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☆ Meet WiFi Money: Wealthy Finance Influencers Who Infuriated Investors
▼ + stars: | 2024-05-19 | by ( Rob Price | ) www.businessinsider.com time to read: +26 min

The Texas couple were staring down more than $100,000 in debt, much of which they had poured into WiFi Money. Those who give their money to WiFi Money are often encouraged to sign up other people in return for a cut of their profits — and perhaps, one day, a chance to become part of the WiFi Money crew. As the money poured in, WiFi Money gained a patina of mainstream credibility. AdvertisementThrough WiFi Money, Moeller and Frederick had created a virtuous cycle of money and influence. The same month investors took WiFi Money to court over the stores, DBC announced it was closing down.

Persons: Alex Moeller, influencer, Jasmine Sadry, Joey Martin, Martin, Moeller, Chris Frederick, Casa Moeller Martinez, MentorCI, Kim Kardashians, Gary Vee, Uber, Etsy, Farnaz Ghaedipour, Frederick, Jay Gatsby, Scott Fitzgerald's, Brandon Celi, There's, Billy, Chris Casey, There's Todd Cahill, Liz Friesen, Tana Mongeau, Kardashian, —, James Ragano, BI Moeller, wouldn't, Kyle McDougal, Sadry, Kyncey, McDougal, hustlers, Kevin O'Leary, Jordan Belfort, Ronaldinho, Glenn Beck, I've, he'd, Daemon, I'm, they'd, It's, Chris Costello, Francis, Ashley, Costello, Gatsby, Casey, Avery Williamson, Victor Bermudez, DBC, They're, Instagram, Rolex Submariner Organizations: WiFi, Lamborghini, McLaren, Fox News, YouTube, Invest, Stanford University, PBS, BI, Social, Yahoo Finance, Business, Times, Piccadilly Circus, Fort, DMs, Kyncey Investments, Amazon, Kyncey, Investors, CNN, Fox Business, Big Tech, Florida Tropics Soccer Club, Royce, WiFi Money, Federal Trade Commission, WifiMoney, IRS, NFL, Dallas, Rolex Locations: Instagram, Mexico, Texas, Dallas, Quito, Ecuador, @amoeller, Florida, pecs, Maryland, Europe, Illinois, Mita, Burj, Fort Worth, dropshipping, Brazilian, New York City, ensconced, Minnesota, Los Angeles, Munich

☆ Could real estate go the way of the travel industry? Not just yet
▼ + stars: | 2024-03-23 | by ( John Towfighi | ) edition.cnn.com time to read: +5 min

Sites like Redfin and Zillow provide a way for buyers and brokers to connect online, but the role of real estate agents in closing purchases has persisted. “Ultimately, people will understand what real estate agents really do, especially on the buy side,” Piskorski said. But even with the possibility of major changes, Hale said, one thing will almost certainly remain the same for real estate agents. Currently, the framework of real estate solely emphasizes the buy and sell transaction, said John Bodrozic, co-founder of HomeZada, a real estate tech company. Yet what ultimately differentiates a travel agent from a real estate agent is the value and risk associated with the purchase.

Persons: Tomasz Piskorski, ” Piskorski, Danielle Hale, ” Hale, Hale, “, John Bodrozic, Bodrozic, ”, Bobby Juncosa, Piskorski, ” Juncosa, Juncosa Organizations: CNN — Technology, National Association of Realtors, Columbia Business School, NAR, CNN, Buyers, ” Finance

CNBC embedded with teams from HSI and California Highway Patrol to witness four organized retail crime operations for this investigation. CNBCAt the bottom of organized retail crime rings are boosters — the people who go into stores and take the items. A bin filled with sparkly silver boots that police suspect an alleged San Jose, California, crime ring stole from T.J. Maxx. In a statement, a TJX spokesperson said the company is "thankful" for CHP's efforts and is taking organized retail crime "very seriously." Court records filed in connection with the case provide a rare glimpse into the inner workings of an alleged organized retail crime ring.

