Amazon CEO dispels fears on slower spending, to invest heavily in India

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Amazon India’s third quarter results were lower than that expected by the financial experts at the helm. This could have deterred any regular business. But Amazon India is not disappointed due to these low figures. For Amazon India,this does not mean lowering the investments in the Indian market. The online e-retailing giant is aiming to increase its investment in India by many folds and earn the desired returns by the next quarter. The sales of Amazon reached the highest of this Diwali season on  Monday and the management expects this rally to be continued. The results this time were 2.7 times better than previous year’s performance. Keeping in mind, the rewards coming in Amazon India is now going to spend heavily in India in terms of investment.

Amazon’s India Chief Amit Agarwal said “India is very early in its e-commerce trajectory. Amazon is very early in its e-commerce trajectory in India. To transform how India buys is going to take a long time; it will take a lot of investment and… for many years. This is just the beginning.”

Amit Agarwal further stated that a majority of business was brought in by the Tier II and Tier III cities of India. He is quite confident to taking the Diwali rally up to November and December.

Talking about being optimistic Amit said “When I look at the gaps between the waves, our growth rates in those gaps continued to the same extent. We’re growing at 150% year-over-year. At peacetime, the growth rate is still what I’m telling you. And as we exit out of wave three (the third sale event in October), we don’t see a slowdown,”

For him, the competition is not just limited to overtaking the Indian counterparts. He is also keen on introducing new technologies and schemes to make this field a broad one.

With the Diwali season at its peak, the e-commerce giants tried their best to woo the customers. Both Flipkart and Amazon India gave a tough competition to each other and it was the customers who benefitted the most.

Our Verdict: Wait further for the best deals and hop on the bandwagon of online shopping!

 

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