Jeff Bezos, CEO of Amazon.com said on Thursday that he is enthused by the success of the company’s Indian operations, and that he would continue to invest here in order to tap the huge opportunity.
Bezos, speaking at an interaction organised by industry chamber Ficci, said that the real segment of focus is the small and medium enterprises (SMEs) and that Amazon India is working on giving SMEs access to a national distribution system, the goal is to make them reach out to global markets.
“The vision is to provide the Indian SME’s the global distribution so that they are able to reach any customer anywhere in the world using the power of internet technology,” Bezos said.
In conversation with Kiran Karnik, former president of software industry body Nasscom, Bezos said that Amazon’s focus remains on invention and is always investing in new ideas.
“We are doing stunningly well (in India) and we have very high expectation…..We take profits from mature businesses and invest in new ideas. Some may work and others may not but the ones that work, we double on it and that is the case with Amazon India. Things that are doing well, we really need to invest in it and that’s why we are investing so much in India,” he said.
Bezos credited the team at Amazon India with the success of their local innovations and said that the Indian operations does have a competitive advantage over others in terms of the brand, access to investment capital, software system, technical knowhow etc.
“Amazon India is a local Indian company and I do not help them, it just happens to have a rich uncle in Seattle who can send money from time to time,” said Bezos.
Speaking about his run-in with failures Bezos said that the web search engine and auctions did not work and it took three generations of failures to finally get the market place model which is a success. He however said that the employees who run with such failures, “don’t get sidelined or are shown the door” instead, they move on with greater things
Bezos also spoke of the potential of mobile and stating that “it is going to be big in India” he said that Amazon is investing in it.