1

EXTENDED ESSAY
“To what extent has Walmart’s acquisition of Flipkart impacted
Amazon’s competitiveness in India?”

TOPIC- GROWTH AND COMPETITION

1
Adweek.Com, 2018, https://www.adweek.com/commerce/amazons-bid-to-buy-a-majority-stake-in-flipkart-signals-its-
ready-to-grow-even-more-in-india/. Accessed 10 August 2021.
Table of Contents
INTRODUCTION………………………………………………………………………………………..……....3
RESEARCH METHODOLOGY……………………………...………………………………………………......5
ANALYSIS AND DISCUSSION…………………………………………………………………………...….....6
PORTER’S FIVE FORCES…………………………………………………………………………......6
SPACE MATRIX…………………………………………………………………...……………….….12
CONCLUSION…………………………………………………………………………………………………..22
BIBLIOGRAPHY…………………………………………………………………………………………….....23
RESEARCH PAPERS……………………………………………………………………………….…23
JOURNALS…………………………………………………………………………………………….23
NEWS ARTICLES (ONLINE) ………………………………………………………………………..23

LIST OF FIGURES
Figure 1: Porter’s Five Forces Framework……………………………………………………………...…6
Figure 2: Elastic Demand Curve……………………………………………………………………………..9
Figure 3: Projected Growth of the Indian E-commerce Industry………………………………………..16
Figure 4: Revenue of Flipkart and Amazon………………………………………………………………..18
Figure 5: Amazon’s Return on Equity in 2018…………………………………………………………....18
Figure 6: Amazon’s Return on Equity in 2020…………………………………………………………....19
Figure 7: Space Matrices for Amazon before and after the Walmart-Flipkart acquisition…………....21

LIST OF TABLES
Table 1: Competitive Advantage before and after Walmart-Flipkart acquisition…………………………12
Table 2: Industry Attractiveness before and after Walmart-Flipkart acquisition…………………………14
Table 3: Financial Strength before and after Walmart-Flipkart acquisition…………………………..……16
Table 4: Environmental Stability before and after Walmart-Flipkart acquisition…………………..……19

2
INTRODUCTION
The Indian e-commerce market is oligopolistic2 with firms like Amazon and Flipkart cornering
approximately 88% market share3 and the remaining 12% going to other companies like Ajio4,
Tata Cliq, Snapdeal, etc. Thus, the e-commerce market in India is competitive5, dynamic and is
projected to grow to $200 billion by 2026.6
In May 2018, Walmart, the American multinational retail firm, acquired Flipkart, the Indian e-
commerce giant, by buying a 77% stake in the company for $16 billion.7 Walmart owns a series
of hypermarkets, inexpensive department shops, and grocery stores, and its acquisition of Flipkart
was expected to have a major impact on the market. (Aruna Polisetty, 2020) and (Naveenan R.V,
2020) suggested that Amazon, the other company to dominate the Indian e-commerce market,
would most likely be affected due to stronger competition from Walmart owned Flipkart.8
However, some also believed that the acquisition might be a failure due to different organizational
cultures, missions, and visions of the companies.9 Walmart benefitted from creating a digital
presence in the Indian market (Pawan Kalyani, 2018)10, and Flipkart benefitted from better
logistics and supply-chain management11. Thus, this synergy between Walmart and Flipkart
increased the competition for Amazon. However, a survey by TRA12 suggests that despite the fact

2
"Oligopoly Markets - OECD". Oecd.Org, 2022, https://www.oecd.org/daf/competition/oligopoly-markets.html.
Accessed 4 Jan 2022.
3
Shrivastava, Aditi, and Alnoor Peermohamed. "Flipkart And Amazon Corner 88% Share Of Festive Online Sales:
Report". The Economic Times, 2020, https://economictimes.indiatimes.com/tech/technology/flipkart-and-amazon-
corner-88-share-of-festive-online-sales-report/articleshow/79434884.cms. Accessed 4 June 2021.
4
Sherisse Pham, CNN Business. "Battle For Online Shoppers Begins As Indians Spend Billions Ahead Of Diwali".
CNN, 2021, https://edition.cnn.com/2020/10/16/tech/india-flipkart-amazon-festive-sales-intl-hnk/index.html. Accessed
4 June 2021.
5
"Top 10 E-Commerce Sites In India 2020 - Disfold". Disfold, 2020, https://disfold.com/top-e-commerce-sites-india/.
Accessed 4 June 2021.
6
"Flipkart Is No. 1 In India But Faces Formidable Foe In Amazon, Say Experts". Spglobal.Com, 2021,
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/flipkart-is-no-1-in-india-but-
faces-formidable-foe-in-amazon-say-experts-54083920. Accessed 4 June 2021.
7
"Walmart Flipkart Acquisition: Walmart Acquires Flipkart For $16 Billion In World’S Largest Ecommerce Deal". The
Economic Times, 2018, https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/walmart-acquires-flipkart-
for-16-bn-worlds-largest-ecommerce-deal/articleshow/64095145.cms. Accessed 20 June 2021.
8
Polisetty, Aruna et al. "Indian Online Retail Ecosystem - A Study On Flipkart Deal With Walmart". Papers.Ssrn.Com,
2019, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3347069. Accessed 4 June 2021.
9
"Mission, Vision, Goals And Objectives Of Flipkart Vs Amazon Vs Snapdeal Winner-Take-All Battle In
India". Essay48, 2020, https://www.essay48.com/case/22386-Flipkart-vs-Amazon-vs-Snapdeal-Winner-Take-All-
Battle-in-India-Mission-Vision. Accessed 14 Jan 2021.
10
Research Gate. 2018. Walmart and Flipkart: The Biggest Deal in Indian E-com Startup Market. [online] Available
at: https://www.researchgate.net/publication/327402976 [Accessed 14 November 2021].
11
Agarwal, Meha et al. "Walmart In Final Stages Of Flipkart Deal, Amazon Left In The Cold ". Inc42 Media, 2018,
https://inc42.com/features/walmart-in-final-stages-of-flipkart-deal-amazon-left-in-the-cold/. Accessed 4 June 2021.
12
WRAP, BIZ. "Amazon India's Most Attractive Internet Brand: TRA Study". Businesstoday.In, 2021,
https://www.businesstoday.in/current/corporate/amazon-indias-most-attractive-internet-brand-says-tra-
study/story/239385.html. Accessed 3 June 2021.

