India’s Significance in the Growth of Amazon
Amazon, the e-commerce behemoth saw a jump of 23 percent in its first quarter (Q1) earnings for 2017 at $35.7 billion, while wall street analysts were estimating its sales of $35.3 billion. Amazon’s CEO, Jeff Bezos believes that the massive growth in the Indian market has helped achieve these sales for his e-commerce platform. Also, the trading that day closed at a record breaking number of $918.76.
In India, Amazon is the most visited site, as per the data from comscore and Similarweb. Not only this, Amazon is also the highest downloaded online shopping app in the country, according to App Annie, an app analytics firm. But the CEO, Bezos says that it is still Day 1 for e-commerce in India, as he aims to gain the numero uno position in the Indian e-commerce segment.
Amazon has also announced 18 new series, especially for the Indian market, along with introducing a Fire TV stick that understands both English and Hindi commands. Along with this, significant growth can be seen in the Amazon Prime selection that is since Prime’s launch before 9 months, the Amazon team in India has led to an increase in its selection by a whopping 75 percent.
Bezos said that his company will continue to invest in technology and infrastructure in India. Notably, this is the 8th consecutive profitable quarter for the e-commerce giant.