Amazon is the most successful e-commerce platform across the globe. The ecommerce giant reported a whopping net revenue of 386.06 billion dollars (statista.com).
The reason why Amazon is so successful today is because it holds its customer on a high pedestal. To say that it provides world class customer service would not be an understatement. Users love Amazon and they trust it to that point that 89% of the buyers would prefer to shop at Amazon as compared to other e-commerce sites (Feedvisor, 2019). This is attributed to three main reasons:
A wide selection of products: Buyers have access to the largest marketplace at their fingertips. They can find everything and anything on Amazon. Low Prices: It is estimated that around 82% of Amazon buyers consider price to be an important factor influencing their decision making. With that said, Amazon ensures that buyers get to buy products at best prices. Fast Shipping: Nothing can beat fast and timely shipping which is exactly what this retail giant offers.
With that said, let’s answer this question from the sellers’ point of view. In 2020, the company reported a net sales of $125.56 billion (bigecommerce360.com).
3 out of 5 sellers have reported an increase in their profit in 2020. Overall 85% of the sellers on Amazon reported to have profited in the COVID struct year of 2020 (junglescout.com).
But while the sellers are profiting and growing, so is the competition. Price wars are becoming common on the platform and sellers have to reprice continuously to provide the best price to the buyers.
It is yet to see what 2021 has in store for Amazon buyers and sellers across the globe.
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