Beware of discreet shipping fee scams

❓️ What it is - The Better Business bureau is warning buyers on discrete shipping fee scams going around. These are disguised as an “extra fee” said to cover special packaging or stamps. This fee is how scammers make money.

Here’s how the scam works:

1. Someone buys from a phony website

2. Vendor requests for discreet shipping fee through digital payment apps

3. The vendor might request for even more money after paying

4. The package never arrives, or the vendor stops responding

🔗 Fake ads - Most reports came from diet pills, vapes, ammunition and CBD edibles. Its reported that phony deals can be ads on FB, IG and TikTok that lead to a fake website.

Shein files for IPO

👑 Fashion King - Shein became the world’s largest fashion retailer in 2022 with its CEO Chris Xu. The company is known for its cheap prices, ever changing designs and heavy influencer campaigns.

💸Shein’s Value - Shein was valued at $66 billion at the start of 2023 and could be valued higher now. They also asked big banks like Goldman Sachs, JPMorgan and Morgan Stanley to be lead underwriters which could help drive up prices and demand for the stock. Its ranked the 3rd most valued venture backed unicorn after Bytedance (TikTok) and SpaceX

Shein, however, has its own fair share of controversies:

• 🔨 Horrible working conditions after being accused of forced labor

• 📝 Copyright infringements on designs where designers make a viral video about the issue

• ♻️ Impact on environment with its fast fashion strategy: making clothes that quickly go obsolete

Amazon to launch in South Africa

🎓️ Amazon Edu - Amazon will launch its services for South African sellers in 2024 and are already letting sellers in the region register on its website. Its also launching free educational content to empower sellers to better use the platform.

🔎 New Rival - Amazon will be challenging Takealot, South Africa’s biggest online seller, who has the advantage of knowing the South African consumer more. According to a survey from MyBroadband, 57.34% said Takealot is the best online shop in South African back in 2017.

Amazon still has a few problems for its new market:

• 🛍️ South Africans are returning to shopping malls

• ⚡️ Logistics issues like bad power supply

• ⚖️ Antitrust and data protection laws