Saifuddin Bhanpurawala is one of dozens of shopkeepers on a dusty Mumbai back street that bustles with customers buying everything from tobacco to perfume. But Mr Bhanpurawala’s mobile phone shop is going through hard times, selling as few as two handsets in a bad week. He says the reason is obvious: the huge discounts available online at Amazon and Walmart-owned Flipkart, the two biggest players in India’s fast-growing ecommerce sector.
Amazon-backed Cloudtail, meanwhile, will be faced with “huge losses” from hundreds of millions of dollars’ worth of inventory that it will be unable to sell by January 31, warned Sanchit Vir Gogia, Chief Analyst, Founder & CEO, Greyhound Research.
Sanchit Vir Gogia: Sanchit is the Chief Analyst, Founder & CEO of Greyhound Research, a Global, Award-Winning, Technology & Innovation Research & Advisory firm. To read more about him, click here.
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