3
that Flipkart had a higher market share, Amazon continued to enjoy a better brand image and
hence, the acquisition might not have impacted its competitiveness in India. Thus, the effect of the
acquisition on the competitive environment of Amazon requires further research which will be
done by considering the switching costs as one of the parameters (Soumya Roy, 2012).13
The topic is worthy of being researched as Amazon and Walmart compete for being the world’s
largest retailer.14 Additionally, Amazon and Walmart are strong competitors in the USA, so it is
also important to explore the possible effect of Walmart’s entry into the Indian market. Moreover,
there is very limited research on which company will dominate the Indian e-commerce market,
one of the largest markets after the US and China.15
Thereby, the essay is focused on answering the research question, “To what extent has Walmart-
Flipkart acquisition impacted Amazon’s competitiveness in India”.
Prior to studying the impact of the acquisition on Amazon’s competitiveness, defining the scope
of this research will help give direction to the essay. The competitive edge will be studied by
analyzing Amazon’s market share and revenue before and after the Flipkart-Walmart acquisition
and how the market environment changed after Walmart’s entry into online selling in India. It is
hypothesized that if Walmart-Flipkart’s acquisition has led to synergy and economies of scale,
then Amazon’s competitiveness will be degraded, adversely impacting its revenue and brand
image in India.

13
" Research Note: Online Users' Switching Costs: Their Nature And Formation On JSTOR ". Jstor.Org, 2021,
https://www.jstor.org/stable/23207881. Accessed 14 July 2021.
14
Debter, Lauren. "Amazon Surpasses Walmart As The World's Largest Retailer". Forbes, 2021,
https://www.forbes.com/sites/laurendebter/2019/05/15/worlds-largest-retailers-2019-amazon-walmart-alibaba.
Accessed 4 June 2021.
15
"Walmart Acquires Flipkart - Impact On The India Growth Story". ARC Advisory Group, 2018,
https://www.arcweb.com/blog/walmart-acquires-flipkart-impact-india-growth. Accessed 4 June 2021.

4
RESEARCH METHODOLOGY
● Online research papers and peer reviewed journals from websites such as "Research Gate"
and "Sage Journals " were used to get in-depth knowledge and comprehension of the topic.
● News articles from websites such as "Economic Times" and "S&P Global" were used to
delve deeper into the topic and gain a better understanding. Data on news sites such as
“India Today” and “DNA India” were also used; however, due to the possibility of author
bias, it was double-checked through official and reliable websites such as “Business
Today” and “Financial Express”.
● For financial information, Walmart’s and Amazon’s official websites were used. However,
the figures might not provide the complete picture, and as the data was not for India-
specific business operations its usefulness may be limited.
● Porter’s five forces for identifying the impact of external market changes on both the
companies. However, the market keeps changing rapidly and analyzing the impact of all
forces on Amazon’s competitiveness in India may be difficult leading to some inaccuracies.
● Final investigation using a SPACE Matrix analysed the change in the strategic position of
Amazon prior to and after the acquisition of Flipkart by Amazon’s rival Walmart.

5
ANALYSIS AND DISCUSSION

Porter’s Five Forces

Porter's Five Forces analysis is commonly used to define company strategy by identifying an
industry's structure.16 This tool has been used to determine how Amazon’s competitiveness in India
has been affected after Walmart’s acquisition of Flipkart by comparing the dynamics at play in the
marketing environment. This includes the threats and power of stakeholders like customers,
suppliers, new entrants, customers, and competitors.
Figure 117 : Porter’s Five Forces Framework

16
"Porter's 5 Forces". Investopedia, 2021, https://www.investopedia.com/terms/p/porter.asp. Accessed 12 June
2021.
17
Disruptivnation.Com, 2022, https://disruptivnation.com/wp-content/uploads/2019/10/porters-five-forces.png.
Accessed 10 Feb 2022.

6
 ● Competition in the Industry- Moderate to High
Before the acquisition, the competition in the industry was relatively low18 with two
companies, Amazon and Flipkart, dominating19 the market. There were few small
businesses like Myntra, Paytm Mall, Snapdeal20, etc. which tried to create their own
segment in the market and hence had a very little market share and power. As Indian e-
commerce had high growth potential, Walmart entered the online retail market by acquiring
Flipkart which was the Indian e-commerce giant at that time with a market share of
31.9%21. Thus, Flipkart became a strong contender as it not only had its own brand image
and suppliers but also the mind and financial strength of Walmart, which has a net worth
of $405 billion22. While Amazon also had deep pockets because of being the world’s largest
retailer23, Flipkart and Walmart combined were stronger because of synergies that they
experienced because of the acquisition. Therefore, post the acquisition, competition in the
industry has intensified, which negatively affects Amazon’s competitiveness in India.
● Threat of New Entrants- Moderate
Due to the low cost of setting up an online store24, the barriers to entry tend to be low in
this rapidly growing Indian e-commerce market. The rapid growth has been on account of
increased smartphone and data usage and improved delivery infrastructure25 which has
made online shopping easier. With the increasing demand for online shopping26, many
businesses are entering the market to increase their sales and market share. Some large

