Amazon has maintained that India remains a top investment destination for the company. Amazon India’s sellers on marketplace sold more products in the fourth quarter of 2015 than in all four quarters combined in 2014, said Brian Olsavsky Amazon CFO.
The quarter saw Amazon’s worldwide revenue increase by 22% to $35.7 Bn. It closed the year 2015 with $107 Bn in sales and recorded a profit of $482 Mn for the December-ended quarter. In the same quarter last year, the company made $214 Mn profit.
Olsavsky said that Amazon was the top ecommerce site during the country’s Diwali shopping season, quoting comScore data. He further added, “We are seeing great progress with downloads, innovations for sellers and customers alike. And we like the ramp there and we’re continuing to invest in India.”
Amazon said that the company is taking thousands of Indian sellers online. “Amazon is open for business in India now. This is a huge market with Amazon bringing India’s retail market online in the 21st century,” said Olsavsky. He added that growth in the country justified the investments being made in the country. Jeff Bezos, Amazon founder, during a tour of India last year said that it will invest more than $2 Bn in India.
In the past, Amazon launched initiatives like Seller Flex, Seller University, Service Provider Network (SPN) and Amazon Trained Ecommerce Specialist program among others, besides adding new fulfilment centres and expanding its logistics footprint.
Meanwhile, Flipkart reported a loss of about INR 2,000 Cr. for the year ending March 31 compared with a loss of INR 715 Cr. the previous year; and Snapdeal reported a loss of INR 1,328 Cr. on revenue of INR 938 Cr. in FY 14-15.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.
Get Expert Insights With Over 50 Industry Leaders At
The D2C Summit! Claim 50% + 25% OFF Today!