Persons: Michelle Mack, Mack, Michelle Mack's, Louis Vuitton, Adam Parks, they've, Parks, HSI, It's, Joaquin, El, Guzman, Scott Robles, Robles, moisturizer, Allegra, Maxx, Gabrielle Fonrouge, Manny Nevarez, TJX, Michael Ball, Diego, Donna Washburn, Washburn, Mack —, we'll, Charlotte, Estee Lauder, masterminding, Rob Bonta, Kenneth Mack, Bonta, Kimora Lee Gooding texted Michelle Mack, Jan, Gooding, Andrew Barclay, Scott, let's, Kenneth Mack texted Michelle Mack, Michelle Mack texted Alina Franco, Sephora, Prada, Ulta's, Dave Kimbell, Kimbell Organizations: Police, CNBC, Patrol, Homeland Security Investigations, Department of Homeland, New, U.S . Custom House, Operation French, Walgreens, New Orleans Public, Federal, Gillette, CHP, TJX Companies, Bay Area, CNBC Police, Flea, Santa, Attorney, Capitol Flea, L'Oreal, Macy's, Body Locations: San Diego, Bonsall , California, California, Washington , Utah , Oregon, Colorado , Arizona , Illinois , Texas, Florida , Pennsylvania, Massachusetts, Ohio, U.S, Baton Rouge , Louisiana, HSI, New Orleans, Orleans, San Jose, Jose , California, Maxx, Bay, Bay Area, San Jose , California, Santa Clara, Washburn, St, Augustine , Florida, Charlotte Tilbury, Prada, LensCrafters

☆ Top Amazon aggregator Thrasio files for bankruptcy
▼ + stars: | 2024-02-28 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Thrasio, an early leader in the big business of Amazon aggregators, had a booth at the popular Prosper Show for Amazon sellers in Las Vegas, Nevada, on July 14, 2021. Thrasio, an early leader in aggregating Amazon sellers, filed for Chapter 11 bankruptcy protection in a New Jersey court Wednesday. Thrasio and other Amazon aggregators raised billions of dollars from investors looking to cash in on the third-party seller rollup craze. Aggregators bought up promising products and storefronts on Amazon, to use their data and operational expertise to turbocharge sales. WATCH: What's behind the big hype and billion-dollar aggregator start-ups buying Amazon seller brands

Persons: Prosper, Thrasio, Greg Greeley, Aggregators, Josh Silberstein, Carlos Cashman Organizations: Amazon, fizzle, CNBC Locations: Las Vegas , Nevada, New Jersey, Greeley

☆ UK secures commitments from Amazon and Meta over retail platforms
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Amazon is seen at the Viva Technology conference at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsLONDON, Nov 3 (Reuters) - Britain's competition watchdog said on Friday it had accepted commitments from tech companies Meta (META.O) and Amazon (AMZN.O) to help protect fair competition on their retail platforms. The commitments from the U.S. tech giants mark the end of the Competition & Markets Authority's (CMA) investigation into Amazon Marketplace and Meta's use of advertising data. Amazon has committed to not use rival sellers' marketplace data to gain an unfair advantage, ensuring that third-party marketplace sellers can compete on a level-playing field, the CMA said. CMA in July had said that Amazon's offer to change the way it treats third-party sellers using its Marketplace platform addresses competition concerns in its preliminary view.

Persons: Gonzalo Fuentes, Meta, Kylie MacLellan, Farouq Suleiman, Radhika Anilkumar, William James, David Evans Organizations: Viva Technology, Porte de, REUTERS, Competition, Amazon Marketplace, CMA, Facebook, Thomson Locations: Paris, France, U.S, London, Bengaluru

☆ UK officials close antitrust probes into Amazon’s and Meta’s retail platforms
▼ + stars: | 2023-11-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The United Kingdom’s competition watchdog has wrapped up its antitrust investigations into Amazon’s and Meta’s retail platforms, saying it has secured commitments from the US tech giants that will ultimately benefit consumers. In theory, the more businesses are able to fairly compete for consumers’ cash, the more choice consumers ultimately have. Meta’s competitors will have the option to “opt out” of the tech firm using some of their data to improve Facebook Marketplace, the CMA said. That commitment, along with others, means Meta “cannot exploit advertising customers’ data to give itself an unfair advantage — and as such distort competition,” Pope said. A spokesperson for Meta told CNN it welcomed the CMA’s decision to close its investigation into Facebook Marketplace.

