According to a report by Bernstein, Reliance is expected to surpass Amazon and Flipkart in India's $150 billion e-commerce market due to its robust retail network, sweeping mobile network, holistic digital ecosystem, and "home field advantage" in a challenging regulatory landscape. Reliance Retail, a subsidiary of Reliance Industries, already operates the country's largest retail chain with over 18,000 stores and has made recent acquisitions of retail companies with a focus on e-commerce. In contrast, Flipkart is facing concerns as the country's smartphone shipments slow, and Amazon is losing ground in high-profit categories such as fashion. India's complex regulatory environment also poses a significant obstacle for Amazon and Flipkart, while Reliance's inventory-led model allows it to navigate these challenges with inventory control, pricing autonomy, and an enhanced customer experience.