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Amazon Fires Up Walmart Rivalry By Entering This $1T Sector: Bloomberg

Benzinga · 09/01/2021 07:06
  • Amazon.com Inc (NASDAQ:AMZN) is attempting to crack India's out-of-date agricultural sector via its Reactive and Proactive Crop initiative, the Bloomberg reports.
  • Amazon aims to secure the farm produce, yielding two-thirds of the country's $1 trillion in annual retail spending.
  • Amazon's mobile app addresses soil, pests, weather, disease. It can also supply machine learning algorithms to detect defects in fruits and vegetables.
  • The app will help farmers sort, grade, and pack produces for transport to Amazon Fresh fulfillment centers.
  • Amazon's move follows China's, joining Reliance Industries Ltd, arch-rival Walmart Inc's (NYSE:WMT) Flipkart, and the Tata Group's acquisition of online grocer Bigbasket. 
  • Securing a steady stream of fruit, vegetables, and other groceries is key to dominating Indian online commerce.
  • Price Action: AMZN shares traded higher by 0.12% at $3,475 in the premarket session on the last check Wednesday.