Can Amazon Stay Ahead of PDD's Temu ad Shein in 2024?
Amazon's (NASDAQ: AMZN) stock plunged 50% in 2022 as inflation curbed consumer spending on its e-commerce marketplace; the macroheadwinds throttled the growth of its cloud business; and its big investment in electric vehicle (EV) maker Rivian (NASDAQ: RIVN) flopped.
But in 2023, Amazon's stock surged more than 80% as investors gazed past its near-term challenges and focused on the future growth of its e-commerce and cloud businesses.
The stock will probably head higher in 2024 and beyond as its core businesses recover, but investors should still keep a close eye on two rapidly growing competitors in the e-commerce market: PDD Holdings' (NASDAQ: PDD) Temu and Shein. Let's see why these two cross-border marketplaces could stir up unexpected headwinds for Amazon.
Source Fool.com
