Here is your midweek jetpack of Amazon seller news, updates, and other useful clicks for your e-commerce business…
Did you know…?
- The top 1% of e-commerce sites generate around 34% of all e-commerce revenue.
- The peak time for online shopping is between 8pm and 11pm, with the highest volume of online transactions taking place during this time.
- The most expensive online purchase ever made was a $53 million private jet, bought through the online marketplace Alibaba in 2017.
Amazon vs Alternative Marketplaces
There was a huge revelation in this year’s Prosper Show. A shift in power dynamics is happening.
After years of complete market dominance, Amazon’s challengers are improving and gaining more market share. The competition will only increase as the years grow.
The rise (and in some cases rebirth) of alternative marketplaces like Shopify, Etsy, Walmart, and Ebay is mainly attributed to the cost of doing business through Amazon in the past six years. Advertising fees, sales commissions, and fulfillment fees have increased significantly, opening the door for a new “omnichannel” of stores, retail websites, social media platforms, search engines, and most significantly, other online marketplaces to introduce online shopping and attract customers.
Though Ebay is still the #1 alternative marketplace, “interest in Ebay as a potential for expansion is down 49% YoY, while Etsy is up 114% YoY and interest in Walmart is up 7% from 2022,” according to numbers shared by Jungle Scout’s CMO Michael Scheschuk at Prosper.
Don’t fret. There is no reason to shit your pants as an Amazon Seller— e-commerce is still just an infant in its growth, and there is no doubt that Amazon will continue to lead the industry in innovation and expansion.
More marketplaces and sales channels = more opportunity to diversify business and make even more money.
Exciting times are ahead. Read more here.
Time is Ticking for TikTok
US lawmakers have announced that they are moving forward with plans for a national ban on the Chinese-owned video hosting platform, citing national security risks due to the Chinese government having access to the app users’ data. This announcement came at the heels of the five-hour grilling of TikTok company chief Shou Zi Chew by the US House Committee.
With 150 million active users in the US, the financial ramifications of a ban on TikTok will be huge. TikTok is central to the $100 billion content creator economy, as per Forbes, and a ban would be devastating. It will also derail advertising revenue opportunities. TikTok is penciled in to bring in $11 billion in advertising revenue this year, surpassing forecast figures for Snapchat, Pinterest and Twitter, as per Insider Data.
Read the full story here.
Speaking of Tiktok…a fearless Amazon delivery driver went viral on TikTok after delivering a package during a police standoff with an armed suspect.
Talk about commitment.
More Amazon NFT Clues
Amazon has somewhat confirmed its NFT plans in an email sent to CoinDesk’s managing editor for global policy and regulation, Nikhilish De.
The email sent to De, which was actually a confirmation email for an automatically renewed Amazon Prime Video channel subscription, appears to confirm the existence of digital tokens and a gallery on Amazon’s platform.
However, the link to the gallery in which De’s token has been supposedly deposited, is not working, and it remains unclear how NFTs are connected to his subscription renewal.
While that may be the case, all signs are pointing to an April 24 launch date for Amazon NFTs.
Read more here.
Save the Date: Amazon Accelerate will be September 13-14, 2023
Amazon Accelerate will take place live from Seattle on September 13-14, with pre-conference activities for in-person attendees kicking off at noon on September 12.
Amazon Accelerate is Amazon’s premiere annual conference tailored specifically for its selling partners or anyone who’d like to be a selling partner. It features the retail giant’s latest tools and innovations, learning opportunities through Amazon experts, and networking opportunities that fuel business growth.
Bookmark this page to stay updated on the upcoming event.
Watch Amazon Accelerate 2022 on-demand content here.
Important Amazon Updates for Yo’ Bad Seller Self
Amazon Pay Launches Express Payout
Amazon Pay has just launched Express Payout, a new feature that allows Amazon Pay merchants to receive their funds within 24 hours, including weekends, at no additional costs. Express Payout is available to eligible US businesses. The requirements for eligibility include:
- The business must have an account with an in-network US bank.
- The business must have a valid business address in the United States (US territories excluded).
Learn more and sign up for Express Payout here.
FBA Aged Inventory Surcharge
Starting April 15, 2023, Amazon will increase the aged inventory surcharge (previously known as the long-term storage fee) on inventory stored between 271 to 365 days. There will also be new tiers introduced to begin the aged inventory surcharge on inventory aged 181 to 270 days for all products except items listed under the clothing, shoes, bags, jewelry, and watches categories in the US. Amazon will also continue to charge an aged inventory surcharge for units stored for more than 365 days.
Learn more about 2023 FBA monthly storage fee and aged inventory surcharge changes here.