18
Gupta, Uttam. "Crushing The Competition". The Financial Express, 2020,
https://www.financialexpress.com/opinion/crushing-the-competition/2065428/. Accessed 12 June 2021.
19
"Reliance Seeks To Challenge Amazon-Flipkart Duopoly In India's E-Commerce Market". Spglobal.Com, 2021,
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/reliance-seeks-to-challenge-
amazon-flipkart-duopoly-in-india-s-e-commerce-market-52333674. Accessed 12 June 2021.
20
[2016], Ecommerce. "Ecommerce Landscape Of India [2016]". Trak.In - Indian Business Of Tech, Mobile &
Startups, 2016, https://trak.in/tags/business/2016/02/26/india-ecommerce-landscape-2016/. Accessed 5 July 2021.
21
Barkho, Gabriela. "How The Pandemic Strengthened Walmart-Owned Flipkart's Marketshare". Modern Retail,
2021, https://www.modernretail.co/platforms/how-the-pandemic-strengthened-walmart-owned-flipkarts-
marketshare/#:~:text=According%20to%20Forrester%20Research%2C%20by,with%20a%2031.2%25%20market%2
0share. Accessed 11 Jan 2022.
22
"How Much Is Walmart Worth and Is It Worth Investing?". Gobankingrates, 2018,
https://www.gobankingrates.com/money/business/how-much-is-walmart-worth/. Accessed 11 Jan 2022.
23
François, Jean-Marc. "Amazon Vs. Walmart: The Next Decade Will Decide Which Comes Out On Top". Forbes,
2020, https://www.forbes.com/sites/jeanmarcfrancois/2020/01/15/amazon-vs-walmart-the-next-decade-will-decide-
which-comes-out-on-top/?sh=12a938de4403. Accessed 29 June 2021.
24
Sumo Group, Inc. "Ecommerce Startup Costs: How Much Do You Need to Start?". Sumo, 2022,
https://sumo.com/stories/ecommerce-startup-costs. Accessed 9 Feb 2022.
25
News, Business et al. "India Is Fastest Growing E-Commerce Market: Report - Times Of India". The Times Of
India, 2021, https://timesofindia.indiatimes.com/business/india-business/india-is-fastest-growing-e-commerce-market-
report/articleshow/66857926.cms. Accessed 5 July 2021.
26
Estay, Beatriz. "16 Fascinating Online Shopping Statistics (2021)". The Bigcommerce Blog, 2020,
https://www.bigcommerce.com/blog/online-shopping-statistics/. Accessed 10 Jan 2022.

7
 companies such as Tata and Reliance27 have also recently introduced TataCliq and
Reliance Digital respectively to enter the Indian e-commerce market as they saw a change
in the market environment after the entry of Walmart. All these companies have good
financial support and brand image and hence, the level of competition is expected to
intensify28 in the long run. However, Amazon and Walmart’s Flipkart already have a well-
established customer base29, brand image, user-friendly website, and a large number of
products which makes it harder for new entrants to compete with them directly in the short
run. Moreover, due to the economies of scale that the world’s largest retailer Amazon has,
it’s very difficult for new entrants to reach that level and operate at much lower costs and
prices, thereby reducing the risk of new entrants for Amazon even after the acquisition.
Hence, the threat of new entrants is rated moderate.
● Bargaining Power of Customers: High
The bargaining power of customers while buying products and services online30 is high
due to access to high-quality information that enables them to make rational decisions.
Customers are fully aware of the price and quality of every product and can easily switch
to another retailer if they don’t get a good experience and service on Amazon. Also, online
demand tends to be price elastic31 because of the presence of a large number of competitors
with little product differentiation which makes the switching costs32 low.

27
Mukherjee, Writankar. "Flipkart: With Reliance Planning Entry And Amazon & Flipkart Spending Big, Cliq May Lag:
Analysts". The Economic Times, 2019, https://economictimes.indiatimes.com/industry/services/retail/with-reliance-
planning-entry-and-amazon-flipkart-spending-big-cliq-may-lag-analysts/articleshow/68930738.cms. Accessed 11 Jan
2022.
28
Today, Business et al. "The Battle For Indian Retail- Business News". Businesstoday.In, 2020,
https://www.businesstoday.in/magazine/cover-story/the-battle-for-indian-retail/story/424355.html. Accessed 12 June
2021.
29
Monteros, Maria. "How Amazon And Walmart's Head-To-Head Competition Is Changing Retail". Retail Dive, 2021,
https://www.retaildive.com/news/how-amazon-and-walmarts-head-to-head-competition-is-changing-retail/595762/.
Accessed 12 June 2021.
30
Estay, Beatriz. "16 Fascinating Online Shopping Statistics (2021)". The Bigcommerce Blog, 2020,
https://www.bigcommerce.com/blog/online-shopping-statistics/. Accessed 12 July 2021.
31
"Price Elasticity Of Demand". Investopedia, 2021, https://www.investopedia.com/terms/p/priceelasticity.asp.
Accessed 7 July 2021.
32
" Research Note: Online Users' Switching Costs: Their Nature And Formation On JSTOR ". Jstor.Org, 2021,
https://www.jstor.org/stable/23207881. Accessed 12 July 2021.

8
 Figure 2: Elastic Demand Curve

33

Prior to the acquisition, it was less likely that Amazon’s existing consumers switch between
different websites before making every purchase as Amazon provides the best consumer
experience, on-time delivery, and easy returns and replacements34. However, after the
acquisition, Flipkart-Walmart has been able to improve the product variety and price ranges
which earlier only Amazon was enjoying35. Additionally, Flipkart has been able to provide
quick deliveries because of Walmart’s supply chain support which again is a competitive
advantage over Amazon36. As a result of this, consumers have more choices than before,
and hence their bargaining power has increased, making it harder for Amazon to maintain
customer loyalty.
Threat of Substitutes: Low to Moderate
The closest substitutes for Amazon are the offline retailers such as Walmart, Reliance
Retail, Big Bazaar, Avenue Supermarts(DMart)37. They are perfect substitutes as they
provide nearly all the similar products at approximately the same prices but through a
different mode of retailing. The threat of substitutes becomes high as