Persons: Ann Pope, ” Pope, Meta Organizations: London CNN, Markets Authority, CMA, Amazon, Facebook, CNN, Meta, Global, Big Tech, US Federal Trade Commission, European Union

☆ Amazon says bottles allegedly containing delivery drivers' urine listed as energy drink on its website was a 'crude stunt'
▼ + stars: | 2023-10-23 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Oobah Butler says he was able to list and sell Amazon drivers' urine on the marketplace. An Amazon spokesperson called it a "crude stunt" and said no "genuine customer" bought the product. Insider has previously reported that urinating in bottles has become a common part of the job for Amazon delivery drivers. In the past, the company has denied its delivery drivers pee in bottles, but later admitted some of its drivers do urinate in bottles on the job. On Monday, an Amazon spokesperson told Insider that drivers are given reminders to take breaks throughout the day.

Persons: Oobah Butler, Butler, —, WIRED, he'd, they've, they'd, – Organizations: Amazon, Service, Energy Locations: Coventry

☆ I'm on track to sell $5 million in glassware this year, mainly on Amazon. Research, self-control, and careful planning got me there.
▼ + stars: | 2023-10-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

Dragon Glassware glasses. For a bit, I was also renting a warehouse space, but now I have my inventory delivered directly to an Amazon fulfillment center. Plus, I was already using Amazon Multichannel Fulfillment, so it made sense to turn on Buy With Prime as a channel. Dragon Glassware has generated more than $2.1 million in sales this year, and we project an additional $2 million to $3 million before the end of the year. Correction: October 11, 2023 — An earlier version of this story suggested Dragon Glassware was on track to make $5 million using Amazon only.

Persons: Matt Rollens, hadn't, I've, —, It's, we've, Barnes & Noble, that's Organizations: Amazon, Walmart, Prime, Multichannel, Barnes &, Mattel Locations: Sacramento , California, China, Maxx

☆ I'm on track to sell $5 million in glassware on Amazon this year. Research, self-control, and careful planning got me there.
▼ + stars: | 2023-10-11 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

I decided to call my brand Dragon Glassware. Dragon Glassware glasses. For a bit, I was also renting a warehouse space, but now I have my inventory delivered directly into an Amazon fulfillment center. I was an early tester of the new Supply Chain by Amazon product suite . Dragon Glassware has generated more than $2.1 million in sales so far this year, and we're projecting an additional $2-3 million before the end of the year.

Persons: Matt Rollens, hadn't, I've, —, It's, we've, Barnes & Noble, that's Organizations: Walmart, Prime, Barnes &, Mattel, LinkedIn Locations: Sacramento , California, China, Maxx

☆ Get ready to buy Shein clothes in Forever 21 stores
▼ + stars: | 2023-08-24 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

Fast-fashion retailers Shein and Forever 21 are partnering up. The partnership allows Forever 21 to sell merchandise on Shein's site, and Shein products could be sold in Forever 21 stores. The partnership will allow Shein to sell Forever 21 products on its website, and Forever 21 to add Shein sections in-stores, where customers could also return Shein items. The partnership could give Forever 21 exposure to a significant number of new consumers across the US and the globe, Saunders wrote. Sparc Group, a joint venture of Authentic Brands Group and Simon Property Group, operates Forever 21.

