Amazon to shut its online store in China, competition too entrenched

Amazon bought Chinese online shopping website Joyo.com in 2004 for $75 million, rebranding the business in 2011 as Amazon China. The Amazon spokeswoman said that the company would continue to invest and grow in China through its Amazon Global Store, Global Selling, Kindle e-readers and online content. But in a sign of Tmall’s dominance, Amazon opened an online store on the Alibaba site in 2015. SAN FRANCISCO/BEIJING/HONG KONG (Reuters) – Amazon.com Inc said it will shut its China online store by July 18, as the U.S. e-commerce giant focuses on the lucrative businesses of selling overseas goods and cloud services in the world’s most populous nation. Walmart Inc sold its Chinese online shopping platform to JD.com in 2016 in return for a stake in JD.com to focus on its bricks-and-mortar stores.

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