According to recent reports provided by various sources, Amazon will be able to end two EU investigations by the end of the year by addressing concerns over its seller data. This means that the company would be able to avoid a fine of as much as 10% of its global turnover. Read the entire article to learn more about this news piece.
More about the investigations
These investigations concern Amazon breaking the EU’s competition rules. Commissioner Margrethe Vestager, in charge of competition policy, said: “European consumers are increasingly shopping online. E-commerce has boosted retail competition and brought more choices and better prices. We need to ensure that large online platforms don’t eliminate these benefits through anti-competitive behavior. I have therefore decided to take a very close look at Amazon’s business practices and its dual role as marketplace and retailer, to assess its compliance with EU competition rules.” “Data on the activity of third-party sellers should not be used to the benefit of Amazon when it acts as a competitor to these sellers,” Margrethe Vestager, the EU’s competition chief, said in the statement. “No company cares more about small businesses or has done more to support them over the past two decades than Amazon,” the e-commerce giant said. Vestager said that, while going through 80 million transactions and 100 million products listed on Amazon marketplace, “it became increasingly clear that there might something that we should look into further on the buy box.”
Amazon said it disagreed with the commission’s assertions and “will continue to make every effort to ensure it has an accurate understanding of the facts.”
Amazon has been accused of using unfair means in order to get ahead of its rivals but it will be able to settle the investigations against it by the EU by the end of the year. When asked to comment, the EU competition enforcer refused to respond to any such news.
Source The Local Report
About Amazon
Amazon is one of the most popular companies in the whole world. It came into existence because of Jeff Bezos who is the founder of the company. Amazon is known for its excellent e-commerce and digital streaming services among many other things. the company aims to satisfy the wants and needs of its customers and gives them the utmost priority. This is the reason why the company hires staff that shares the same vision of satisfying the consumers. The leaders at the company make a constant effort to learn new things in order to improve and grow the company. Amazon is currently headed by Andy Jassy.