The S&P 500 achieved record heights via the 37 percent rise in shares of the Big Five tech companies in the first seven months of 2020. Apple, Amazon, Alphabet, Microsoft and Facebook, the five largest publicly traded companies in the U.S., now account for 20 percent of the entire stock market’s total value. Meanwhile, according to Credit Suisse, all other stocks, fell a combined 6 percent. Apple’s valuation hit $2 trillion, the first U.S. company to do so, and only 21 weeks after its $1 trillion valuation. Continue reading Big Five Tech Companies Dominate the Rise in Stock Market

The dispute between Apple and Epic Games over in-app payments has heated up, with the “Fortnite” game developer accusing Apple of threatening to remove it from the Apple Developer Program, thus blocking its access to iOS and macOS developer tools. Apple said it would do so by August 28 if Epic Games does not comply with its App Store rules. Epic has asked a federal judge to issue a stay, claiming the ban would cause “unquantifiable and irreparable” damage to the company and its 350 million registered players. Continue reading Epic Requests Stay of Its Ban From Apple Developer Program

The California Fourth District Court of Appeals ruled that Amazon can be held liable for the damages created by a defective replacement laptop battery purchased from a third-party seller on its marketplace. The buyer, Angela Bolger, reportedly got third degree burns when the battery, from Amazon third-party seller Lenoge Technology, caught fire. Amazon has defended itself against such liability lawsuits so the appeals court decision is a major blow to its e-commerce business. The company currently faces several other liability suits.

Continue reading Court Finds Amazon Liable for Defective Third-Party Products

The European Union has led the movement to leverage antitrust laws in an effort to limit the power of Big Tech companies from the United States. Now, convinced that the impact of these efforts did not go far enough to change behavior, they are pursuing a different tack, this time drafting regulations that address specific business practices. But even as the chief executives of Amazon, Apple, Facebook and Google were grilled in a Congressional hearing last week, they reported skyrocketing revenue and billions in profit. Continue reading European Union Adopts New Strategy to Contain Tech Firms

In the face of the COVID-19 pandemic, the wares and services of Big Tech companies such as Amazon, Apple and Facebook have become more indispensable than ever. As such, they are thriving. Amazon, for example, reported $88.9 billion in sales, with profits doubling to a record $5.2 billion in the quarter ending June, even though it spent $4 billion on its supply chain and worker safety in that time frame. Apple marked an 11 percent increase in quarterly sales, and Facebook sales rose 11 percent to $18.7 billion. Continue reading Big Tech Companies Are Thriving Despite the Current Climate

Amazon, Apple, Google, Facebook and Microsoft — the five largest U.S. tech firms — are speeding up their acquisitions, even as they are under antitrust investigation by federal officials and state attorneys general. By the end of June, the companies had disclosed 27 deals, up 29 percent from the same period last year, when they announced 21 deals. The increase in purchases could be used as proof by regulators and economists that these companies are using their wealth to dominate competitors and increase their market share. Continue reading Big Tech Firms Step Up Acquisitions Despite Antitrust Probes

Google has tried to compete with Amazon in online shopping four times since 2013. But, with shoppers stuck at home during the COVID-19 pandemic, the company now sees another opportunity. To lure sellers, Google said it would waive sales commissions, which range from 5 percent to 15 percent, and let retailers use third-party payment and order management services like Shopify. In the European Union, meanwhile, Google is facing the demand that it “make major concessions” related to its $2.1 billion purchase of Fitbit, including how it uses customer data for search and advertising. Continue reading Google Ramps Up Online Shopping, Faces Scrutiny in Europe

Facebook debuted a major redesign of its Instagram Shop platform, which had already been accessible from a button in the Explore tab but now offers more functionality. The new version of Instagram Shop will first be available in the U.S., with a global rollout “in the coming weeks” said the company. In Shop, consumers will find special collections, a “Suggested for You” section and curated offerings from Instagram’s @Shop account. A double arrow symbol means the user can buy the product without leaving the app. The move is seen as Facebook’s stronger push into e-commerce. Continue reading Facebook Targets E-Commerce with Updated Instagram Shop

Google’s Shoploop, developed in its R&D unit Area 120, is a video shopping platform for consumers to discover, evaluate and purchase products within the app. Shoploop general manager Lax Poojary explained that the experience is “more interactive than just scrolling through images, titles and descriptions on a traditional e-commerce site.” The Shoploop videos, which are under 90 seconds, currently focus on beauty products. Consumers can save products or follow product creators for additional videos. Continue reading Google’s Area 120 Debuts Shoploop Video Shopping Platform

Amazon unveiled the Dash Cart this week, a “smart” grocery shopping cart fitted with a touchscreen that can automatically detect the items placed in it. The shopper can then take the Dash Cart through a special lane to digitally check out via a combination of computer vision algorithms and sensors. The Dash Cart is the result of Amazon’s aim to apply everything it’s learned in building its Alexa-enabled products to create more convenience in the brick-and-mortar world. The Dash Cart will first be deployed in Amazon’s grocery store in Woodland Hills, a Los Angeles suburb. Continue reading Amazon Debuts Smart Shopping Cart for Simplified Checkout

About half of India’s 1.3 billion people are not yet online, and Google hopes to improve its profile there with a new $10 billion Google for India Digitization Fund. The tech tech giant plans to invest in the country over the next five to seven years via equity investments and partnerships. But a recent government-ordered report urged India to create a data regulator position to oversee “the sharing, monetization and privacy of information collected online.” The report names Google (among other companies) as “squeezing new entrants and startups.” Continue reading India Hails Google’s New Fund but Plans to Regulate Big Tech

YouTube has debuted ads that allow marketers to create a ‘Shop Now’ section below their ads so that users can browse and purchase products, listed with prices. Advertisers can put these interactive ads in areas that get high traffic, such as home pages. YouTube director of product management Nicky Rettke reported that, “70 percent of people say they bought a brand as a result of seeing it on our platform.” YouTube tested the Shop Now format with clothing brand Aerie, which saw a 25 percent higher return on its ad spend. Continue reading YouTube Unveils ‘Shop Now’ and ‘Video Action Campaigns’

European Commission executive vice president in charge of competition Margrethe Vestager is ramping up her scrutiny of U.S. tech giants, including Apple and Amazon. She’s currently targeting Apple’s “gatekeeper” position with third-party apps and Apple Pay. She is also looking more closely at Amazon’s position in online retail. Bloomberg Intelligence antitrust analyst Aitor Ortiz, however, noted that the $9 billion fine she levied against Google didn’t stop the tech giant from continuing to dominate search. The fines “don’t really have a deterrent effect,” he concluded. Continue reading Apple is Next Target of European Commission Investigations

In May, Facebook debuted Shops, which allows companies to set up digital stores across Facebook, WhatsApp, Messenger and Instagram, and also described its goal to develop an AI assistant to recommend products. The assistant would learn about a user’s preferences by analyzing images in his wardrobe and allow him to virtually try on clothing. Based on papers Facebook will present at the Conference on Computer Vision and Pattern Recognition 2020, it appears the company is deep in development of this assistant. Continue reading Facebook Papers Reveal Progress on AI Shopping Assistant

According to a review by ProPublica, tech giant Amazon has begun to reserve the best placement in search results for its own products. Brands have been able to bid on search terms in order to gain visible listings at the top of the Amazon product search results. They can still bid on such placements, which also earns them a “sponsored” tag. But ProPublica and consultants found that, during the coronavirus pandemic, the company made the top left position on the first page unavailable to anything other than its own private-label products. Continue reading Amazon Saves Premium Search Results for Its Own Products