Caution for Wholesale Products with MAP
A word of caution to sellers who sell wholesale products where there is a Minimum Advertised Price (MAP) policy:
The Amazon-sponsored program “Discount Provided by Amazon” may cause you to violate the MAP policy unintentionally. The program may display a sales price on your MAP products which is lower than the price you have set in Seller Central. While Amazon covers the bill for the discount and you don’t lose money on the sale, the price displayed is lower than the agreed minimum. This can cause MAP compliance issues with Amazon. If you want to avoid this problem, submit a case to Amazon to opt out of the Discount Provided by Amazon program on an account level .
This Week in Seller School…
Here is a roundup of learning resources for this week:
- How to Use Amazon’s Sponsored Display Video Creative Feature by eComEngine
- Amazon GS1 Barcode Requirements by AMZ Advisers
- Rule #1 – Don’t Lose Money: How to Avoid Amazon’s Wave of Listing Suppressions by Canopy Management
- Dealing with Counterfeit or Intellectual Property (IP) Claims on Amazon (Part 1) by Full-Time FBA
- $250 to $4 Million: Stephen Mattox’s Amazon Path to Success by The Next Amazon Top Seller
- Amazon Seller Stories: How This Husband and Wife Built a 7-Figure Business by Helium 10
- Extreme ASIN Merging by Seller Performance Solutions
- Ten Free Google Sheets Templates for your business’ marketing, sales and customer service needs by HubSpot
- Generational Trends in Consumer Behavior by Jungle Scout
- The 2023 Global Social Media Trends Report by HubSpot
Upcoming Seller Events 📍
Here are a few upcoming industry events that you might be interested in. Slick that hair back and start mingling, playa!
Seller Labs Webinar: Is Facebook Advertising Dead? (April 12, 2023, 2:30 PM EST) – Virtual
Join Seller Labs Senior Account Director Will Marcotte and one of the best minds in Facebook advertising Anh Nguyen as they reveal the truth about the current state of Facebook advertising and discuss whether you should be doing it or not.
Canton Fair 2023 (April 15 – May 5, 2023) – Guangzhou, China
After a three-year hiatus due to the pandemic, China’s largest and most comprehensive trade show is finally back! The trade event will be divided into three phases, with each phase featuring different key niches.
The Canton Fair will be open to foreigners, so if you’re looking for suppliers and want to take a huge business leap, this event is for you!
Sellers Summit (May 23-25, 2023) – Ft. Lauderdale, FL
“The ultimate learning conference for e-commerce brands.”
Seller summit brings together e-commerce entrepreneurs, experts, and service providers to share strategies, tactics, and insights on how to succeed in the online marketplace.
White Label World Expo (May 3-4, 2023) – Las Vegas, NV
“Master being an online entrepreneur” – Keynote Theater 1 plays host to the Amazon Pro Seller Summit where experts share tips on top rankings, growth strategies, product detail optimization, and many more!
Growth Labs (May 30-31, 2023) – Austin, TX
“Keep your finger on the pulse of retail media.” – Amazon Ads experts and other keynote speakers lead a deep dive into the power of data-driven insights which you can leverage to grow your business. 150 seats are available.
SellerCon (June 1-3, 2023) – Austin, TX
“The most powerful tool to elevate your business.” Featuring Amazon experts like Destany Wishon, Vanessa Hung and Aaron Cordovez, SellerCon promises to not only motivate you to push your business to new heights but also equip you with the roadmap to grow your business. 2,000 seats are available.
Amazon PowWow (July 12-13, 2023) – Palm Beach, FL
“Serious networking. Serious Learning. Serious Fun, A new standard in Amazon events.” Amazon PowWow will feature 16 industry experts and leaders offering actionable advice that can help your Amazon business thrive. Meet and connect with exhibitors, vendors and suppliers offering the best business solutions, and network with fellow sellers. There’s also great food, great drinks, and great entertainment!
Midwest e-Com Conference 2023 (July 19 -21, 2023) – Minneapolis, MN
“Created by fellow sellers for our fellow sellers” – learn about the most current, most important and most pivotal changes happening in the world of ecommerce. Equip yourself with the knowledge and insider info to navigate Amazon, Ebay, Etsy, and other ecom platforms successfully.
Other Quick Clicks
- Amazon seller consultant admits to bribing employees to help clients; will plead guilty
- Amazon aims to reduce grouped delivery issues
- Amazon/Walmart battle shifts to suppliers’ financial health
- “A big opportunity”: Amazon betting big on palm-only payment tech
- Amazon is about to go head to head with SpaceX in a battle for satellite internet dominance
Thank you for reading. If you have any questions, comments or violent reactions, let us know below!
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