Amazon - Current Affairs Questions and Answers

ANSWER: Amazon India

Explanation:
To promote digital literacy among tribal entrepreneurs in Gujarat, Amazon India on 11th Jan 2017 signed an MoU with Gujarat Tribal Development Department.

The MoU was signed during the Vibrant Gujarat Global Summit 2017.

As part of the MoU, Amazon India will educate, train and enable tribal entrepreneurs to sell products to Amazon customers in India and across the world.

Initiative will help tribals to grade and standardise their products, available to the Amazon customer base across the globe.

Amazon India will also train women entrepreneurs on making products attractive and appealing.

Product portfolio will include tribal products like paintings (Warli/Pithora/ Bhada), bamboo crafts, clay craft, minor forest produce, herbal medicines, embroidery items and tribal food items.

The agreement will benefit the local ecosystem and catalyse economic development among tribal communities.

Leading Retailer Amazon: Know More

• Founded: July 5, 1994 (as Cadabra)
• Location and HQ: Seattle, Washington, US
• Area served : Worldwide
• Owner/Founder/Chairman and CEO: Jeff Bezos
• Key Executives: Werner Vogels (CTO), Andrew Jassy (CEO, AWS), Jeff Wilke (CEO, Consumer)
• Industry: Internet

ANSWER: Amazon

Explanation:
To popularise the ‘Tribes India’ brand in national and international markets, Trifed has signed a memorandum of understanding with Amazon Seller Services Pvt Ltd for sale of tribal products through e-commerce giant www.amazon.in.

As a part of the MoU, authentic tribal art and craft items crafted and sculpted by tribal artisans from all over the country will be showcased on the online portal for sale, an official release said.

From a single store in Delhi in 1999, the Tribal Cooperative Marketing Development Federation of India Ltd (Trifed) has established a chain of 42 retail outlets and tie-ups with 13 State-level emporiums.

The nationwide expansion of the scheme to provide minimum support price for 24 minor forest produce (MFPs), such as karanj seed, mahua seed, tamarind, wild honey etc was announced.

The scheme is already being implemented in nine States.

For higher value addition of MFPs, big corporates shall be involved under PPP model.

The public-private partnership (PPP) model will be based on utilising private entrepreneur skills in undertaking processing as well as marketing of the produce, creating infrastructure and providing enabling environment for undertaking value addition of systematic scientific lines.

These will be sophisticated large value addition hubs managed by private entrepreneurs.

ANSWER: My Stamp

Explanation:
India Post has released a Rs.5 stamp to mark the third anniversary of Amazon India’s services in the country. Called My Stamp, it shows a delivery boy with a carton labelled Amazon. Amazon India, which launched its services in India in June 2013, serves customers in over 19,000 pin codes through a network of 155,000 post offices.

• The department of post has released ‘My Stamp’ for the first time to commemorate a milestone with an e-commerce marketplace.
• The launch reinforces the Amazon-India Post relationship. India Post is one of Amazon India’s prime carriers.
• The marketplace uses the extensive postal network to reach its customers.

ANSWER: Flipkart

Explanation:
Tiger Global Management, the largest investor in e-commerce major Flipkart has reduced stake in US rival Amazon by 67 percent in the March ended quarter. Hedge fund has cut exposure to 1.04 million shares worth $619 million as of March 31, down from 3.19 million shares worth $2.16 billion as of December 31, as per regulatory filings.

• The fund also reduced its stake in Chinese e-tailer JD.com by nearly 25% and entirely dissolved its minority stake in Alibaba .
• Amazon was Tiger Global's second-largest public holding, after it had picked up 2.44 million shares for about $1 billion in September last year. The hedge fund however lost 22% in the first three months of this year, as Amazon shares dipped by 12% during the period.

ANSWER: Amazon

Explanation:
International e-commerce major Amazon is set to acquire online payment service provider Emvantage Payments Private Ltd for an undisclosed amount. Acquisition will enable Amazon to accelerate the development of healthy payment solutions for customers as well as e-commerce business in India. As part of this acquisition, Emvantage’s employees will join the Amazon payments team for development of innovative payment products and solutions for the Indian market.

ANSWER: Westland

Explanation:
American e-commerce player Amazon has acquired a 26% stake in Westland publishing house owned by TATA company Trend for INR 9.5 crore. This has upped its presence in the third largest economy of Asia, India, and the deal also allows the Jeff Bezos company to purchase the remaining 74% stake in future. Trent acquired Landmark Book Stores in 2005 thereby inheriting Westland. Prior to this, two other publishing businesses have seen the TATA Group divest in them. TATA Infomedia was exited in the past and is known as the publisher of the TATA Yellow pages directory. TATA McGraw Hill Publishing is a promoter of professional as well as educational books. Westland is a culmination of EastWest Books and Westland Books which focuses on Indian authors and is one of the top 5 publishing houses in India. India us currently 7th in overall publishing after US and UK publishing industry. A FICCI report has stated that book publishing in India will be worth INR 10,000 crore growing at the rate of 30% on an average.

ANSWER: Vikas Purohit

Explanation:
Vikas Purohit, heading the key fashion and lifestyle category at Amazon India has moved on from the company . Since the launch of this category in September 2013, it has emerged as one of the top three stores on Amazon.in, in terms of volume and value. Susan Saideman, VP for global vendor management has been appointed the interim head for this business. Fashion is one of the biggest potentials for US based companies in India. The top online fashion retailers include Myntra and Jabong. Purohit has worked for Tommy Hilfiger, Diesel, Madura Garments and Planet Retail before this.