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Amazon has bounced back in India after short downtime: CFO

01
May '19
Amazon has bounced back in India after short downtime: CFO
US online retail firm Amazon recently said because of recent changes in India’s e-commerce regulations, it had to face downtime in the country, but it has bounced back since then. Amazon’s senior vice president and chief financial officer Brian T Olsavsky said the company had to make structural changes to comply with all new regulations in India.

The impact was minimal for the full quarter and the company is compliant now, said Olsavsky.

Analysts say Amazon, which has so far invested over $5 billion in India, is expected to step up its investments in the country, especially after its recent exit from China, according to Indian media reports.

The revised e-commerce policy, announced last December, had barred e-commerce players from selling products through entities in which they own a stake. Vendors were also not allowed to have more than 25 per cent of their revenues coming from a single platform.

The new rules, which came into effect from February 1, 2019, also stopped online retailers from selling goods exclusively on e-commerce platforms.

Besides Walmart’s Flipkart, Amazon will face competition from the e-commerce business of Reliance Industries Ltd (RIL) that is yet to be launched. Reports indicate Amazon’s investment could probably depend on how RIL rolls out its plan.

While announcing its financials, Amazon last week said the company is working on making its Prime free two-day shipping programme to be a free one-day shipping programme. (DS)

Fibre2Fashion News Desk – India


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