The competition has been turning up the heat on Amazon (NASDAQ: AMZN) in India as more companies try to make a dent in that lucrative e-commerce market.
The India Brand Equity Foundation estimates that the Indian e-commerce market could be worth $200 billion by 2026. Amazon is now in a solid position to take advantage of this multibillion-dollar opportunity thanks to a 31%-plus market share, but the market is getting increasingly crowded with new players coming in. What’s even more alarming for Amazon is that the freshly minted competition is turning out to be well prepared for the challenge, and is scaling up quickly.
The rapid growth of Reliance Retail’s JioMart e-commerce venture in India has already shown that Amazon is going to have a tough battle on its hands against upstarts that already enjoy strong offline presences. And now the American giant will have to contend with another player, one that’s just begun rolling out its e-commerce venture but already has a wide network of stores across India.