Amazon revealed its new discount store, Amazon Haul, where everything is $20 and under.
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Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The Dow and the S&P 500 bounce-back to record highs as a tame inflation report gives the Federal Reserve room to keep cutting interest rates. Meanwhile, shares of Spotify touched an all-time high. The audio streaming company says it’s on track to turn a full-year profit for the first time in its history and subscriber numbers grew to 252 million.
Turning to other headlines…..Amazon is taking the fight to newcomers Temu and Shein with a new discount webstore dubbed Amazon Haul.
The webstore will be located within the Amazon app and on its website. Products sell for $20 and under and Amazon says the majority will cost under 10 bucks. Items for sale spread across various product lines either sold by Amazon directly or from one of its selling partners. Even bigger discounts will kick in depending on the final order.
Amazon executive Dharmesh Mehta said In a statement, “Amazon Haul aims to help make shopping for fashion, home, lifestyle, electronics, and other products even more fun, easy, and affordable, all backed by Amazon’s A-to-Z product guarantees so customers can shop with confidence that the products they’re purchasing are safe, authentic, and in the condition expected.”
The final part of that quote is a dig at Chinese e-commerce operators Temu and Shein, which have rapidly expanded in the U.S. but have also come under fire for safety, quality, and authenticity concerns.
And in another competitive block-and-tackle move, Amazon is tapping into the prowess of its shipping network. Amazon Haul comes with free shipping for a mere $25 order at checkout.
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