Reliance Money has launched an ecommerce portal , reliancemoneymall.
The product is basically an umbrella portal for Reliance’s financial products, i.e. Reliance General Insurance, Mutual Fund & Reliance Capital.
One can buy insurance, mutual funds as well as non-financial products like apparel, accessories, books/ magazines, gold coins, music CDs and DVDs from the portal.
RelianceMoneyMall also hosts subscription-based products such as technical charts, SMS packs, newsletters and research reports etc and is targeting 20% market share (business worth over Rs20,000 crore a year) in the first year.
Reliance Money currently has 10,000 physical outlets and is looking at online medium to strengthen it’s distribution.
What surprises me is their focus on selling everything which can be sold online! Case of confused positioning? Not sure, why would one buy shirts/movie CDs from a financial portal – given that there are no discounts, no great inventory to choose from?
What’s your take on RelianceMoneyMall?
Aside, Microsoft powers the technology side of RelianceMoneyMall and the portal uses Silverlight, MS’s flash product.