Amazon’s e-commerce sites are closing as Jeff Bezos warns that sales will continue to fall.
As the holiday season approaches, fears of a deep recession continue to grow, and now the world’s largest e-commerce retailer, Amazon, has begun to see online stores close, and as it begins to slash staff and abandon expansion plans amid declining sales. Its founder and former CEO, Jeff Bezos, recently shared an ominous warning telling consumers and business owners that tough times are ahead. Browse through https://financialcountdown.info/amazon-collapse-has-begun-as-jeff-bezos-warns-that-sales-will-continue-to-fall/ for more information about amazon collapse.
In this video, we’ll review the reasons why the Amazon collapse has begun, and as jeff Bezos is issuing a warning to buyers and business owners.
Now is the time to hope for the best, but prepare for the worst, according to Bezos, who urged people to start postponing purchases and saving money to ride out the coming recession. More and more senior executives are sharing their concern about the challenges we will face as we enter 2023. The numbers are bleak and the outlook even more so.
The holiday season is a time when consumers around the world are usually gearing up to do some major spending amid retail discounts and big sales events like Prime Day.
But according to one of the world’s richest men and founder of e-commerce giant Amazon, Jeff Bezos, he warns that might not be a good move this year.
As economic conditions around the world continue to deteriorate, the billionaire is telling shoppers and business owners who intend to make big purchases in the coming months to hold off on their spending plans for the time being, because carrying a balance right now could land them in trouble later.
Amazon, which will report to investors early next month, is grappling with a decline in its e-commerce sales. In October, weaker-than-expected results led the company’s shares to plunge 20% in a single day.
The e-commerce retailer has also started to tighten its belt. Under new CEO Andy Jassy, the company has made some cuts, including hiring freezes and cancelling or delaying new projects. In total, the company has closed nearly 70 retail shops, 66 of them located in the United States.
The company also announced it is scrapping plans to build dozens of warehouses around the world as sales slow. In the second quarter, Amazon unveiled plans to cut its workforce by 99,000 people after consumers began reducing their discretionary spending, according to CNBC.
A couple of weeks ago, Amazon announced it will begin laying off about 10,000 people this month. The job cuts are expected to target retail, human resources and technology jobs, even as the holiday shopping season gets underway.
Last Thursday, Amazon said it will continue to lay off employees in the coming year, as the company is still in the midst of its annual operational planning process, and business leaders are still determining the need for more job cuts. According to Bezos, it is difficult to predict when this huge slowdown will end, so “just try to be reasonable about it, and take as much risk as you can for yourself”. “Hope for the best, but prepare for the worst,” the billionaire stressed, because there are very difficult times ahead for everyone.