Persons: Neil Saunders, GlobalData, Shein, Saunders, Simon, Lucky Brand, Eddie Bauer, Brooks Organizations: Service, Street Journal, U.S, Forever, Sparc, Authentic Brands, Simon Property Group, Brookfield Property Partners, Reebok, Brooks Brothers, Sparc Group Locations: Wall, Silicon

☆ Amazon employees leak secret info that marketplace sellers can buy on Telegram
▼ + stars: | 2023-08-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +7 min

For a fee of $200 to $400, sellers can pay for services like "Amazon Magic," as one broker on encrypted messaging service Telegram calls it. The Telegram group has over 13,000 members, and it's far from the only one. A public Facebook page identified by CNBC offers an internal screenshot service with "valuable insight into your seller account, allowing you to see how Amazon employees view your account and its performance." Account annotations, internal notes from an Amazon staffer on a seller's account, were among the confidential data being exchanged between the defendants and employees. The Amazon Magic group on Telegram is public, with users advertising black hat services almost daily.

Persons: Johnny Milano, Christy Distefano, Remi Vaughn Organizations: Bloomberg, Getty, Telegram, Facebook Groups, Walmart, CNBC, Facebook, Amazon ., LinkedIn, Amazon, Street Journal, Department of Justice, FBI Locations: Melville , New York, China, India, Costa Rica, Ukraine

☆ UK regulator says Amazon proposals address concerns over Marketplace
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 26 (Reuters) - Britain's anti-trust regulator said Amazon's (AMZN.O) offer to change the way it treats third-party sellers using its Marketplace platform addresses competition concerns in its preliminary view published on Wednesday. It will now consult on the commitments proposed by Amazon, it added. Last year, the Competition and Markets Authority (CMA) said it was investigating Amazon over suspected breaches of competition law, including how it chooses products which are placed within the "Buy Box" feature. The CMA said it had taken action after concerns that the U.S. tech giant was using its strength in the market to gain an advantage over other businesses which use Amazon's Marketplace to reach customers. "Amazon’s commitments to the CMA will help ensure that third-party sellers on Amazon Marketplace can compete on a level-playing field against Amazon’s own retail business," Ann Pope, senior director for enforcement at the CMA, said in a statement.

Persons: Ann Pope, Farouq Suleiman, Sarah Young Organizations: Amazon, Markets Authority, CMA, Thomson Locations: U.S

☆ Amazon offers concessions to UK antitrust watchdog as part of probe into its marketplace practices
▼ + stars: | 2023-07-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Amazon on Wednesday offered commitments to the U.K. Competition and Markets Authority after Britain's competition watchdog raised concerns about the U.S. e-commerce giant's treatment of third-party sellers. One of those commitments proposes to ensure Amazon does not use rival sellers' marketplace data to gain an unfair advantage over other sellers. Amazon's commitments also proposed to guarantee all product offers are treated equally when the company decides which ones will be featured in the "Buy Box." Amazon's marketplace practices were also concerning to European Union regulators that were probing similar issues to the U.K. since 2019. In December, Amazon offered similar commitments to the European Commission, the EU's executive arm, to address its concerns.

Persons: Porte, Amazon, Ann Pope Organizations: Porte de, Amazon, U.K, Competition, Markets, CMA, Union, European Commission, Politico, Federal Trade Commission Locations: Paris, U.S

☆ Opinion | Amazon Prime Day, Walmart Plus Week and the Battle of the Retail Giants
▼ + stars: | 2023-07-12 | by ( Peter Coy | ) www.nytimes.com time to read: +3 min

I started to realize that Walmart and Amazon don’t have identical strategies because they aren’t going after identical customers. Walmart customers, on average, have lower incomes and are more price sensitive. Amazon customers are willing to pay more for the variety — both from Amazon itself and from the vast array of third-party sellers doing business on Amazon Marketplace. They follow everyday low pricing,” Sikdar said. Mostly it is itself the retailer.”Amazon, in contrast, puts fewer limits on its third-party sellers.

