Finance Company and McDonalds - Retail Convergence ?
Retail November 7th, 2007
How do you explain this ? Reliance Money is joining hands with McDonalds to distribute their financial products. While consumers queue up for ordering their Mac menu, they would be also exposed to various products from Reliance Money. This could happen only in emerging countries where big corporates are trying to reach the masses in their own form of adopting distribution methods. In India financial products are sold through retail sales offices and this could be a perfect experiment for Rmoney to see the behaviour.
Anil Ambani-promoted Reliance Money Limited announced a tie-up with McDonald’s for distributing its financial products at retail outlets of the fast food chain in the northern region. Besides, the company also announced the launch of limited free trading account offer for their customers in Haryana, Punjab and Himachal Pradesh.
“Under the tie-up with McDonald’s, Reliance Money would install its financial desk at various outlets, which would explain its offerings, including Free Trading account, gold chain retailing and mobile financial portal to customers,” Reliance Money Limited Director and CEO Sudip Bandyopadhay said.
“Initially, about 18 outlets will be covered, mainly in New Delhi and Punjab under this partnership and after getting feedback, we will evaluate for further extending this service to other outlets,” McDonald’s India Head Marketing, Jyoti Rakheja said.
Economies 2.0
That is a great new way for promoting Financial Product.
and who else only Reliance can think about such novel way of promoting their services.
“One can think better when the stomach is full”.
Looks like a great idea on the face of it…but have some reservations on how this will work out to Reliance and McD
I see there are two kinds of crowds coming to McD..one the yeppy college going crowd and the other is the family crowd with kids…while the college crowd has no deep pockets nor the inlcination for financial products, the family crowd with pcokets has come to McD more for enjoying with thier kids rather than listening to some calculations about returns…
I have seen such business being transacted between customers at a McD in Taiwan that was largely empty(lots of space)…However in India for sometime to come, McD are a novelty and will be filled to the Brim..
But you never know the R group, they have something up thier sleeves..so too early to rule out some gains…
Not really clear about what McD is going to get out of this from thier legendary steadfastness in retaining thier brand image of a good fast meal…