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Online retailing giant Amazon.com Inc. (AMZN - Analyst Report) has announced the availability of Kindle Fire HD, Kindle Paperwhite and Kindle on its online marketplace Amazon.in, which it launched last week.

The Kindle Fire HD 7-inch and 8.9-inch devices will be available in India starting Jun 27 at a price of Rs 15,999 and Rs 21,999, respectively. The devices come with dual band Wi-Fi connectivity and MIMO technology that enable streaming and downloading of videos at a faster pace. It also has an X-Ray feature, which provides useful insight into books and movies. Besides, Kindle Fire HD also includes an upgraded version of Immersion Reading that allows the user to hear narration by a popular actor while reading a book.

Additionally, Kindle Paperwhite will be available in Wi-Fi and Wi-Fi-plus-3G models at a price of Rs 10,999 and Rs 13,999, respectively. Paperweight, which is the fifth generation Kindle, is already available on Amazon.in at a price of Rs 5,999. Apart from the online marketplace, these devices will also be available at various retail outlets in India including Croma, Reliance Digital, E-Zone and Vijay Sales.

Though Amazon did not have a branded presence in India, the company made its foray into the Indian market last year in February with the launch of Junglee.com, a site which allows customers to compare prices and read customer reviews but not purchase items directly.

Amazon has ample expansion opportunities in India, which is a fast growing e-commerce market. According to the global management consulting firm Boston Consulting Group (BCG), India is the third largest country after U.S. and China in terms of Internet users and is now on the verge of a digital revolution. The firm expects Internet users in India to increase threefold from 120 million in 2011 to 330 million by 2016.

While the strong growth prospects are making the e-commerce market more competitive by the day, Amazon continues to maintain and even grow its share on the back of its consistent and reliable service. Amazon’s scale of offerings, its broad reach and platform approach are the keys to its success.

As Amazon is way ahead of other online retailers due to its product selection, pricing, deals and platforms, the company could give strong competition to local players.

Amazon shares currently retain a Zacks Rank #3 (Hold). Other stocks that have been performing well and are worth a look include IAC/InterActive (IACI - Snapshot Report), Overstock.com (OSTK - Snapshot Report) and PetMed Express (PETS - Analyst Report), all carrying a Zacks Rank #1 (Strong Buy).

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