US-based global retail giant Amazon has finally entered the e-commerce business in the Indian market with Amazon.in. The announcement by the retailer came three months after Paul E Misener, Amazon Vice President, met Commerce and Industry Minister Anand Sharma to seek relaxation in the FDI policy in retail.
At the moment, India allows 100 percent FDI only in business to business e-commerce, but not in online retail trading. Amit Agarwal, Amazon India Vice President and Country Manager said, “E-commerce is at a very nascent stage in India and we see it as a exciting opportunity for us. There’s lot of opportunity for innovation and to provide value to our customers”.
Agarwal went on to say that the company entered Indian online shopping with its pricing aggregator and selection website Junglee.com back in February 2012. The country manager also said that the company will continue to focus on both ventures.
For now, Amazon has begun with just two categories, books and movies and will later add other selections as well. With this latest launch, India has become the tenth market place for the company. The retailer will be offering seven million books and 12,000 movies to begin with. However, the website will not be selling products directly to customers, but will provide a platform to sellers.