Banking on the e-commerce proliferation in India, Amazon founder and CEO Jeff Bezos assured people that the company will keep investing in technology and infrastructure in the country.
“We’re grateful that customers are responding — Amazon.in is the most visited and the fastest growing marketplace in India. It’s still Day 1 for e-commerce in India, and I assure you that we’ll keep investing in technology and infrastructure while working hard to invent on behalf of our customers and small and medium businesses in India,” Bezos said in a statement while releasing the First Quarter results of the global company.
The Amazon building out of which Bezos operates is named Day 1. In one of his earlier communiques, Bezos also explained what it means to him.
He had said that staying in Day 1 means one needs to experiment patiently, embrace failures, plant seeds, protect saplings, and double down when you see customer delight. For him, Day 2 means stasis and failure.
“Our India team is moving fast and delivering for customers and sellers. The team has increased Prime selection by 75 per cent since launching the program nine months ago, increased fulfillment capacity for sellers by 26 per cent already this year, announced 18 Indian Original TV series, and just last week introduced a Fire TV Stick optimised for Indian customers with integrated voice search in English and Hindi,” he said.
Citing analytics firms comScore and SimilarWeb, Bezos said: “Amazon.in is the fastest growing marketplace in India, and the most visited site on both desktop and mobile. Additionally, the Amazon.in mobile shopping app is the most downloaded shopping app in India, according to app analytics firm App Annie.”
Amazon reported first-quarter sales and earnings for 2017 better than analyst estimates, as its e-commerce and cloud-computing businesses continued to expand market share. The stock rose 4.7 per cent after announcement on Thursday.
Sales jumped 23 per cent to $35.7 billion and earnings per share climbed to $1.48 from $1.07. But at least two firms lowered its rating to perform from outperform. Downgrades for a company like Amazon are rare on wall street, but some analysts said the company needs to show better profitability.