What the numbers say: By November 2022, Amazon's Indian online marketplace had 295.8 million monthly visitors, the most of all online platforms in the country. Walmart-owned Flipkart came in second with 167.4 million visitors. Myntra recorded the third most monthly visitors, with 32.9 million. Relevance: Amazon's e-commerce operation in India faces significant challenges despite leading in terms of the number of online visitors it attracts. A report published by investment firm Sanford C. Bernstein notes that Amazon lags behind Flipkart in some key metrics. Notably, Amazon's 2021 GMV in India was between $18B and $20B, while Flipkart's stood at $23B. Amazon is also making less progress than its competitors in penetrating India's villages and towns. What's next: Amazon's profit margin in India is under pressure due to a combination of subpar performance and heavy spending in the country. Amazon invested over $7B in India over the past decade but may now be scaling back its Indian operations. The company recently shut down several services in the country and decided not to present data on its Indian business during its Q1 earnings call |
