Future Group chief Kishore Biyani said on Thursday that the 'euphoria' of e-commerce market in India will last only 18 months as things begin to settle down and "reality" sets in. Biyani had criticised Flipkart and other e-commerce firms in India for selling products at below the cost price which would hurt other retail markets.
Biyani's statements came after his Future group partnered with global e-tailing giant Amazon to sell its merchandise exclusively online. On the flipside of this statements, e-commerce has been growing in the country at jet speed and is estimated around $3 billion. Also platforms are Flipkart and Snapdeal are pulling in more investors for the expansion of the business.
While Amazon has committed investment of $2 billion in the country over the next few years. We have to see whether Biyani's remarks will turn true or not.