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Amazon Discloses Its Indian Market Growth Trajectory Despite Growing Competition, Regulatory Restrictions: Bloomberg

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Amazon Discloses Its Indian Market Growth Trajectory Despite Growing Competition, Regulatory Restrictions: Bloomberg
  • Amazon.Com Inc (NASDAQ: AMZN) has empowered Indian exports of $3 billion and created over a million local jobs since its decade-old operations in the nation, partly aided by the pandemic-induced demand for online shopping beyond smartphones and fashion, despite rising competition from Walmart Inc's (NYSE: WMT) Flipkart and Reliance Industries Ltd, along with regulatory restrictions, antitrust inquiry and allegations, Bloomberg reports.
  • The company produced $1 billion out of the total exports and 300,000 jobs since January 2020 alone. According to the company's country chief Amit Agarwal, around 250,000 new sellers have joined Amazon with over 50,000 offline retailers and neighborhood stores on the platform.
  • Amazon is on track to digitally empower 10 million businesses, manage $10 billion in e-commerce exports and create 1 million additional jobs in India by 2025.
  • India has the potential to generate $200 billion in e-commerce sales by 2026, Morgan Stanley said.
  • Amazon has locally hired machine learning, software development, fulfillment center talent. It has also supported over 70,000 Indian exporters in selling items ranging from toys and bed linen to jewelry and tea to 300 million customers across 200 countries.
  • Reliance and Flipkart are reportedly preparing for a fourth-quarter initial public offering (IPO).
  • Amazon plans to focus on local execution while complying with evolving local regulations.
  • The company acknowledged the Indian regulatory watchdog's efforts to eradicate anti-competitive practices and consumer data protection.
  • Amazon admitted its regulatory compliance with the country and emphasized the regulatory system's stability amid growing global uncertainty to attract higher investment.
  • Price action: AMZN shares traded higher by 1.02% at $3,312.80 in the premarket session on the last check Thursday.
 

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