Have you heard the news? Amazon won the partial dismissal of FTC’s antitrust lawsuit! The full details of the ruling weren’t clear yet, but it’s said the agency’s allegations were met with “judicial skepticism.”
While waiting for the unfolding of this legal saga, why not immerse first in some other hot news in the ecommerce scene?
- Frozen seller funds 🧊
- A SellerBites-approved content partner 👍
- Digitally strong Walmart 📶
AMAZON NEWS
Amazon UK sellers are preparing to take legal action against the ecommerce giant. The move comes after many sellers cannot access their sales revenue, with some reporting that their money has been held for over a year!
Retail Gazette shared what you need to know about the developing case.
🔍 What’s happening?
- Hundreds of Amazon sellers have had their sales proceeds frozen, ranging from £100 to £300,000. Many are in financial trouble, with some facing bankruptcy.
- One seller shared that they've been waiting 18 months to access £100,000, despite providing all the necessary documents to prove their VAT status and tax filings.
- Rosenblatt, the law firm representing these sellers, estimates that the frozen funds could total tens of millions of pounds.
💸 Why are the funds frozen?
- Amazon says stricter tax rules and the need to verify VAT compliance are the reasons for the delays.
- The company cites changes in HM Revenue & Customs (HMRC) standards, which required more checks to prevent fraud in the marketplace.
- But many sellers feel stuck in an endless loop of submitting documents, only to have their requests for fund release ignored.
Amazon’s response
Amazon assures they’re working hard to fix the situation. A spokesperson said, “Our selling partners are incredibly important to us. We are committed to providing a trustworthy shopping and selling experience, and we only succeed when they do.”
As sellers, you know how stressful it is not to have the finances to keep a smooth-flowing business. Let’s hope Amazon resolves this ASAP to ensure sellers from the other side of the world will have a good holiday season. 🧑🎄
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BITES OF THE WEEK
- European Exporters: According to eBay, 97% of the platform's EU small businesses are exporters.
- Indian Boost: Amazon will tap Indian Post to boost efficiency in last-mile delivery.
- Chargeback Fraud: Sadly, 70% of credit card fraud can be traced to chargeback misuse.
- Sellers Unite: Arm yourself with the latest strategies from a trusted seller community.
ECOMMERCE NEWS
Walmart is becoming an omnichannel retail disruptor
Walmart’s vision of becoming an “omnichannel retail disruptor” is about to come true, according to Quartz. The retail giant has successfully integrated online and in-store shopping, allowing it to compete toe-to-toe with Amazon in the digital scene.
✨ What does Walmart get from becoming digital?
- Positive stock market outlook: Financial firm Baird raised Walmart’s price target from $82 to $90, seeing its transformation as successful and on track.
- New revenue streams: Walmart benefits from higher-margin services like advertising, memberships, and fulfillment, which could generate around $9 billion in revenue.
- Strong financial performance: Walmart's recent earnings showed strong growth, especially among higher-income households, despite broader concerns about rising prices.
- Potentially increasing customer base, including inflation-weary consumers. Walmart’s price rollbacks and expanded home delivery service appeal to lower- and higher-income consumers.
🥊 Titan vs. Titan holiday showdown
Yup, the holidays won’t just be a contest between you and other sellers. Brace yourselves for a grand retail showdown, as Walmart launches its holiday shopping deals week during the same time as Amazon’s second Prime Day event.
A retail world where multiple marketplaces can thrive simultaneously sounds like a seller paradise. But of course, we still have to see if this will be the case in the coming days.
