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Report: Amazon plans to shut down its marketplace business in China

Amazon will cease its domestic marketplace business in China within the next 90 days, redirecting attention to more profitable overseas ventures, as well as to the sale of goods and cloud services, Reuters reports.

The big picture: Amazon's Chinese marketplace has struggled to defeat homegrown e-commerce rivals like JD.com and Alibaba. Starting in mid-July, customers will no longer be able to buy from third-party Chinese merchants on Amazon. However, they will still be able to buy products from the U.S., U.K., Denmark and Japan on Amazon's global store. And Amazon will continue offering cloud services in China through AWS.