33
Pettinger, Tejvan. "Elastic Demand - Economics Help". Economics Help, 2017,
https://www.economicshelp.org/blog/1108/economics/perfectly-elastic-demand/. Accessed 19 Sep 2021.
34
Feinberg, Eric. "Council Post: How Amazon Is Investing In Customer Experience By Reimagining Retail Delivery".
Forbes, 2021, https://www.forbes.com/sites/forbescommunicationscouncil/2018/01/04/how-amazon-is-investing-in-
customer-experience-by-reimagining-retail-delivery. Accessed 12 July 2021.
35
Writer, Staff. "Walmart's Flipkart Ramps Up Grocery Services, Expands Reach To Over 50 Cities". Mint, 2021,
https://www.livemint.com/companies/news/walmarts-flipkart-ramps-up-grocery-services-expands-reach-to-over-50-
cities-11614671508158.html. Accessed 10 Feb 2022.
36
Abrar, Peerzada. "Walmart, Flipkart Make Fresh Investment In Supply Chain Tech Firm Ninjacart". Business-
Standard.Com, 2022, https://www.business-standard.com/article/companies/walmart-flipkart-make-fresh-investment-
in-supply-chain-tech-firm-ninjacart.html. Accessed 10 Feb 2022.
37
Mukherjee, Writankar, and Sagar Malviya. "Online Sales Of Retailers Like Reliance Retail, Dmart Surge 2-9 Times
During Pandemic". The Economic Times, 2021, https://economictimes.indiatimes.com/industry/services/retail/online-
sales-of-retailers-like-reliance-retail-dmart-surge-2-9-times-during-pandemic/articleshow. Accessed 10 Jan 2022.

9
 • offline stores give customers the chance to see, touch, and feel the product
physically38.
• Many consumers want their product right away when they see it, prefer to pay
offline due to security issues, and don’t want to pay delivery charges39.
• The reach of internet and internet literacy is low in India, due to which the
customers have limited access to these websites40 and in India brick and mortar
business enjoy 93% of the market share.41
• Another big reason why Amazon’s ability to dominate in the Indian market may
fade 42 is Walmart’s experience43 in both offline and online retail markets that helps
it target a wider customer base.
However, since 2020, due to the pandemic, many customers have switched to online
purchases. While the offline market shrunk 5% in the fiscal year 2021, the Indian e-
commerce market witnessed a growth of 25% in the same time period.44 Hence, the threat
of substitutes is classified moderate and it clearly signifies that Amazon doesn’t need to
worry about the substitutes affecting its sales and competitiveness in the short run in India.
● Bargaining Power of Suppliers: Low to Moderate
Suppliers are the company's source of raw materials, commodities, and services. As a
result, they often wield less authority than the corporation under the study itself. The only
exception is if the provider has sole control over the raw material or product source. The

38
"Why Many Shoppers Go To Stores Before Buying Online". Retail Dive, 2021,
https://www.retaildive.com/news/why-many-shoppers-go-to-stores-before-buying-online/441112/. Accessed 7 July
2021.
39
Rekuc, David. "Study: Why 92% Of Retail Purchases Still Happen Offline". Ripen, 2018,
https://ripen.com/blog/ecommerce_survey. Accessed 7 July 2021.
40
"A Look At India’s Deep Digital Literacy Divide And Why It Needs To Be Bridged". The Financial Express, 2022,
https://www.financialexpress.com/education-2/a-look-at-indias-deep-digital-literacy-divide-and-why-it-needs-to-be-
bridged/1323822/. Accessed 9 Feb 2022.
41
Dayalani, Vaishnavi et al. "Amazon Vs Flipkart: Who Led The Indian Ecommerce War In 2021?". Inc42 Media,
2021, https://inc42.com/datalab/amazon-vs-flipkart-who-led-the-indian-ecommerce-war-in-2021/. Accessed 9 Feb
2022.
42
"The Regime That Enabled Amazon's Monopoly Power Is Falling Apart | Matt Stoller". The Guardian, 2021,
https://www.theguardian.com/commentisfree/2021/feb/04/amazon-jeff-bezos-monopoly-power-antitrust. Accessed 7
July 2021.
43
"Wal-Mart Looks At Online Presence, Amazon Considers Offline Stores". The Economic Times, 2017,
https://economictimes.indiatimes.com/small-biz/marketing-branding/marketing/wal-mart-looks-at-online-presence-
amazon-considers-offline-stores/articleshow/58253834.cms?from=mdr. Accessed 12 July 2021.
44
"A Third Of Internet Users Would Be Actively Shopping Online By The End Of This Decade, Offline Retail To Take
A Back Seat". Business Insider, 2022, https://www.businessinsider.in/retail/news/a-third-of-internet-users-would-be-
actively-shopping-online-by-the-end-of-this-decade-offline-retail-to-take-a-back-seat/articleshow/85390712.cms.
Accessed 10 Jan 2022.

10
 bargaining power of Amazon’s 70000 suppliers45 is low because they have to comply with
the quality standards set by Amazon and have minimal say in anything. Moreover, as the
number of suppliers is very high therefore Amazon has more power over them and has set
some supply chain standards46 that must be followed, giving them less liberty and freedom.
Amazon can easily integrate backward or forwards because of its budget and resources,
however, suppliers can’t have forward integration47 in the value chain easily i.e. selling the
products themselves due to which their bargaining power tends to be low. However, post
the acquisition, they can also easily switch between selling on different websites such as
TataCliq, Amazon, Walmart’s Flipkart, etc. based on the commission charged by these
businesses and the rules and regulations which have to be followed. Hence, with their
increased bargaining power, they might threaten to leave Amazon and go sell elsewhere
like Walmart-Flipkart. If the existing sellers of Amazon leave and sell with a different e-
commerce company then Amazon’s brand image would be adversely impacted, thereby,
harming its competitive position in the Indian market. Thus, the bargaining power of
suppliers has changed from low to moderate.

