Riding on the back of strong digital capabilities through the expansion of its e-commerce platform, Reliance Retail has secured the second position in the list of Fastest 50 retailers, according to the latest Deloitte report Global Powers of Retailing 2022. This is the company’s win 5th time in a row.
The Top 250 global retailers generated an aggregated revenue of $5.11 trillion in FY2020, representing a composite growth of 5.2 percent.
E-commerce, rapid organic store expansion, M&A activity, and continuing efforts by retailers to build a strong consumer base are some key driving factors for high retail revenue growth this year, globally.
Despite the pandemic-induced lockdowns, Reliance Retail was the second-fastest growing retailer, posting a five-year CAGR growth in retail revenue of 49.4 percent from FY2015-20, the report said. The firm ranked 56th on the Top 250 list, despite the restrictions/lockdown of store operations, which led to a 5.3 percent fall in retail revenue in FY2020. The continuous efforts to broaden the company’s digital capabilities through expansion of its e-commerce platform, JioMart, and several key acquisitions of e-commerce businesses led to its growth.
Speaking on the launch of the report, Porus Doctor, Partner and Consumer Industry Leader, Deloitte India said, “Millennials and Gen Z consumers have shown a willingness to pay a premium for sustainable products. This year’s report indicates that 55 percent consumers purchased a sustainable product or service, and describes how retailers globally are tackling sustainable and responsible growth. Companies should focus on innovation and transformation of their business models as demand rises significantly for sustainable products; and to ensure continued profitability.”
Globally, Europe has the highest number of Top 250 retailers with 90 companies being based in the region, whereas North America has the highest share of Top 250 retail revenue at 48.4 percent.