Amazon shuts China online store
Amazon.com Inc said it will shut its China online store by July 18. The U.S. e-commerce giant focuses on selling overseas goods and cloud services in the world’s second-largest economy.
The company has struggled to gain share in China, which is dominated by local players including Alibaba and JD.com.
Stocks impacted: Amazon.com Inc (AMZN)
Amazon will maintain its Kindle business along with its cross-border trade services, however, the main e-commerce business will be withdrawn along with any other businesses still operating in the market. Amazon’s e-commerce business has struggled to gain share in China, which is dominated by local players including Alibaba and JD.com that controlled 82 percent of the Chinese e-commerce market last year. Amazon will wind down support for domestic-selling merchants in China in the next 90 days.
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