To summarize while the bargaining power of competition, customers and suppliers increased
because of increased new entrants and substitutes, Amazon is still likely to command significant
market share because of its brand image and economies of scale, at least in the short run. The threat
of substitutes and new entrants didn’t change greatly due to the large scale at which Flipkart and
Amazon operate, to affect their sales and market share. To conclude, the marketing environment
of the Indian online retail market is really aggressive and has intensified after the Walmart-
Flipkart acquisition increasing the challenge to Amazon’s competitiveness in India.

45
"Amazon Adds 1.5 Lakh Indian Sellers In 2020; 4,152 Cross Rs 1 Crore In Sales". Business Today,
2021,https://www.businesstoday.in/latest/corporate/story/amazon-adds-15-lakh-indian-sellers-in-2020-4152-cross-rs-
1-crore-in-sales-282170-2020-12-21. Accessed 7 July 2021.
46
"Selling Policies And Seller Code Of Conduct - Amazon Seller Central". Sellercentral.Amazon.In, 2021,
https://sellercentral.amazon.in/gp/help/external/G1801?language=en_IN. Accessed 7 July 2021.
47
"The Ins And Outs Of Forward Integration". Investopedia, 2021,
https://www.investopedia.com/terms/f/forwardintegration.asp#:~:text=Forward%20integration%20is%20a%20busines
s,supply%20of%20the%20company's%20products. Accessed 12 July 2021.

11
Space Matrix48
The SPACE matrix (Strategic Position & Action Evaluation matrix) is a management tool for
determining an organization's competitive position49. The SPACE matrix is divided into four
quadrants, each representing a different type of strategy employed by the organization
(Aggressive, Conservative, Defensive, and Competitive). To identify the organization's strategic
stance in the industry, the SPACE matrix analysis uses two internal strategic dimensions: financial
strength and competitive advantage, and two external strategic dimensions: environmental stability
and industry strength. The tool will assist in analyzing Amazon’s strategic and competitive
position before and after the Walmart-Flipkart acquisition and thus assess the degree to which the
acquisition impacted Amazon’s competitive position.

Internal Strategic Position - Competitive Advantage

Amazon before Walmart-Flipkart acquisition Amazon post-Flipkart Walmart acquisition

(-6 worst, -1 best) (-6 worst, -1 best)

Product Quality -3 Product Quality -2

Market Share -2 Market Share -4

Brand Image -2 Brand Image -2

Customer Loyalty -2 Customer Loyalty -3

Average -2.25 Average -2.75

Table 1: Competitive Advantage before and after Walmart-Flipkart acquisition

Competitive Advantage (CA) is the first internal strategic dimension to be investigated. As the
matrix designates, the elements of marketing were used to assess Amazon’s CA. Before the
acquisition, the overall competitive advantage for Amazon in India was -2.25 which decreased to

48
"SPACE Matrix Strategic Management Method". Maxi-Pedia.Com, 2021, http://www.maxi-
pedia.com/space+matrix+model+strategic+management+method. Accessed 23 Dec 2021.
49
Radder, Laetitia, and Lynette Louw. "The SPACE Matrix: A Tool For Calibrating Competition". Long Range
Planning, vol 31, no. 4, 1998, pp. 549-559. Elsevier BV. Accessed 9 June 2021.

12
-2.75. Therefore, it switched from a stronger to a weaker position. The rating was arrived at on the
basis of the following discussion:
As Amazon’s market share was 31.2%50 before the acquisition, which was 2nd largest in the Indian
e-commerce market, it was rated at -2. However, after the acquisition of Flipkart-Walmart, and
Amazon faced intense competition. Two big competitors merged and benefited from synergies,
making it difficult for Amazon51 to maintain its market share. Hence, the rating after the acquisition
is down to -4.
Next, the Flipkart-Walmart merger meant they could now purchase high-quality products52 at
cheaper prices in bulk, giving them a competitive edge. Even though Amazon’s product quality
was good before the acquisition because of the quality control measures53, it improved it further
after the acquisition in order to combat competition and retain its loyal customers. Also to maintain
its current market position and customer base, Amazon focused on the product quality of its own
products such as Amazon Basics54 from -3 to -2.
Due to it being a global company with a brand value of 683.85 billion US Dollars55, Amazon has
a very strong brand image worldwide. Hence, the rating has been given as -2. After the acquisition,
it is less likely that the brand image of the world’s largest retailer will get affected as the company
has a reputation for providing the best consumer experience. Therefore, even after the Flipkart-
Walmart acquisition, its brand image rating is -2.
Amazon is well-known for maintaining its clients in terms of customer loyalty.56. A rating of -2 is
given based on company’s performance and consumer experience. Due to Amazon’s interactive

50
"Flipkart Is No. 1 In India But Faces Formidable Foe In Amazon, Say Experts". Spglobal.Com, 2021,
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/flipkart-is-no-1-in-india-but-
faces-formidable-foe-in-amazon-say-experts-54083920. Accessed 23 Dec 2021.
51
"Flipkart Vs Amazon: Walmart Firm Wins First Festive Bout With 68% GMV Share; E-Shoppers Jump To 52M".
The Financial Express, 2021, https://www.financialexpress.com/industry/sme/flipkart-vs-amazon-walmart-firm-wins-
first-festive-bout-with-68-gmv-share-e-shoppers-jump-to-52m/2114773/. Accessed 24 Dec 2021.
52
"Walmart's Flipkart Experiment May Become A Turning Point For E-Commerce In India". Business Today, 2022,
https://www.businesstoday.in/opinion/columns/story/walmart-flipkart-deal-may-become-turning-point-for-e-commerce-
in-india. Accessed 18 Jan 2022.
53
"Amazon Product Authenticity And Quality - Amazon Seller Central". Sellercentral.Amazon.Com, 2022,
https://sellercentral.amazon.com/gp/help. Accessed 18 Jan 2022.
54
Howland, Daphne. "Amazon's Product Quality Woes Extend Beyond Its Marketplace". Retail Dive, 2020,
https://www.retaildive.com/news/amazons-product-quality-woes-extend-beyond-its-marketplace/585426/. Accessed
18 Jan 2022.
55
"Amazon: Brand Value 2021 | Statista". Statista, 2021, https://www.statista.com/statistics/326086/amazon-brand-
value/. Accessed 20 Dec 2021.
56
Danziger, Pamela. "Amazon's Customer Loyalty Is Astounding". Forbes, 2021,
https://www.forbes.com/sites/pamdanziger/2018/01/10/amazons-customer-loyalty-is-astounding. Accessed 23 Dec
2021.

