After the company caved into the demands of the NSCC and restricted trading on so-called “volatile shares”, the amount was reduced from the initial $3 billion to $700 million.
Since last year, the cost of shipping from China has increased by 80% due to pandemic-related lockdowns. At a time when consumers are much more likely to spend, supplies are not meeting demands.
With in-store sales expected to drop 35% as a result of the pandemic, major retailers are prolonging the sale to last a few more days and investing heavily in online offers.
The e-commerce platform has confirmed that it is opening 100 new operations sites this month, and it’s believed that most of the 100,000 employees coming on board will be deployed into these new facilities.
With the advent of online shopping along with retail stores filling for bankrupcy, Amazon seeks to turn unused department stores into fulfillment centers.
