E-commerce: After exports worth $ 8 bn in 2023, Amazon India targets $20 bn in 2025
Virendra Pandit
New Delhi: E-commerce giant Amazon said it has surpassed USD 8 billion in cumulative exports from India in 2023 and is now targeting the USD 20 billion mark in 2025.
The giant said it achieved USD 5 billion worth of exports in 2022, the media reported on Thursday.
“We are encouraged by the growth we have seen. We had crossed USD 5 billion in exports by mid-2022 and achieved USD 8 billion by the end of 2023. We believe we are just getting started. The momentum is there,” said Bhupen Wakankar, Director of Global Trade at Amazon India.
Amazon, which began exporting from India seven years ago, would have to more than double its exports by 2025 to meet its ambitious USD 20 billion target.
The e-commerce behemoth’s announcement came after American retail major Walmart said it had surpassed USD 30 billion in cumulative sourcing from India over more than two decades. Walmart is now targeting USD 10 billion in annual sourcing by 2027.
About the competition between the two American giants in India, Wakankar remarked, “We are customer-obsessed and not competition-obsessed. More players coming in will benefit the seller ecosystem. We are all in this together.”
To augment domestic exports, Amazon also announced the winners of the third edition of its Propel accelerator program, namely Mirana Toys, Avimee Herbal, and Perfora.
The 16-week-long Propel program has now been extended to a year. This year’s edition shortlisted 47 brands from across the country, up from 15 the previous year.
The program offers USD 100,000 worth of equity grants, AWS credits worth USD 1 billion, and extensive mentorship from industry veterans and Amazon experts, spread across the winners.
Amazon’s highest-growing export categories include toys, home and kitchen products, beauty products, furniture, and luggage. Other products like leather goods and Ayurveda products are also gaining traction, Wakankar added.
The US remains Amazon’s biggest market for Indian exports, besides the UK, Canada, Japan, and Germany, among others.
