That Amazon makes a lot of money is no secret. With a market value of $427 billion, the company is head and shoulders above all traditional retailers.
Amazon is an Amazing Place for Small Businesses
What’s perhaps more remarkable about Amazon is that its ecommerce domination is expected to grow in future. From a small business owner’s perspective, this makes Amazon the most attractive platform to draw customers and increase sales.
For its part, Amazon is also heavily dependent on third-party sellers to maintain its growth momentum.
According to data compiled by multi-channel ecommerce software provider Sellbrite, primary products sold by third-party are home and kitchen (18 percent), toys and games (11 percent), and books (9 percent).
A Success Story that Inspires Businesses
Succeeding in a space as cluttered as ecommerce is a challenge. Behind Amazon’s success are several factors. To begin with, the company focuses on growth instead of profits. In other words, it looks to the future, not the present.
A great lesson that Amazon imparts to small businesses is to focus on the learnings from failure to come up with winning ideas.
What’s also worth noting is how the company spends a lot to make little money. A small business owner may not find it easier to spend more and earn less. But the lesson here is to invest enough to innovate.
The Secrets to Amazon Success
To learn more about Amazon’s unique success story, check out the infographic below: