partners, so that they in turn could serve their customers. The award is a testament to the impact JioMart has had and the significant new value it has created for small merchants, customers and all other partners in the retail ecosystem.
JioMart Kirana has witnessed strong growth since its roll out in 2020 and has already empowered tens of thousands of merchant partners in over 60 cities enabling them to transform their businesses digitally. JioMart’s consumer proposition also continues to grow exponentially with more orders and more customers week after week. JioMart scaled to new highs during the year registering record 3.7 million orders in a 2-day promotional event.
Fynd, a Reliance-owned startup, is helping retail businesses accelerate growth. It is a one-stop shop for building omnichannel solutions using innovative retail technology reducing the complexities of adding new brands, channels, store locations, fulfillment centers, and more.
Fynd enables small and medium sized businesses to go online by helping them list their inventory on multiple ecommerce platforms and sell to consumers. It also helps these small businesses with last mile logistics delivery. The startup optimises delivery time by sourcing products from the outlets nearest to the customer.
This is the second time in recent years that businesses from Reliance Industries Ltd have been recognised for innovation by Fast Company. In 2018, Reliance Jio, the group’s digital services company was ranked at number 17 in Fast Company’s list of world’s 50 Most Innovative Companies. This year’s Fast Company list honors businesses that are making the biggest impact on their industries and culture as a whole—ultimately thriving in today’s ever-changing world. These companies are creating the future today with some of the most inspiring accomplishments of the 21st century. In addition to the World’s 50 Most Innovative Companies, 528 organizations are recognized across 52 categories. Fast Company’s editors and writers sought out the most groundbreaking businesses across the globe and industries. They also judged nominations received through their application process.
The World’s Most Innovative Companies is Fast Company’s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides both a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy.
For the second year in a row, to coincide with the issue launch, Fast Company will host its Most Innovative Companies Summit on April 26–27. The virtual, multiday summit celebrates the Most Innovative Companies in business, and provides an early look at major business trends and an inside look at what it takes to innovate in 2022. Fast Company’s Most Innovative Companies issue (March/April 2022) is available online here, as well as in-app form via iTunes, and on newsstands beginning March 15. The hashtag is #FCMostInnovative.