Persons: Watson, Eric Youngstrom, Rafi Mohammed, ” Mohammed, Vrinda Kadiyali, Cornell’s, Prasad Vana, Sikdar, Walmart’s, ” Sikdar, Giles Hooker Organizations: Walmart, Amazon, Onramp, Profit, Amazon Marketplace, Dartmouth College’s Tuck School of Business, Cornell’s Johnson Graduate School of Management, Cornell, University of Pennsylvania Locations: Cambridge, Amazon, Tuck

☆ Shein wants to be the next Amazon Marketplace. It's already dealing with counterfeits and copyright issues.
▼ + stars: | 2023-07-06 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +4 min

Until recently, Shein has relied on sourcing its products through its on-demand manufacturing model. Last month, the Chinese-owned e-commerce company expanded its marketplace beyond clothing and introduced home appliances, electronics, gardening supplies, and kitchen utensils, among other categories. But to grow its offerings, the company took a page out of Amazon's Marketplace playbook and opened its marketplace to third-party retailers in May. In doing so, it may invite more of the same counterfeit and copyright infringement issues that Amazon's marketplace has faced. In 2020, Amazon established its Counterfeit Crimes Unit, which works with brands to identify and remove counterfeit products.

Persons: Shein, —, skimpy swimsuits, Ralph Lauren, Oakley, Martens, sneakerheads Organizations: Service, Nike Air, US Customs, US Chamber of Commerce, Amazon, Bloomberg Locations: Europe, China

☆ Amazon, Apple and more: EU names the Big Tech platforms set to face tougher regulatory scrutiny
▼ + stars: | 2023-04-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

The European Commission, the executive arm of the EU, in late 2020 presented new legislation on how regulators should keep a closer eye on tech giants. Under this Digital Services Act (DSA), which was implemented four months ago, regulators are able to police content to reduce harmful comments and set rules for the use of artificial intelligence. European regulators have previously warned Elon Musk, CEO of Twitter, that his firm faces significant amounts of work to comply with the new rulebook. He added in a statement Tuesday: "The countdown is starting for 19 very large online platforms and search engines to fully comply with the special obligations that the Digital Services Act imposes on them." "The Digital Services Act is comprehensive and will be a challenge for online intermediaries to get their head around, with the largest players facing the biggest impact.

☆ Amazon launches program to identify and track counterfeiters
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

Online marketplaces in the United States including Amazon face hurdles in keeping counterfeiters off their platforms and fake merchandise from entering their warehouses. The new program mimics data exchange programs by the credit card industry to find scammers and identify their tactics. Stores and Amazon marketplace sellers can anonymously contribute information and records flagging counterfeiters to a third-party database or use the database to avoid doing business with the bad actors. The Seattle-based retail giant piloted the anti-counterfeiting initiative in 2021 with an undisclosed number of apparel, home goods and cosmetics stores, where counterfeiting is most common. Reporting by Arriana McLymore in New York City; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. China committee chair says there's broad support to block American asset managers from investing in Chinese A.I. firms
▼ + stars: | 2023-04-12 | by ( Lauren Feiner | ) www.cnbc.com time to read: +3 min

Gallagher told CNBC in a phone interview Tuesday that there was "broad support" among the venture capitalists, and others the committee members met with in California, for barring American asset managers from investing in Chinese AI companies. That's good news in his eyes as he described the AI race between the U.S. and China as neck and neck. He added that American tech companies competing with Chinese firms "don't want us to sort of subsidize their losing the AI race." Gallagher said he believes business leaders now understand that "the behavior of the Chinese Communist Party has changed." And I think the way we've conducted our committee so far, it hasn't been a bomb-throwing exercise.

[1/2] The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, January 5, 2023. The ruling by U.S. District Judge Richard Jones in Seattle on Friday came in a prospective antitrust class action that has estimated damages of between $55 billion to $172 billion. Amazon has denied the plaintiffs' claims, arguing that its "Fair Pricing Policy" has procompetitive benefits and that U.S. antitrust law encourages such a policy. Attorneys general in California and Washington, D.C., also have sued Amazon over pricing policies. The case is Frame-Wilson et al v. Amazon.com Inc, U.S. District Court, Western District of Washington, No.

