Amazon to invest $18B to help small and medium-sized businesses
Amazon's third-party sellers have sold more than 3.4 billion products
Amazon is on track to invest $18 billion in 2020 to help small and medium-sized businesses grow their sales, according to a recent blog post.
The retail giant plans to invest an additional $100 million to help small businesses around the world increase their sales and reach new customers on Prime Day and throughout the holiday season.
"This new investment will go toward putting a spotlight on the diversity of small businesses selling in Amazon’s store, positioning them for increased sales during Prime Day and throughout Q4," the company wrote.
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According to the "e-tail" giant, small and medium-sized businesses have experienced continued growth despite the impact of the coronavirus pandemic.
For the 12-month period ending in May, Amazon's third-party sellers sold more than 3.4 billion products, up from 2.7 billion year-over-year, and averaged sales of approximately $160,000, up from roughly $100,000 compared to the previous year.
The company noted that global third-party sales from small and medium-sized businesses exceeded $2 billion during last year's Prime Day and that third-party sellers continue to account for more than half of all units sold on the company's platform.
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Since the beginning of the year, Amazon says it has launched 135 free sets of "tools" and services to help small and medium-sized businesses grow their sales. During the next year, the company plans to provide more than 500,000 of those businesses currently selling on its platform with online selling guidance, education, and support.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 197.12 | -1.26 | -0.64% |
Amazon will also bring add an additional 100,000 U.S. businesses as new sellers on its platform.