13
and user-friendly website, affordable prices, high product range, customers tend to buy from
Amazon regularly as compared to buying from other brands. However, now that Walmart and
Flipkart have merged, their product range might significantly increase and they might be able to
sell high-quality products at lower prices, which might attract customers from other brands to buy
from them. Hence, Amazon would find it harder to maintain loyal customers, thereby, the rating
is decreased to -3.
Hence the overall competitive strength has declined.

External Strategic Position - Industry Attractiveness

Industry before Flipkart-Walmart acquisition Industry after Flipkart-Walmart acquisition

(+6 best, +1 worst) (+6 best, +1 worst)

Growth Potential 4 Growth Potential 5

Barriers to Entry 4 Barriers to Entry 6

Industry Profit 3 Industry Profit 4

Resource Utilization 3 Resource Utilization 4

Average 3.5 Average 4.75

Table 2: Industry Attractiveness before and after Walmart-Flipkart acquisition

Industry Attractiveness has seen an upward movement, from a 3.5 to a 4.75, due to the factors
explained below:
The Indian e-commerce market is ever-growing as customers nowadays have become more tech-
savvy. The industry is projected to grow by 84% by the year 202457 with a value of $188 billion
in 2025 as shown in the figure below.

57
Shinde, Shivani. "India's E-Commerce Industry Set To Grow 84% By 2024, Says Report". Business-Standard.Com,
2021, https://www.business-standard.com/article/technology/india-s-e-commerce-industry-set-to-grow-84-by-2024-
says-report-121101700955_1.html. Accessed 22 Dec 2021.

14
Figure 3: Projected Growth of Indian E-commerce industry

58

Hence, the rating for growth potential has increased from 4 to 5.

The barriers to entry have always been low59 in the Indian e-commerce market due to the low cost
establishing an e-commerce website. Moreover, as consumers switch easily between different
websites based on the pricing, new entrants also found it easy to establish before the acquisition.
However, after the acquisition, approximately 88% of the market share is cornered60 by Walmart’s
Flipkart and Amazon, thereby, increasing the barriers to entry for many companies and so the
barriers ranking increased from 4 to 6.
Industry profit is likely to increase due to high sales growth projection. As Walmart, the world’s
largest offline retailer with $517bn61 in revenue, entered the e-commerce industry, the market
scenario is likely to change. While the revenue is growing at a compound annual growth rate of 9-
11% because of factors like urbanisation and income growth62, the cost would be maintained with
the help of economies of scale. Hence, the industry profit is likely to increase making it more
favourable for Amazon and all industry participants thus its ranking has increased from 3 to 4.

58
"India: E-Commerce Market Size 2027 | Statista". Statista, 2021, https://www.statista.com/statistics/792047/india-e-
commerce-market-size/. Accessed 22 Dec 2021.
59
"India - Ecommerce | Privacy Shield". Privacyshield.Gov, 2021, https://www.privacyshield.gov/article?id=India-e-
Commerce. Accessed 23 Dec 2021.
60
"Flipkart Group And Amazon Corner 88 Percent Market Share In Festive Sales: Report-Business News , Firstpost".
Firstpost, 2020, https://www.firstpost.com/business/flipkart-group-and-amazon-corner-88-percent-market-share-in-
festive-sales-report-9058771.html. Accessed 24 Dec 2021.
61
Russell, Cally. "Who Are The 10 Biggest Retailers In The World?". Forbes, 2021,
https://www.forbes.com/sites/callyrussell/2020/01/09/who-are-the-10-biggest-retailers-in-the-
world/?sh=f6ed6523802d. Accessed 24 Dec 2021.
62
Jha, Lata. "India’S Retail Market To Touch $1.1-1.3 Trillion By 2025: BCG". Mint, 2020,
https://www.livemint.com/industry/retail/india-s-retail-market-to-touch-1-1-1-3-trillion-by-2025-bcg-
11582714221778.html. Accessed 18 Feb 2022.

15
Soon after the Walmart-Flipkart acquisition, Amazon also invested Rs. 27 billion in India to
improve its infrastructure, technology, warehousing, and logistics.63 To keep up with the
improvement in resource allocation, Flipkart-Walmart, shut down Jabong, and focused on Myntra
for clothing.64 Similarly, Amazon has also started maximizing its resource allocation and
efficiency by bringing new features like Prime.65 Therefore, the rating for resource utilization has
improved from 3 to 4.
Overall, the industry attractiveness has improved after the acquisition, giving more opportunities
for Amazon to enhance its competitiveness in India.

Internal Strategic Position - Financial Strength

Amazon before Walmart-Flipkart acquisition Amazon post-Flipkart Walmart acquisition

(+1 worst, +6 best) (+1 worst, +6 best)

Cash Flow 5 Cash Flow 4

Net Profitability 3 Net Profitability 4

Turnover 4 Turnover 3

Return on Equity 3 Return on Equity 3

Average 3.75 Average 3.5

Table 3: Financial Strength before and after Walmart-Flipkart acquisition

A review of the financial strength factors shows a worsening of the financial position, causing the
average grade for financial strength to fall from 3.75 to 3.5. This is concluded based on the
following factors:

63
Peermohamed, Alnoor. "With An Eye On Flipkart-Walmart Deal, Amazon Invests Rs 27 Bn In India". Business-
Standard.Com, 2021, https://www.business-standard.com/article/companies/with-an-eye-on-flipkart-walmart-deal-
amazon-invests-rs-27-bn-in-india-118081301495_1.html. Accessed 24 Dec 2021.
64
"Flipkart Shuts Down Jabong; To Concentrate On Myntra". Business Today, 2021,
https://www.businesstoday.in/latest/corporate/story/flipkart-shuts-down-jabong-to-concentrate-on-myntra-249521-
2020-02-05. Accessed 24 Dec 2021.
65
Subscrybe.Dk, 2021, https://www.subscrybe.dk/wp-content/uploads/2017/08/Strategy-Report-Amazon-Prime-
August-2017.pdf. Accessed 24 Dec 2021.

