Jeff Bezos, CEO and founder of Amazon. Photo credit: Steve Jurvetson.
- “It’s still Day 1 for ecommerce in India,” says Amazon boss Jeff Bezos, in his only statement in the company’s first quarter earnings press release today. “I assure you that we’ll keep investing in technology and infrastructure.” Amazon has already committed US$5 billion to the Indian market. Jeff Bezos explained his idea of Day 1 in a letter to shareholders recently.
- Amazon has been bleeding in India where it’s in a war of discounts with local ecommerce players Flipkart and Snapdeal. This has forced Snapdeal into a merger with the better-funded Flipkart, expected to be finalized soon.
- Despite the losses in trying to win the ecommerce market, it’s whopping US$3.66 billion quarterly earnings from Amazon Web Services gave it a billion dollar income for the quarter. This gives it enough ammunition for its battle for supremacy in Indian ecommerce.
- Alibaba recently upped its investment in India’s Paytm to take the lead in its ecommerce arm. Amazon and Alibaba are squaring off in the world’s second largest smartphone market, eyeing its headroom for growth.
See: Pros and cons for Alibaba in battle with Amazon on neutral ground in India
Source: Quartz, Marketwatch
This post Brief: It’s still Day 1 for ecommerce in India, says Jeff Bezos appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/day-1-for-ecommerce-in-india-says-jeff-bezos
via IFTTT
No comments:
Post a Comment