Amazon to pull plug on China retail operations

Amazon plans to shut online store in China

Amazon plans to shut online store in China

The firm said it would no longer run the domestic marketplace from July, but Chinese shoppers will still be able to order goods from Amazon's global store. Within the next 90 days, Amazon.cn will cool off support for all its domestic dealers.

The company will keep investing in the country through its Global Stores, Global Selling, Kindle-e-readers, and other online content. Amazon Web Services and other businesses will remain unaffected with the Amazon.cn shutdown.

But Amazon still has to contend with Chinese e-commerce players in India, where Alibaba and others are building up operations or investing in local startups such as Paytm E-commerce Pvt and BigBasket.

Unless someone is searching for a very specific imported good that can't be found elsewhere, "there's no reason for a consumer to pick Amazon because they're not going to be able to ship things as fast as Tmall or JD", he said.

And for cross-border e-commerce in China, Amazon has only a 5.9% marketshare as of Q2 in 2018, while Tmall International accounted for 29.1%, NetEase Kaola 22.6% and JD Global 13.7%.

Facing heat over crumbling economy, Pakistan`s finance minister steps down
Umar acknowledged his successor would have to make "some hard decisions" to deal with economic challenges facing Pakistan .

Amazon said Thursday it's pulling out of the lucrative and crowded e-commerce market in China.

The US-listed shares of Alibaba and JD.com rose 1 per cent on Wednesday after Reuters first reported the move, before paring gains later in the day. Amazon's shares closed flat. The online retailer now plans to focus on selling overseas products to Chinese customers rather than local goods.

E-commerce is just as popular with consumers in China - if not more - than it is in the United States, due to cheap delivery costs and a less-developed bricks-and-mortar retail landscape.

Amazon's China site has been running since 2015 but sales have lagged behind those of Chinese retail giant Alibaba.

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