Amazon launches Local Shop in Germany and Alibaba cops a $3.7 billion fine. Power Retail Sparks uncovers some of the leading global e-commerce news that's happening this week.
Ascendia Acquires eShopWorld
Ascendia has acquired eShopWorld, after being a major shareholder for the company since 2017. eShopWorld is an e-commerce platform that ’empowers retailers to globalise and is headquartered in Dublin, Ireland.
“eShopWorld makes it easy for global brands to have a local presence. Additionally, its focus on making ecommerce frictionless, regardless of location, made it a coherent, strategic choice to make them part of the Asendia family,” said Marc Pontent, the CEO of Ascendia. This acquisition aims to help the business expand further, and will continue to operate as usual until the acquisition is completed – the management team is set to remain the same.
“This is a significant endorsement of our growth, sustainability and success in embracing the structural shift in favor of online shopping,” said Tommy Kelly, the CEO of eShopWorld.
Amazon Opens ‘Local Shop’ Platform in Germany and Austria
Amazon is launching a new website to its customers in Germany and Austria for small and medium-sized retailers to sell their goods. The concept of the platform aims to replicate a ‘local shop’, with the hopes to support them following the tumultuous pandemic.
“A large number of companies had to close their shops several times during the lockdowns, which has posed existential problems for many of them. But the entrepreneurs have made a virtue out of necessity and, with a lot of ingenuity, found new ways to be there for their customers around the clock,” the company shared in a statement.
Alibaba Fined $3.7b for Monopolising E-Commerce in China
Alibaba Group has been slapped with a $3.7 billion fine by Chinese regulators. for monopolising the e-commerce space in China. This accounts for four percent of its 2019 revenue, and is a record-breaking fine for China.
Despite the fine, Alibaba Group’s shares rose on Monday morning by more than six percent. “Alibaba would not have achieved our growth without sound government regulation and service, and the critical oversight, tolerance and support from all of our constituencies have been crucial to our development,” shared the company in a statement. “For this, we are full of gratitude and respect.”
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