16
As most consumers, approximately 83%, choose cash on delivery66 for their online purchases,
online retailers get cash instantly. Other customers pay online and the order is only placed after
the payment is done so online retailers have no instances where the customer doesn’t pay money
for their order. This is why the cash flow was rated at 5. However, since 2018, after the acquisition,
Amazon has experienced a drop in sales which decreases its cash inflows. Additionally, its
outflows increased because of expenditure on marketing and website to attract customers. Thus,
the ranking for cash flow decreased to 4.
Despite being profitable globally, Amazon wasn’t much profitable in India. Until now, it is
incurring losses but they are gradually decreasing. In FY19, Amazon reported net losses of ₹5,800
crore67 but because of its high financial backing68, the rating for profitability was given at 3. After
the acquisition, Flipkart saw a 25 percent jump in revenue over FY20 and thereby, its net loss
decreased to Rs 2,445 crore. Moreover, Amazon experienced a 49% increase in the revenue and
expenses were worth Rs 21,127 crore due to which it earned a profit in that year but still has a net
loss of Rs 4,748 crore.69 Thus, even though Amazon is still not profitable, its profitability has
definitely improved after the acquisition to a rating of 4.
Before the acquisition, Amazon and Flipkart were in a neck-to-neck competition but the growth
rate of Amazon was much higher than Flipkart’s. Despite the fact that Amazon’s GMV was $7.5
billion which was 20% higher than Flipkart’s GMV, the sales revenue of Amazon was much lesser
as compared to Flipkart. Therefore, the rating was given as 4.

66
"How Cash On Delivery Fuelled E-Commerce Growth In India". Onlinesales.Ai, 2017,
https://onlinesales.ai/blog/cash-on-delivery-ecommerce-growth-india/ Accessed 24 Dec 2021.
67
"Forbes India - Profits For Flipkart, Amazon India Could Be A Distant Dream". Forbes India, 2019,
https://www.forbesindia.com/article/leaderboard/profits-for-flipkart-amazon-india-could-be-a-distant-dream/55987/1.
Accessed 9 Feb 2022.
68
Rai, Saritha. "Flipkart Brought Online Shopping To India. Then Amazon Showed Up With Deep Pockets". Mint,
2016, https://www.livemint.com/Companies/58ZuPe9fyxK2j4nQlCuxrI/Flipkart-brought-online-shopping-to-India-Then-
Amazon-showe.html. Accessed 17 Nov 2021.
69
Abrar, Peerzada. "Flipkart's Revenue Up 25% To Rs 43K Cr, Amazon Clocks 49% Rise At Rs 16K Cr". Business-
Standard.Com, 2022, https://www.business-standard.com/article/companies/flipkart-clocks-
25-growth-in-fy21-revenue-at-rs-43-357-cr-losses-drop-23-122010401221_1.html. Accessed 9 Feb 2022.

17
 Figure 4: Revenue of Flipkart and Amazon

70

After the acquisition, Walmart-owned Flipkart reported a revenue of Rs 43,357 crore whereas
Amazon earned a revenue of Rs 16,379 crore only.71 This was because the acquisition had given
Flipkart a competitive edge in the Indian e-commerce market as there were no longer any services
that distinguished Amazon from its biggest competitor. Hence, the rating is now decreased to a
rating of 3.
Amazon’s return on equity information specific to India wasn’t available online because of its
global presence; hence, it is assumed that the data is uniform irrespective of the geographical
location. Through the graphs below, it can be seen that in 2018, the ROE was 26.71%, and even
after two years, it’s approximately reached the same figure around 27.07% i.e. back to its original
point. This shows that Amazon’s competitiveness and rating of ROE remained unchanged at 3.
72
Figure 5: Amazon’s Return on Equity in 2018

70
"Amazon India And Flipkart Are Neck-To-Neck In India". Atlas, 2018, https://theatlas.com/charts/HyPbjqjCm.
Accessed 10 Feb 2022.
71
Abrar, Peerzada. "Flipkart's Revenue Up 25% To Rs 43K Cr, Amazon Clocks 49% Rise At Rs 16K Cr". Business-
Standard.Com, 2022, https://www.business-standard.com/article/companies/flipkart-clocks-25-growth-in-fy21-
revenue-at-rs-43-357-cr-losses-drop-23-122010401221_1.html. Accessed 10 Feb 2022.
72
"Amazon ROE 2006-2021 | AMZN". Macrotrends.Net, 2022,
https://www.macrotrends.net/stocks/charts/AMZN/amazon/roe. Accessed 18 Jan 2022.

18
Figure 6: Amazon’s Return on Equity in 2020
73

External Strategic Position - Environmental Stability

Industry before Flipkart-Walmart acquisition Industry after Flipkart-Walmart acquisition

(-6 worst, -1 best) (-6 worst, -1 best)

Technological Changes -3 Technological Changes -3

Competing Product Price -4 Competing Product Price -4

Competitive Pressure -4 Competitive Pressure -5

Inflation Rates -3 Inflation Rates -3

Average -3.5 Average -3.75

Table 4: Environmental Stability before and after Walmart-Flipkart acquisition

After the Walmart-Flipkart acquisition, Environmental Stability has decreased from -3.5 to -3.75.
With the increased adoption of technologies like Machine Learning and Artificial Intelligence74,
all the major players in the market have started getting dependent on technology. Walmart has
brought many new strategies and technology into the Indian market, causing the whole industry to

73
"Amazon ROE 2006-2021 | AMZN". Macrotrends.Net, 2022,
https://www.macrotrends.net/stocks/charts/AMZN/amazon/roe. Accessed 18 Jan 2022.
74
Pick, News Latest et al. "How Emerging Technologies Will Impact The E-Commerce Sector". Techgig, 2021,
https://content.techgig.com/how-emerging-technologies-will-impact-the-e-commerce-
sector/articleshow/70508315.cms. Accessed 22 Dec 2021.

