Amazon Faces New Competition as FTC Takes Aim 9/27/23

TechCheck

CNBC

Disruptors, Cnbc, Investing, Tech, Management, Business, Technology, Faang

4.5 • 66 Ratings

🗓️ 27 September 2023

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

The FTC is now targeting Amazon in a new antitrust suit, alleging it’s running an illegal monopoly, with Lina Khan saying the e-commerce giant’s tactics deprive rivals of the ability to gain customers. But Amazon might actually now be facing more competition than ever - including from upstarts like Shopify, which just announced an investment in wholesale platform Faire, further entrenching Shopify as an Amazon alternative for sellers.

Transcript

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0:00.0	Shopify announcing a new partnership today to expand the ecosystem for its
0:06.4	sellers heightening the e-commerce competition for Amazon that's the focus of
0:10.5	today's Tech Check with Deirdre Bosa busy week in the space D.
0:15.6	It certainly is and Shopify it's expanding its ecosystem just a day after the
0:20.9	FTC took a game at Amazon for running an illegal monopoly.
0:24.4	Now this underscores the idea that Amazon is facing more competition than it ever has
0:28.8	from upstarts like Shopify but also from established well-capitalized retail players like Walmart.
0:35.0	Now Shopify's latest deal, this is an investment in wholesale platform fair.
0:39.6	Neither company disclose the size or stake of the value of the deal, but the deal will see fair
0:44.0	adopt Shopify technology for its customers, further entrenching Shopify
0:48.2	as this alternative to Amazon. It also follows a string of partnerships between
0:52.4	Shopify and startups that work with sellers.
0:55.2	The list includes newly public Clavio, a firm, Strip, Flex Sport, some of the darlings of Silicon
1:01.5	Valley.
1:02.1	They get access to Shopify's more than 2 million
1:04.8	merchants. Shopify gets more services on its platform, gets to expand, it also gets equity,
1:10.3	which pays off in the case of Clavio. Now I sat down with fair CEO Max Road and I asked him,
1:15.0	why partner with Shopify and not Amazon?
1:18.0	The most popular filter on our website is not sold on Amazon.
1:23.7	And really the retailers that we serve,
1:27.1	the reason that they're so successful
1:28.8	is because they've figured out how to compete in a world
	...

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