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Nashville: Amid the rise of quick commerce companies in India, Amazon said it is sharply focused on customers, not competition, and that the Prime proposition of offering users the largest selection at fastest speeds is a "winning" formula that "resonates" in India.
The e-commerce giant is upbeat on India's prospects buoyed by the rapid pace of economic growth and digitisation, Amazon Prime Vice President, Jamil Ghani said, adding that the company is investing unprecedented amounts in making its Prime programme "even faster" and that the momentum will continue.
India figures prominently as a hotbed of innovation for Amazon in every part of its business, he said. The company will continue to innovate in India for local markets, emerging markets and more and more for global markets.
Amazon offers Prime - a membership programme that promises savings, convenience and entertainment - across 24 countries and over 200 million households and "India figures prominently in that landscape for Amazon".
Amazon says its breadth of selection in India covers 'needs' all the way to 'wants' and that it is focused on broadening the selection, with faster speed, more convenience and attractive prices.
Asked about the challenges posed by the rise of quick commerce companies in India, Ghani said Amazon obsesses about customers, not competition.
"Prime proposition is predicated on the largest selection at the fastest speeds. For instance, we have over a million items available the same day and four million items available, across India, the next day and so the breadth of selection we see in India covers the 'needs' all the way to 'wants'...and is delivered at ever faster speeds. We're investing unprecedented amounts in making the programme even faster and we're going to continue to do that across the entire country," he told reporters on the sidelines of Amazon's flagship 'Delivering the Future' event here in Nashville.
To a question of whether the company would naturally progress towards quicker timelines in a select portfolio of product categories to take on competition from quick commerce firms, he said, "It's a very natural assumption that we're going to get faster on more selections every single day." "The reality is that not only are there a lot of alternatives for our members, but our members' expectations keep going up," he said.
The company is focused on broadening the selection, on faster speed, more convenience and attractive prices. "That combination that Prime delivers of the largest selection at the fastest speeds is a winning proposition. You see that in the continued growth of the Prime programme in India and also the increase in engagement from those members as well," he said.
The marketplace offers many solutions tailored to consumer needs, he said, adding, "that's true around the globe, it's good for customers to have a lot of options".
"...and what we see with the growth of membership and the growth and engagement (is) that the prime proposition is resonating with our customers in India and we're going to keep on following that formula," Ghani said.
Amazon, he said, will continue inventing in India for the India market, for emerging countries and increasingly across the globe.
"I am extremely excited about what is going on in the country in developing economically...there is fascinating and inspiring innovation going on in every sector of the economy, digitalisation of just about everything...we are not just going to continue inventing in India for India we are also inventing for emerging countries broadly, and increasingly for globe from India," he said.
Amazon Store continues to get better every day with over a million items available for delivery the same day and four million items across India for delivery the next day, the senior executive said.
"We are in the middle of the Great Indian festival and that is going exceptionally well with many members joining to avail the discount available across the entire store," Ghani said.
On Prime Video, he said Amazon wants it to be the top streaming service "and it is today and it'll continue to be and it's one pillar of the overall Prime proposition".
"We are increasingly exporting innovation in India to other parts of the emerging world and the programme worldwide," he said.
He did not give the number of Amazon Prime members in India but said the company is proud of the continued growth of new membership and very high renewal rates in India, and around the world.
"India is leading the way in making Prime more accessible with different versions of Prime. We have tested new constructs that allow Prime to be affordable and accessible to more Indian consumers than ever before and we're seeing really strong adoption in different tiers of Prime, and it's something that is inspiring us globally," he said.