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

What you need to know: According to a Bloomberg report, Amazon has launched a low-cost store called ‘Haul’. The products listed in the store are priced to compete with deeply discounted Chinese products from competitors like Temu and Shein.

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

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

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

Take a look: Smart money is betting big on AMZN options

Amazon also announced its Black Friday Week and Cyber ​​Monday deals on Wednesday. The company said the deals will start on November 21 and run through December 2.

Customers can shop millions of deals in more than 35 categories, including electronics, homewares, beauty and fashion. New offers are posted every day.

Amazon noted that the new AI features are expected to facilitate a faster and easier shopping experience this holiday season. Last year, Amazon sold more than a billion products to customers in a record eleven days.

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

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