The trade group stated in the letter to FTC “quite concerning to the commission that Amazon and Google control the majority of all internet product search, and can very easily affect whether and how price and product information actually reaches consumers,” “RILA does not file this comment to complain about competition from Facebook, Google, Amazon, Visa, or any other technology or payments platform,” “Indeed, retail leaders comment to ask for more competition, not less. But all competition must be on a fair and level playing field.” the group added further.Amazon and Google remained unavailable for comments. Wal-mart Stores, Inc. (WMT) is a worldwide retailer that operates in various formats. The three segments of the company include Wal-mart U.S., Wal-mart International, and Sam’s Club. The company is comprised of discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, cash and carry stores, home improvement stores, specialty electronics stores, apparel stores, drug stores, convenience stores, and membership-only warehouse clubs; and retail Websites. To learn more about Walmart (WMT) and to continue to track its progress please visit the Vista Partners Walmart Coverage Page. Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives. Stay Informed! Stay Competitive! Join us at Vista Partners! It’s FREE to receive email updates.
Retail Industry Leaders Association (RILA) Poised to Aid Investigation of Amazon & Google
Reportedly, the Retail Industry Leaders Association (RILA) with members including Walmart Inc, Target Corp, and Best Buy Co to approach Justice Department and the Federal Trade Commission to investigate Amazon.com Inc and Google’s “control” over internet search and for damaging competition. The group raised concerns to Federal Trade Commission (FTC) on how tech platforms misuse the market information and create an “information bottleneck”, distort and mislead the market by favoring their products over other sellers, accumulate and the misuse customer data. Amazon’s dominance over e-commerce where it enjoys nearly 50% of U.S. online sales has been a cause of concern for sellers.June 26 (16)