E-commerce giant Amazon sees no slowdown in its service offerings in India and is taking a long-term view on investment in the country. The US-based online retailer also said that it would take a long-term view on investing in India and not get distracted by developments in the short term.
This statement comes amid India showing signs of economic slowdown. Amazon India Manager Amit Agarwal told the Economic Times, that the company is optimistic about domestic sales and exports and that it continues to invest across all businesses. He was responding to media queries during the opening of Amazon’s largest campus building globally, in Hyderabad on Wednesday.
According to Economic Times, Amazon currently exports Indian products of over 50,000 registered sellers through its global selling platform, and hopes to surpass USD 5 billion in exports in the next three years from over USD 1 billion so far. Emphasising the company's commitment to the Indian market, Agarwal said it has already announced USD 5 billion investments in India, and another USD 500 million in food and retail. "We continue to invest across all over businesses," he added. He said the company has not seen a slowdown in its business in India. "As far as our services go, we don't see any slowdown. There could be multiple reasons. I think one thing to keep in mind is that e-commerce is very, very small...it is probably just 3 per cent (of total retail). When you are that small, there is so much room to grow," he said.
On Wednesday, Amazon opened its first owned office building outside the US. The campus building of 3 million square feet is spread over 9.5 acres in Hyderabad, a city that now accommodates a third of its around 62,000 India workforce. Of the nearly 20,000 plus employees in Hyderabad, the new building can accommodate around 15,000.