e-commerce
South Korea’s Naver Acquires US E-Commerce Platform Poshmark for $1.2 Billion
South Korea’s internet giant Naver said Monday that it will acquire Poshmark, a U.S.-based social commerce platform, for $1.2 billion, including all of its issued and outstanding shares. Naver said that it would acquire each share of Poshmark for $17.90 in cash, a 15 percent premium over Poshmark’s Monday closing price. The enterprise value for […]
Social Commerce Could Benefit Small Brands
The social commerce market is exploding, Accenture found in a recent study. And apparently, it will grow to make up almost 17 percent of all e-commerce by 2025. Why? A general manager at TikTok called it “word of mouth on steroids.”
150 Arrested in US-Europe Crackdown on DarkNet Drug Trafficking
WASHINGTON—An international operation targeting trafficking in opioids on a clandestine part of the internet called the DarkNet has led to about 150 arrests in the United States and Europe and the seizure of drugs, cash, and guns, U.S. and European authorities said on Tuesday. The crackdown, called Operation Dark HunTor, was announced at a U.S. […]
In Fresh Regulatory Move, China Tells Tech Giants to Stop Blocking Rivals’ Links
BEIJING—China fired a fresh regulatory shot at its tech giants on Monday, telling them to end a long-standing practice of blocking each other’s links on their sites, or face consequences. The comments, made by the Ministry of Industry and Information Technology (MIIT) at a news briefing, mark the latest step in Beijing’s broad regulatory clampdown on […]
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 […]
Alibaba Fires Manager Accused of Rape After Accuser Goes Public With Allegations
Chinese e-commerce giant Alibaba has fired a manager accused by an employee of rape after her account of the incident went viral on social media. Two of the company’s directors also resigned after mishandling the allegations. The scandal has prompted widespread criticism over the company’s response to the matter. The female employee went public on […]
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 […]
Amazon, Facing Entrenched Rivals, Says to Shut China Online Store
SAN FRANCISCO/BEIJING/HONG KONG—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. The move underscores how entrenched, home-grown e-commerce rivals have made it difficult for Amazon’s marketplace to gain […]