U.S. consumer spending on e-commerce is expected to hit a record $1 trillion this year thanks to the pandemic-driven shift to online shopping, a report from Adobe Analytics showed on Tuesday. The forecast represents a jump of 13 percent from 2021 and follows a total spend of $1.7 trillion over the course of two years…
Alibaba Appoints New CFO, Reshuffles E-commerce Businesses
December 6, 2021
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AlibabaBusiness & EconomybusinessesCFOChinaChina Business & EconomyCompaniese-commerceeconomic policieseconomyHK BusinessHong KongMaggie WuMarketstechnologyToby Xu
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HONG KONG—China’s largest e-commerce group Alibaba said Monday it is appointing a new chief financial officer and reorganizing its e-commerce businesses amid a regulatory crackdown in the technology industry. The company said in a statement Monday that Toby Xu will succeed Maggie Wu as its new CFO from April 1, 2022. Xu joined Alibaba from…
China Fines Two Livestreamers $14.6 Million for Tax Evasion
Chinese authorities fined two top livestreamers a total of $14.6 million for income tax evasion, foreshadowing more scrutiny of the booming sector in the e-commerce industry. In Hangzhou, the capital city of e-commerce hub Zhejiang Province, Zhu Chenhui was fined $10.3 million, and Lin Shanshan was fined $4.3 million. Both livestreamers failed to report personal…
UPS Delivers Profit, Revenue Beat on E-commerce Demand
United Parcel Service Inc. reported better-than-expected quarterly earnings and revenue on Tuesday, bolstered by strong e-commerce demand that has allowed the delivery firm to raise shipping prices and cherry-pick more profitable customers. The company also raised its full-year adjusted operating margin target to about 13 percent from about 12.7 percent, ahead of the holiday season….
Why Local Marketing Still Matters in the Digital Age
By Krystal Covington As our digital worlds have expanded, it has become increasingly popular for small businesses with an e-commerce store or online services to market themselves nationally. The problem is that many of these businesses are giving up their local marketing efforts in favor of a national approach, believing it to be a superior…
Adobe Jumps Into E-commerce Payments Business in Challenge to Shopify
Adobe Inc on Wednesday said it will add payment services to its e-commerce platform this year to help merchants accept credit cards and other ways of paying, deepening a rivalry with e-commerce firm Shopify Inc. Adobe started providing software to help retailers run their online stores in 2018 when it purchased Magento Commerce from private…
Amazon Will Pay 100 Percent of College Tuition for 750,000 Employees
This story originally appeared on ValueWalk Amazon Inc. will fully cover the college tuition of 750,000 of its hourly employees in the United States, once they reach 90 days of employment. The initiative will start in January, and by 2025 will have cost $1.2 billion. Q2 2021 hedge fund letters, conferences and more Extensive Program…
Walmart to Launch Delivery Service for Other Businesses
NEW YORK—Walmart says it will start commercializing its delivery service, using contract workers, autonomous vehicles and even drones to deliver other retailers’ products directly to their customers’ homes as fast as just a few hours. Walmart will dispatch contract workers from its Spark delivery network, which was launched in 2018, to merchants’ stores to pick…
From E-commerce to Education, China’s Season of Regulatory Crackdown
SHANGHAI—China’s months-long regulatory crackdown on an array of private companies has unsettled tech upstarts as well as decades-old firms, ushering in a new, uncertain environment. Top antitrust regulator the State Administration for Market Regulation (SAMR) issued sweeping draft rules on Tuesday governing online competition as the cabinet updated rules for operators of information infrastructure that…
China Probes Takeout Firm Meituan Over Antitrust Concerns
HONG KONG—China’s market regulator said Monday it has launched a probe into suspected monopolistic behavior by food delivery firm Meituan. The investigation comes amid increased scrutiny of internet companies suspected of anti-competitive practices. The State Administration for Market Regulation said in a statement that it was looking into Meituan’s policies, including exclusivity arrangements known as…
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