Reliance Retail is likely to lead in India’s $150 billion e-commerce market in the long-run, according to brokerage Berstein. In a report ‘The Long View: India e-commerce – A $150 billion market. Three players, one Disruptive Playbook’, the US asset management platform, said that Reliance Retail and Jio have several advantages including ‘home field advantage’.

“We believe Reliance Retail/Jio is the best positioned player in the largest and fastest growing e-commerce market. The advantages of its retail network, its mobile network, its digital ecosystem and its ‘home field advantage’ in a famously complex regulatory and operating environment mean in the Long Term, it will likely claim the lion’s share of the $150 billion e-commerce marketplace,” the report said.

The brokerage report added that India is evolving into a three-player market with Amazon, Walmart and Reliance. Furthermore, it is said that RIL has seen this coming. “Since 2015, RIL has built; Reliance Retail into an over 18,000 store nationwide chain with GMV of USD 30 billion, a dominant 4G network with 430 million subscribers in Reliance Jio, and a strong digital media platform OTT/IPL, music streaming, news through strategic acquisitions,” it said.

Berstein also said the winner in the Indian e-commerce market will be the one with the most-compelling integrated value proposition, in terms of offline, online and as well as prime. The report compares the three giants in terms of focus on multiple services with a large technology acceptance model (TAM), fashion becoming the largest category in e-commerce, Get Fit and Get deep, strong partnership network and government’s regulation on foreign direct investment (FDI).

While discussing competition of these e-commerce giants, the report said fashion has become the largest category in e-commerce and pointed out that in terms of a strong partnership network, Reliance has built a deep digital ecosystem across e-commerce, entertainment and financial services which positions it well with end customers.