Amazon Adds Gift Cards to E-Commerce Portal (Feb. 10, 2015)
Amazon India’s Junglee e-commerce portal is now selling gift cards, the retail giant’s latest move in India, a market the company has described as a focal point for growth. Junglee now offers physical and electronic gift cards from about 180 brands, including Amazon, Indian department store Shoppers Stop, online ticketing service BookMyShow and a number of smaller and local merchants. The addition of gift cards follows Amazon’s December 2014 purchase of a 15 percent stake in QwikCilver Solutions, a Bangalore-based gift card provider that offers cards for dozens of merchants, including international brands, through its GiftBig online gift card market.
Gift cards are a central component of Amazon’s $2 billion expansion in India, which the company announced last year. Although limited by Indian law to selling products through third-party merchants, Amazon sees potential in the market; CEO Jeff Bezos predicted India will be the company’s fastest-ever country to reach $1 billion in sales. Despite only 20 percent of Indians having Internet access, online commerce is growing by more than 50 percent annually and is projected to reach $8.3 billion next year, according to Crisil Research. Electronic gifting is a major component of that growth, with many retailers adopting e-gifting to drive sales and brand awareness as consumers switch from cash to other payment forms.
See related stories:
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- Blog: India’s E-Commerce Boom Paves Way for Digital Money
- Indian E-Gifting Platform Adds Pair of Leading Retailers
