Amazon new CEO more committed to India |
The biggest American E-commerce company in India, Amazon, Inc., has a new CEO Andy Jassy. He takes over as Chief Executive Officer this summer from founder Jeff Bezos, as announced in February. In his first appearances since appointment, Jassy made it clear that he is doubling down on India even as challenges mount in Amazon`s most important growth market. The 53-year old could services veteran told partners and customers in India that the US company will focus on ensure to support and build India`s small and medium businesses that with the Amazon platform. He announced a $250 million venture fund to invest in start-ups working on innovations for such businesses, as well as agriculture and healthcare solutions. Jassy appeared on the opening day of its four-day local seller event that`s held virtually in 2021. He said, "Small and medium businesses are the engine and lifeblood of economies. We are passionate about accelerating SMBs.". Jassy`s appearance announced just hours before the event, is a sign of India`s importance for the US giant that`s trying to tap the market of 1.3 billion people as part of its global ambitions. At the event`s debut edition in New Delhi in 2020, Bezos was the star speaker. Local vendors protesting Amazon`s expansion tactics are holding a parallel virtual summit called "Asambhav", meaning impossible in Hindi. That`s a riff of the title of Amazon`s event, which is "Sambhav," or possible. The organizers of the rival event on 15th April called for stricter regulation, and demanded that central agencies investigate foreign platforms to save the livelihoods of hundreds of thousands of small Indian retailers. Jassy has said little on how he intends to steer Amazon through in times ahead. While Amazon seems unstoppable in markets such as the U.S., fuelled by demand for online shopping and web services, in India the company is facing challenges such as stiffening competition and opposition from local small business owners. The events are being held just as India`s government prepares to revise foreign investment rules in a move likely to affect global giants such as Amazon and Walmart Inc. Authorities could further tighten the rules that prohibit the e-commerce giants from owning or controlling sellers on their online platforms, striking deals to sell exclusive products such as smartphones and home electronics and discounting goods sold.
|
|
|
|