Indian e-commerce market will take time to develop

دوشنبه 21 آبان 1397
12:28
lulu

Top executives of Chinese e-commerce giant, Alibaba, which has just concluded its biggest 24-hours sales event known as 11.11 with a gross merchandise value of $30.8 billion feels that the Indian e-commercemarket is highly fragmented and it will take time to develop into a mature online wholesale tablets commerce market.

"India for us is a market where we want to be very very patient," said Joseph C Tsai, co- founder and executive vice chairman of the Alibaba Group while addressing a large group of international and local media duting the 11.11 event. "We are patient because we think there is time for the Indian market to develop," Tsai added.

In India the e-commerce behemoth had so far invested more than $2 billion in companies like One97 Communications which operates Paytm, online grocery delivery startup, BigBasket, e-commerce company Snapdeal and online food aggregator Zomato while hardly investing anything significant in its own B2B subsidiary here headquartered in Mumbai.

According to Tsai, the Indian e-commerce market has just reached one-tenth of its potential and is way behind China which is around a trillion dollar e-commerce market. "India is a difficult market with different states having different regulations. We always say that India is a fragmented marketplace as compared to China where the market is more unified," the executive said.

According to another top executive of the company, more than B2C commerce, the company will focus on leveraging the payments business to seek success in India.

"I strongly believe that we don't want to repeat the traditional e-commerce models like C2C or B2C in India. I think the best way to unlock the India opportunity is through how we leverage the payments on ground," said Daniel Zhang, CEO of Alibaba Group.

Tsai also emphasised on how investing in Paytm in India has given the company more insights into the shopping and spending behaviour of the Indian consumers.

"Our investment in Paytm has done quite well and we feel that by having a stake in the payments business helps us to understand the market because payments are applicable to multiple use cases. It helps us to understand how consumers in India interact with the internet and do e-commerce transactions. Through payments we can understand the market better," Tsai said.

Also See: wholesale shoes market in delhi


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