☆ Amazon seller consultant admits to bribing employees to help clients; will plead guilty
▼ + stars: | 2023-03-27 | by ( Annie Palmer | ) www.cnbc.com time to read: +5 min

An influential consultant for Amazon sellers admitted Monday to bribing employees of the e-commerce giant for information to help his clients boost sales and to get their suspended accounts reinstated. "On some occasions, I paid bribes, directly and indirectly, to Amazon employees to obtain annotations and reinstate suspended accounts. Behind the scenes, scammers have for years resorted to illicit tactics to squash competitors, artificially boost their listings or bypass Amazon's marketplace rules. "No one should pay bribes to Amazon employees to provide private Amazon information," Rosenberg wrote on Monday. Nor should anyone pay any Amazon employees for any other special favors regarding a seller's account."

☆ Amazon Marketplace failed in China. Here's why
▼ + stars: | 2023-02-02 | by ( Jade Tungul | Tala Hadavi | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmazon Marketplace failed in China. Here's whyAmazon debuted in China in 2004 by acquiring Joyo.com, an online media seller, for $75 million. Amazon pushed its e-reader and tablet product offerings, but China's complex regulatory approval delayed their debut. In 2012, Amazon's market share held at around 15%, but it later plunged to less than 1%, according to iResearch. Amazon officially closed its China marketplace in 2019.

China's e-commerce market was valued at $2 trillion in 2022, according to GlobalData, and the country also has a rapidly growing middle class, making it an attractive market for American companies. Amazon entered the China market in 2004 through a $75 million acquisition of Joyo.com, an online book and media seller. The joint venture rebranded to Amazon China at the domain Amazon.cn in 2011. Between 2011 and 2012, Amazon's market share hovered at approximately 15%, but it later plunged to less than 1% by 2019, according to iResearch. Amazon officially closed its China online marketplace in July 2019.

☆ German antitrust watchdog widens Amazon probe under new regulation
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 14 (Reuters) - Germany's antitrust watchdog said on Monday it had expanded two probes into U.S. e-commerce giant Amazon.com (AMZN.O) making use of new regulation allowing it to prohibit any anti-competitive behaviour at an earlier stage. "We are examining in both proceedings whether and how Amazon impedes the business opportunities of sellers that are active on the Amazon marketplace and compete with Amazon’s own retail business," Federal Cartel Office President Andreas Mundt said in a statement. Changes to Germany's antitrust laws for digital corporations, which came into effect last year, give the cartel office more power in identifying and prohibiting some companies' dominant positions. According to the cartel office, Amazon operates the most important marketplace in e-commerce, giving it a key position in that area that allows it to set the rules for competition on its platform. "Our new competencies, which are precisely intended to restrict such power to set rules, allow us to intervene more efficiently against Amazon’s anti-competitive practices," Mundt said.

☆ A 34-year-old entrepreneur earns up to $42,000 in revenue a month selling socks and tights on Amazon. She explains how she built her e-commerce business with $2,000 upfront.
▼ + stars: | 2022-11-09 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +12 min

After six months of selling masks, she was earning enough from her own business that she felt comfortable leaving her day job. After she decided on her product, face masks, her next immediate step was to buy inventory. "Through our network, we found some factories in Asia and got the face masks to my door within two weeks," said Fu. After six months of working both jobs, she was making enough money selling face masks to cover her bills. Earning up to $42,000 a month in revenue selling on AmazonFu decided to lean into what was working: selling socks.

☆ Amazon expects Prime Day 2.0 to be smaller than July's Prime Day, leaked documents show
▼ + stars: | 2022-10-11 | by ( Katherine Long | ) www.businessinsider.com time to read: +2 min

Amazon's second Prime Day sales event of the year takes place on October 11 and 12. This is the first year that Amazon has had two Prime Day sales events. Amazon projected a smaller order volume than for its July Prime Day event, leaked documents show. In comparison, July's Prime Day event saw a peak of approximately 60,900 orders per minute in the North America region. Amazon has said this year's Prime Day event was its "biggest ever," with more than 300 million items sold.

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