US e-commerce giant Amazon has emerged as the largest online retailer in the country for the first time, a report by investment bank Barclays claimed, as reported by BloombergQuint.
According to the report, Amazon generated $7.5 billion in gross sales in the last financial year compared to $6.2 billion by the Flipkart. The development comes as the competition between Amazon and Flipkart to control the Indian e-commerce market intensifies, the report said.
According to Barclays, the number of online shoppers in the country could more than double from 80-90 million in 2017 to 180-200 million by 2020, leading to a two-fold jump in market size to $40-45 billion, the report said.
Barclays stated that Flipkart is still bigger than Amazon in terms of revenue, however, the latter is growing faster at over 80 percent when compared to Flipkart's 47 percent in terms of revenue growth, according to the report. Further the report added that Amazon’s gross sales are expected to rise to $11.2 billion in the ongoing financial year compared to Flipkart’s $8.7 billion.
While no comments were available from Amazon in the report, Flipkart spokesperson was quoted saying that "it remains an unquestioned leader and it has also been established by independent research houses which track the industry in India closely".