What's Going On With Amazon Stock Wednesday?

Amazon.com Inc AMZN shares are trading higher. The company on Tuesday launched an online storefront designed to compete with Temu.

What To Know: According to a Bloomberg report, Amazon has launched a low-cost shopping storefront called “Haul.” Products listed on the storefront are priced to compete with heavily discounted Chinese products from competitors like Temu and Shein.

Chinese e-commerce platforms have built loyal user bases by offering steep discounts on merchandise. The report indicates that Amazon began talking with China-based sellers about offering a similar service earlier this year.

Amazon will charge a $3.99 fee for shipping on all orders under $25. Purchases are expected to be delivered in one to two weeks, much slower than products ordered from Amazon.com.

The beta version of Amazon’s “Haul” storefront is available for shoppers using the company’s shopping app. Amazon describes the new storefront as an “engaging shopping experience that brings lower priced products into one convenient destination.”

Check This Out: Smart Money Is Betting Big In AMZN Options

Amazon also announced its Black Friday Week and Cyber Monday deals on Wednesday. The company said its deals will start on Nov. 21 and run through Dec. 2.

Customers can shop millions of deals across more than 35 categories, including electronics, home, beauty and fashion. New deals will be posted on a daily basis.

Amazon noted that its new AI features are expected to facilitate a faster and easier shopping experience this holiday season. Last year, Amazon sold more than one billion products to customers during a record 11-day period.

AMZN Price Action: Amazon shares were up 2.56% at $214.30 at the time of publication Wednesday, according to Benzinga Pro.

Photo: Shutterstock.