American e-tailer Amazon is a fastest growing marketplace in India and according to Amazon CEO and founder Jeff Bezoz, the country has recorded a rapid growth in its Amazon Prime subscription service.
In a letter to its shareholders, Bezos said that India still remains the company’s most important market outside its home turf.
The subscription service of Amazon Prime has made 10 crores globally. Also, the APSS has grown rapidly in India. Currently, there are about 10 million Amazon Prime users in India.
Most of the subscribers have paid an introductory yearly fee of Rs.499(now priced Rs.999) to enjoy fast and free shipping, premium video content, exclusive offers and many other services.
More than 40 million products from third party sellers are found under the Prime collection in India. It’s also good news that Prime Video is investing in Indian original video content in a big way, including two recent premiers and over a dozen new shows in production, added Bezos.
Till date, Amazon has committed to putting in $5 billion to grow out its business in India and there will be no hesitation from the company to plough in further investments in India.
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In the past few years, Flipkart has been tough competition for Amazon India. Flipkart is currently in advanced discussions to sell a majority stake to another Us retailer Walmart, which is Amazon’s biggest rival in the US.
According to information bagged by forecast firm Forrester, Amazon has narrowed gaps with Flipkart in terms of GMV. While the former had 31.1 per cent market share, the SoftBank-backed company settled with 31.9 per cent market share.
With 56 fulfillment centres across 13 states, Amazon is way ahead of Flipkart. In November last year, it said to have 44 per cent customer share and 42 per cent order share on an overall market-base level. According to the marketing firm KANTAR IMRB, its traffic is 200 per cent more than rivals.