Amazons$ 5 billion bet on India is working.
At the companys first quarter earnings call for this year, CEO Jeff Bezos said the India arm of the ecommerce monster was already the fastest growing marketplace in the country.
“Our India team is moving fast and delivering for customers and marketers, ” he mentioned, highlighting the surge in Primes catalogue, which he claims has grown by 75 percentage in the last nine months since launching in the two countries.
But for Amazon, which expended an additional of$ 3 billion in India last year, this is just the start. “Its still day 1 for e-commerce in India, ” Bezos said.
“I assure you that well keep investing in technology and infrastructure while working hard to invent on behalf of the members of our both consumers and small-scale and medium sized businesses in India, ” he told the investors.
As analysts at CB Insights lately pointed out, Amazon has been experimenting with different strategies in India to discover what sticks. For one, the company has been offering loans to sellers so that suppliers can smoothly expand their operations and manage seasonal spikes.
“Amazon.in is also the most visited website on desktop and mobile, ” Bezos says.
The company has also made a number of investments. In 2015, it invested in home services corporation HouseJoy, and insurance marketplace BankBazaar to broaden its foothold in the country.
The company mentioned Amazon.in is also the most visited website on desktop and mobile platforms, quoting data from comScore and SimilarWeb firms. The company marquee India app is the most downloaded browse app in the two countries, it added, quoting analytics firm App Annie.
Part of the companys move is also in the amusement space. Since last year, the company has been on a spree of inking deals with local movie studios and distributors to expand Prime Video’s catalog for the Indian market.
Bezos touted that Prime Video already has 18 original Tv series planned in India. Earlier this month, the company also announced the Fire TV Stick with support for local Hindi voice acceptance in India, only the sixth region worldwide to get the streaming device.
“On the contents side, we’ve announced -ATeam in the original Tv series and we’re customizing the contents, so it’s a really vast selection of local and global movies and Tv shows that are available to the Indian populace, ” Brian Olsavsky, SVP, Chief Financial Officer at Amazon.com added.
That’s not to say Amazon India has a clear route to success in the two countries. Local monster Flipkart said earlier this month that it has raised $1.4 billion from Microsoft, Tencent, and Ebay as well as previous investors to grew its business.
As part of the agreement, Flipkart also acquired Ebays India business. Furthermore, the Indian corporation is reportedly in talks to acquire Snapdeal, the third-largest ecommerce business in the country.