Amazon is in multinational technology company known for its E-Commerce business.
Amazon to wind down parts of Indian operations even the crucial growth shown in the market with 1.4 billion consumers is not enough to be immune against CEO Andy Jassy's cost reduction campaign.
According to a source dating back to the 16th of November 2022, Amazon has lost over one trillion dollars in market value of the company becoming the world's first company to lose so much money.
The company stated that the existing food delivery portals and bulk delivery service to the doorstep consumer goods to small running. These businesses are also included in the shutdown of the workforce. So then rely on its core business of offering online retails in the country, as per a person familiar with the matter.
It is said that in the middle of slowing growth of Amazon's business in several areas around the world. Jassy is said to reduce the expenses and the job from Amazon.
In India, Amazon is said to be struggling in one of the fastest-growing e-commerce markets in the world. As it must face competition with the home companies like Flipkart, Reliance industries limited, and Tata group.
Amazon has failed to achieve the dominance it has in the US when compared to India after investing and bringing up new ideas and ways of business from grocery delivery to the Amazon payment app nothing has sort of worked to achieve the goal.
That person has also said that the project which are in their beta testing processes are also likely to be shelved. This person had asked not to be named as he was giving way the internal information of Amazon despite being a part of Amazon.
Amazon has also announced that it will be closing Amazon academic learning platform which is a platform for students to prepare for their medical and engineering entrance exams to colleges. This platform will be shut down in the coming months.
The person also said that the job loss in the country will be in the low hundreds or just a fraction of the workforce working in amazon's Indian e-commerce which might be over 10,000.
It is said that the company has attracted the anger of the labor union assembly of tech workers for making it called a "voluntary separation" offer given to its employees a limited time until 6th of December to decide. However, just that Amazon does not have a labor union.
Amazon will be cutting about 10,000 jobs worldwide said People familiar with this matter. Making it world's largest-ever layoff.
"We are discontinuing these programs in a phased manner to take care of current customers and partners," the company stated in an emailed statement. "We remain committed to India and will continue to invest across those areas where we can bring value to our customers."
During the past few decades, Amazon has added millions of sellers and introduced new platforms for fashion accessories selling, beauty products selling, electronic products, flight ticket bookings, and more. However, the company said it would focus on groceries, consumer electronics, fashion, business-to-business offerings, and few more in India.
This article is written and published based on the Syndicated feed.
