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印度《经济时报》:印度电商能否复制阿里巴巴的成功

印度经济时报文章:印度电商能否复制阿里巴巴的成功?三泰虎9月22日译文,当中国一位前英语教师创立的电子商务公司在美国交易所惊艳登场后,人们不禁要问,印度电商是否能复制这一成功。企业家的成功很大程度上归功于个人才智——这从阿里巴巴及其创始人马云上周惊人的IPO可以明显看出——其他因素,包括投资气候和政府法规,也发挥关键作用。阿里巴巴的股票在纽约股票交易所的第一天就狂涨40%,投资者争夺有望成为史上最大IPO的股票。

译文来源:三泰虎 http://www.santaihu.com
外文标题:Can any Indian e-commerce player replicate the success of Alibaba?
外文地址:http://economictimes.indiatimes.com/markets/stocks/news/can-any-indian-e-commerce-player-replicate-the-success-of-alibaba/articleshow/43112343.cms?utm_source=TOInewHP_ETlink&utm_medium=ABtest&utm_campaign=TOInewHP


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NEW DELHI/BANGALORE: When an online commerce company set up by a former English teacher in China makes a stunning debut on the US bourses, questions are bound to arise as to whether an Indian player can replicate the success.

While success in entrepreneurship is largely due to individual brilliance — as is evident from Alibaba's and its founder Jack Ma's spectacular IPO last week — other factors, including investment climate and government regulations, do play a key part.

当中国一位前英语教师创立的电子商务公司在美国交易所惊艳登场后,人们不禁要问,印度电商是否能复制这一成功。

企业家的成功很大程度上归功于个人才智——这从阿里巴巴及其创始人马云上周惊人的IPO可以明显看出——其他因素,包括投资气候和政府法规,也发挥关键作用。

Hangzhou, China-based Alibaba's shares soared almost 40% in its first day of trading on New York Stock Exchange as investors fought over a piece of what is expected to be the largest IPO in history

While India ticks all the right boxes when it comes to demand and potential for growth, the jury is out if an Indian ecommerce player would be able to do what Alibaba did within the next few years.

阿里巴巴的股票在纽约股票交易所的第一天就狂涨40%,投资者争夺有望成为史上最大IPO的股票。

就需求和增长潜力方面,印度做出了所有正确的选择。最后的结论是,印度电商公司在未来几年内是否有能力复制阿里巴巴的过去。

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Industry pundits point out that India's ecommerce sector is at a stage where China was in 2007, but a combination of factors — such as low Internet penetration, supply chain and logistics hurdles and an archaic regulatory regime — act as barriers. "One cannot have this scale if you don't think of going global.

I don't see any company in India working toward that right now," said Rachna Nath, leader of retail and consumer at PricewaterhouseCoopers India. "That is the need of the hour."

业内精英指出,印度的电商行业处于中国2007年的阶段,但是许多因素的结合构成了障碍,比如互联网普及率不足、供应链和物流不发达以及陈旧的监管制度。

“我现在并未看到有任何印度公司朝这一方向发展,”普华永道印度零售和消费者总监Rachna Nath说:“这是当务之急。”

According to a recent report by investment bank Avendus Capital, India's online commerce sector, currently valued at $3.1 billion (Rs 18,800 crore), is expected to gross about $5 billion (Rs 30,500 crore) by end of the current year, and is projected to hit over $11.8 billion (Rs 71,800 crore) in sales by end of 2015.

Impressive, but still tiny compared with the $542 billion (Rs 33 lakh crore) that China's ecommerce, which contributes more than 3% to the country's GDP, is expected to touch by 2015. "It's unfair to expect that we will produce a company the size of Alibaba right away, given the difference in basic denominators, such as GDP and retail market size of the two countries," said Kunal Bahl, co-founder and chief executive of Snapdeal.

根据投资银行Avendus Capital最新的报告,印度电子商务行业目前价值为31亿美元(1880亿卢比),今年底有望达到大约50亿美元(3050亿卢比),预计2014年底销售额超过118亿美元(7180亿卢比)。

令人印象深刻的是,这与2015年底有望达到5420亿美元(33万亿卢比)的中国电子商务交易额比起来仍微不足道,而电子商务对中国GDP的贡献超过3%。“考虑到分母基数相差太大,比如GDP和零售市场规模,奢想我们将创造出一家阿里巴巴规模的公司是不现实的。”印度电商Snapdeal的创始人Kunal Bahl说道。

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According to Bahl, the strategy is to build an ecommerce company for the Indian market, and not to ape existing business models. "If you went to China in 2007-08, you would be asking the same questions of them, as you're asking about India's ecommerce sector now," said Bahl.

"It's not common to see billion- dollar businesses growing 300- 400% year-on-year. It's an unusual thing. I don't think there's any other industry in India growing at that kind of pace."

据Bahl称,公司的战略是为印度市场打造一家电商公司,不是去模仿现有的商业模式。“如果你2007-08年时去中国,你也会被问及印度电商行业今天被问及的问题。”

“规模数十亿美元的行业年增长300-400%并非是常见的。这是非同寻常的。我认为印度任何其他行业都无法以那种速度增长。”

Regulatory roadblocks, however, continue to be a cause for concern, with Amazon India's recent tax issues with the Karnataka government highlighting the dissonance between prevailing tax norms and the demands of growth.

"The Centre needs to address a whole gamut of tax-related issues for retail industry, not just ecommerce. Otherwise, the ecommerce firms will be at the mercy of local tax officials in different states," said Arvind Singhal, chairman of retail advisory firm Technopak.

然而,监管障碍继续成为关注的焦点。亚马逊印度最近与卡纳塔克邦之间的税收问题,突显税收规范和增长需求之间的不和谐。

“中央应当为整个零售业全盘解决税收问题,而不仅是为电子商务。否则,电商公司将会任由各邦税务官员所摆布,”零售顾问公司Technopak主席Arvind Singhal表示。

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High cost of customer acquisition incurred by India's ecommerce companies, adding to already-significant burn rates, is also a cause for concern. The average aggregate cost of acquiring users is estimated at between Rs 500 and Rs 1,000.

"Establishing 'stickiness' is going to be an issue. There will always be margin pressure to keep prices low, given that customers tend to switch easily," said Ajay Relan, founder and managing partner of private equity firm CX Partners.

On a per-dollar basis, private equity investors earn more from their investments in China than in India.

印度电商公司高额的客户获取成本,外加业已严重的资金消耗率,也是人们关注的焦点。获取用户的平均成本大约介于500卢比至1000卢比之间。

“建立用户粘性也是一个问题。鉴于客户很容易流失,公司承载着压低价格的极限压力,”私人股本公司CX的创始人和执行合伙人Ajay Relan说道。

每投入1美元,私人股本投资者从中国赚取的收入比从印度赚取的更多。

Barriers notwithstanding, bigger ecommerce ventures in the country such as Bangalore-based Flipkart and Delhi-based Snapdeal, are building up technology platforms investing in infrastructure. "Reach is still limited. What is really desirable is the ability to deliver, manage logistics," said PwC's Nath.

In May, Snapdeal launched 40 fulfilment centres or warehouses across 15 cities, and said it plans on launching more over the next few months. Rival Flipkart runs about six such warehouses.

尽管存在种种障碍,印度较大的电商企业,比如班加罗尔的Flipkart和德里的Snapdeal,正投资基础设施,构建技术平台。“范围仍然是有限的。真正可取的是交付能力和物流管理。”

5月,Snapdeal在15座城市建立了40个仓库,未来几个月计划设立更多仓库。而竞争对手Flipkart运转着大约6个此类仓库。

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