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Amazon agrees to data sharing as it stares at EU antitrust fines
By Yashasvini Razdan - Jun 13, 2022, 05:06 PM ET
Last Updated - Mar 04, 2024, 01:20 PM EST
Amazon intends to provide some access to marketplace data to its competitors
• Amazon intends to provide some access to marketplace data to its competitors
In a bid to appeal to EU antitrust regulators, Amazon (NASDAQ: AMZN) has offered to share marketplace data with sellers and boost the visibility of rival products on its platform.
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Amazon’s latest moves come as it seeks to avoid any fines levied by EU antitrust regulators.
The news, first reported by Reuters, also mentioned that Amazon could potentially face a fine of 10% of its global turnover, which could amount to more than $40 billion.
The report mentioned that Amazon intends to provide some access to marketplace data to sellers, and its commercial arm would not be able to use seller data collected by its retail unit.
In 2020, the European Commission charged Amazon with using its size, power, and data to push its products and gain an unfair advantage over rival merchants that sell on its online platform.
Amazon’s shares were down 5.45% during late trading hours.
Source - Reuters
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