Brazil’s online shopping giant Amazon is raising its prices in some of its most lucrative markets in an effort to boost sales amid a global economic slowdown.
The Brazilian online retailer, which was formerly known as Amazon.com, has already raised its prices for some of the world’s biggest cities in Brazil, and the company is now pushing ahead with its expansion in the United States, according to data compiled by IB Times.
The company also increased prices in the U.K. and Spain, where Amazon operates the biggest e-commerce platform.
Amazon’s online sales rose by 1% last year, but the company’s profit dropped 4% in the last three months of the year.
Amazon is expected to release a second quarter earnings report next week, and analysts expect the company to report a 2% drop in profit for the year in its fiscal first quarter, the IB Times reported.
The company said in a statement that the price increases will allow it to better compete with its larger rivals, such as Alibaba Group Holding Ltd.
and Flipkart Group.
In recent months, Amazon has been aggressively marketing its own product and has expanded its digital offering.
In addition to its Prime subscription service, the company has expanded the number of Kindle e-readers in the store.