Global retail giant Amazon.com has announced its full scale foray into the domestic e-commerce space with its online marketplace Amazon.in. The company will begin operations with just two product categories books and movies, and later on add more selections such as camera and mobile phones.
"E-commerce is at a very nascent stage in India and we see it as an exciting opportunity for us. There's lot of opportunity for innovation and to provide value to our customers," Amazon India vice president and country manager Amit Agarwal said. He said the company, which had entered the Indian online shopping with its price aggregator and selection website Junglee.com in February 2012, will continue to focus on both the ventures.
Amazon's announcement comes nearly three months after its vice-president Paul E Misener met commerce and industry minister Anand Sharma seeking relaxation in FDI policy in retail.
Currently, the government allows 100 percent FDI only in business to business, e-commerce and not in retail trading online. Agarwal said Amazon complied with the existing FDI policy on retail. "Marketplace is an established and allowed operating model and several marketplaces are already operating in India," he said, adding Amazon.in will not sell products directly to customers but only provide a platform to sellers.
