The retail industry is getting into lots of troubles because of the rise of e-commerce giant Amazon. Recently Treasury Secretary Steven Mnuchin said that Amazon had eradicated the retail sector and they are now ruling over it. He mentioned how much dominance Amazon is having over the retail industry, which ultimately makes it a monopolistic company. Amazon went through many controversies, and it had been put on an investigation by the antitrust department. A few days ago, the Justice Department said that they are launching an investigation over Amazon regarding way of doing business. Amazon is that tech company which has managed to grab the majority of the retail industry.
The US government always had a serious concern over Amazon’s way of doing business. There are many cases which shows that Amazon has violated specific rules. Trump had already criticized Amazon for the form of its business. United States Postal Service was under burden because of Amazon’s growing business. Antitrust business regulators see this thing as dangerous because they are closely watching every action of Amazon. Mnuchin said the actions which attorney general is taking is right and he supports it.
According to him, activities of Amazon should be carefully studied by the government authorities because the situation demands it. Mnuchin said that small businesses are getting affected because of Amazon’s actions. The retailing industry is getting hugely affected by online giants like Amazon. Amazon recently booked a considerable amount of money during prime day sale, which shows the growing business of Amazon. However, has said that they’re going to cooperate with the antitrust division. Investors of the tech giant are still in a dilemma because of raising concerns on Amazon, but it seems like this time Amazon might found itself in a big problem.