19
flourish. While Amazon ensures that its website user-experience75 is best, Flipkart ensures that its
recommendations using cookies are best suited to customers’ preferences. As both are large e-
commerce companies, technology is at their forefront and hence, the rating is constant at -3 despite
the change in market scenario.
Despite the fact that Walmart and Flipkart have merged and the 2 major competitors sell similar
products, the competing product prices are unlikely to change76. As Walmart has limited
experience in online retailing, in the short run, it can only support Flipkart and not impact Amazon
significantly. Moreover, Amazon already has a strong loyal customer base and brand image to
maintain in India, due to which it is unlikely to change its product prices as it might indicate a
change in quality standards. Therefore, the rating of competing product prices remains constant at
-4.
Before the acquisition, Flipkart and Amazon were nearly having a similar market share in the
Indian e-commerce market.77 But after the entry of Walmart, the competition intensified. Even
though Walmart was known for its offline presence and brick-and-mortar stores, its acquisition of
Flipkart allowed it inroads into Indian online retail market. Hence, the competitive pressure in the
industry intensified, which worsened the rating from -4 to -5.
In 2018, the year in which the acquisition took place, the inflation rate of India was 3.43%78.
However, in 2021, it had an inflation rate of 5.3%79 which shows that the average price level in
the Indian economy increased, and hence, the purchasing power of money decreased. Due to this,
consumers’ demand for luxury goods might have been impacted but as the e-commerce giants
mainly sell basic products targeted to a very wide customer base they didn’t get affected because
of the small rise in the inflation rate. Therefore, the rating of inflation rates, before and after the
acquisition, is unchanged at -3.

75
"Amazon’s User Experience: A Case Study | November 2021". Themanifest.Com, 2021,
https://themanifest.com/web-design/blog/amazon-user-experience-case-study. Accessed 22 Dec 2021.
76
"Amazon, Flipkart And Other E-Commerce Platforms May Not Be Able To Do Flash Sales Any More, If Indian
Government Has Its Way". Business Insider, 2022,
https://www.businessinsider.in/business/ecommerce/news/flipkart-and-amazon-may-not-be-able-to-do-flash-
sales/articleshow/83737670.cms. Accessed 9 Feb 2022.
77
"Flipkart Group And Amazon Corner 88 Percent Market Share In Festive Sales: Report-Business News
,Firstpost". Firstpost, 2020, https://www.firstpost.com/business/flipkart-group-and-amazon-corner-88-percent-market-
share-in-festive-sales-report-9058771.html. Accessed 10 Feb 2022.
78
"Inflation Rate In India 1984-2024 | Statista". Statista, 2022, https://www.statista.com/statistics/271322/inflation-
rate-in-india/. Accessed 19 Jan 2022.
79
"November Inflation Rises To 4.91% Despite Cut In Levies On Fuel". The Indian Express, 2021,
https://indianexpress.com/article/business/economy/india-november-2021-cpi-consumer-price-index-retail-inflation-
mospi-government-data-7670685. Accessed 19 Jan 2022.

20
Figure 7: Space Matrices for Amazon before and after the Walmart-Flipkart acquisition

A look at the overall Internal and External Strategic Dimensions average reveals that Amazon has
shifted from the aggressive quadrant to the competitive quadrant after the Walmart-Flipkart
acquisition. This indicates that previously it was in a strong position and had a competitive
advantage but post-acquisition, it is still competitive but not stable and might need to review its
strategies to maintain its competitiveness in the Indian market.

21
CONCLUSION
In conclusion, Walmart’s acquisition of Flipkart did have an adverse effect on Amazon’s
competitiveness in India. Evaluation of Porter’s Five Forces portrayed that due to the rapidly
growing e-commerce market which has very few barriers to entry, the industry is highly
competitive. Also, new entrants with financial backing entered this industry and added a challenge
to Amazon’s competitive position, thereby, provoking the environment against Amazon.
Moreover, SPACE Matrix helped in concluding that there was a shift in Amazon’s position from
moderately aggressive to a highly competitive one post the acquisition.
However, this study also showed that Amazon still has a very strong foothold in the Indian e-
commerce market. Due to its global presence, good reputation of providing the best quality
products at the lowest prices, and best consumer experience website, it still remains one of the
market leaders. New entrants like Tatacliq and Reliance Digital are not likely to have any
significant effect on Amazon’s market share in India in the short run. Although in the long run, it
is noticeable that Walmart-Flipkart and other growing e-commerce entrants have the power of
affecting Amazon’s market share and image to a large extent if it fails to improvise and update its
business model accordingly.
Thus, to conclude, Walmart’s entry into the Indian e-commerce industry has made Flipkart-
Walmart a very strong competitor for Amazon by eliminating several points of differentiation
between the two. Answering my RQ, “To what extent Walmart’s acquisition of Flipkart has
impacted Amazon’s competitiveness in India?”
Although, the impact seems minimal in the short run, it is most likely to increase in the long run
as Walmart’s Flipkart and other emerging players would have established their brand image and
loyal customer base in some years. Amazon will therefore feel a lost in competitiveness as its
ability to dominate might fade away unless it changes its marketing strategies.
A limitation is that the result from the Space Matrix might be skewed as the Financial Strength
grid didn’t have many different factors and the explanation was limited due to lack of evidence.
Another disadvantage is the lack of knowledge about the changes in strategies employed by both
organizations throughout the course of the investigation. To acquire a deeper understanding of the
competitive advantage achieved by Walmart-Flipkart and the advantage lost by Amazon in India,
future studies might delve into the competitor firm's strategy as well.

22
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