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How Amazon Thinks About Competition

To do well in business, a company needs to be both robust and nimble.

To do well in business, a company needs to be both robust and nimble. To be nimble as a big company, you need to make decisions quickly, take risks, and be ready to fail — and you need to know the difference between experimental failure, which is good, and operational failure, which is not. To create — and maintain — an edge you need innovative people, and you need to empower them.

Amazon Web Services exemplifies how this approach of taking risks and experimenting can pay off.

This piece was adapted from interviews Jeff Bezos gave at the Economic Club of Washington in 2018, and the Reagan National Defense Forum in 2019. Both are included in Invent and Wander: The Collected Writings of Jeff Bezos , which was co-published by PublicAffairs, an imprint of Perseus Books, and Harvard Business Review Press.

• Jeff Bezos founded Amazon.com in 1994 with the mission to be Earth’s most customer-centric company. Jeff is also the founder of aerospace company Blue Origin and is owner of the Washington Post.

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Amazon - statistics & facts

Selling strategies and operations, milestones for a business empire, retail giant in times of recession, key insights.

Detailed statistics

Annual net sales of Amazon 2004-2023

Amazon: annual net income 2004-2023

Amazon: brand value 2006-2023

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Current statistics on this topic.

Key Figures of E-Commerce

Amazon quarterly net sales revenue 2007-2023

Net sales revenue of Amazon from 2006-2023, by segment

Related topics

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• Amazon Prime
• Google, Amazon, Meta, Apple, and Microsoft (GAMAM)
• Amazon sellers
• Amazon advertising in the U.S.
• Amazon in the UK

Recommended statistics

• Basic Statistic Annual net sales of Amazon 2004-2023
• Premium Statistic Amazon quarterly net sales revenue 2007-2023
• Premium Statistic Amazon: brand value 2006-2023
• Premium Statistic Number of Amazon.com employees 2007-2023
• Premium Statistic Amazon: global ad spend 2014-2023
• Premium Statistic Amazon's most expensive acquisitions 2024
• Premium Statistic Number of patents granted to Amazon in the U.S. 2010-2023
• Basic Statistic U.S. lobbying expenses of Amazon 2009-2023

Annual net sales revenue of Amazon from 2004 to 2023 (in billion U.S. dollars)

Net sales revenue of Amazon from 1st quarter 2007 to 4th quarter 2023 (in billion U.S. dollars)

Amazon's global brand value from 2006 to 2023 (in billion U.S. dollars)

Number of Amazon.com employees 2007-2023

Number of Amazon.com employees from 2007 to 2023

Amazon: global ad spend 2014-2023

Annual advertising costs of Amazon from 2014 to 2023 (in billion U.S. dollars)

Amazon's most expensive acquisitions 2024

Most expensive company acquisitions by Amazon as of January 2024 (in million U.S. dollars)

Number of patents granted to Amazon in the U.S. 2010-2023

Number of patents in the United States granted to Amazon from 2010 to 2023

U.S. lobbying expenses of Amazon 2009-2023

Lobbying expenses of Amazon in the United States from 2009 to 2023 (in million U.S. dollars)

Benchmarks and competitors

• Premium Statistic Brand value of the most valuable brands worldwide 2023
• Basic Statistic Leading large cap e-commerce companies worldwide 2023, by market cap
• Basic Statistic Leading online marketplaces worldwide 2021-2023, by revenue CAGR
• Premium Statistic Revenue CAGR of selected online service company verticals 2022-2024
• Premium Statistic Leading edible grocery online retailers worldwide 2021-2026, by sales
• Basic Statistic Merchants where global shoppers made their latest cross-border purchase 2023
• Basic Statistic Most visited multi-platform U.S. web properties 2023

Brand value of the most valuable brands worldwide 2023

Leading brands worldwide in 2023, by brand value (in billion U.S. dollars)

Leading large cap e-commerce companies worldwide 2023, by market cap

Market cap of leading large cap e-commerce companies worldwide as of June 2023 (in billion U.S. dollars)

Leading online marketplaces worldwide 2021-2023, by revenue CAGR

Fastest-growing online marketplaces worldwide between 2021 and 2023, by revenue CAGR

Revenue CAGR of selected online service company verticals 2022-2024

Revenue compound annual growth rate (CAGR) of selected internet and online service company verticals worldwide between 2022 and 2024

Leading edible grocery online retailers worldwide 2021-2026, by sales

Leading e-commerce edible grocery retailers worldwide in 2021 and 2026, based on estimated sales (in billion U.S. dollars)

Merchants where global shoppers made their latest cross-border purchase 2023

Online retailers from which global shoppers made their most recent cross-border purchase in 2023

Most visited multi-platform U.S. web properties 2023

Most popular multi-platform web properties in the United States in December 2023, based on number of unique visitors (in millions)

Marketplace vs. direct sales

• Premium Statistic Amazon: first- and third-party online sales value 2018-2027
• Premium Statistic Amazon third-party seller share 2007-2023
• Premium Statistic Distribution of units sold on Amazon 2023, by fulfillment model and country
• Premium Statistic Amazon seller usage of other marketplaces 2022
• Premium Statistic Value of Fulfilled-by-Amazon (FBA) fees 2020-2023, by weight

Amazon: first- and third-party online sales value 2018-2027

Net e-commerce sales of Amazon from 2018 to 2027, by business model (in billion U.S. dollars)

Amazon third-party seller share 2007-2023

Share of paid units sold by third-party sellers on Amazon platform from 2nd quarter 2007 to 4th quarter 2023

Distribution of units sold on Amazon 2023, by fulfillment model and country

Distribution of units sold on Amazon in 2023, by fulfillment model and country

Amazon seller usage of other marketplaces 2022

Other marketplaces used by Amazon Marketplace sellers in 2021 and 2022

Value of Fulfilled-by-Amazon (FBA) fees 2020-2023, by weight

Value of Fulfilled-by-Amazon (FBA) fees from 2020 to 2023, by weight (in U.S. dollars)

Retail segments

• Premium Statistic Amazon: main categories based on sales share 2022-2027
• Premium Statistic Amazon: categories with the largest net sales CAGR 2022-2027
• Premium Statistic Amazon global net sales value 2021-2026, by category
• Premium Statistic Amazon's share of total online sales in the U.S. 2023-2024, by product category
• Premium Statistic Consumer electronics retail market share held by Amazon in the United States 2023
• Premium Statistic Home improvement sales retail market share by Amazon in the United States in 2023
• Premium Statistic Amazon physical store sales worldwide Q4 2019-Q4 2023

Amazon: main categories based on sales share 2022-2027

Sales distribution of selected product categories on Amazon in 2022 and 2027

Amazon: categories with the largest net sales CAGR 2022-2027

Amazon's fastest growing product categories from 2022 to 2027, by compound annual growth rate (CAGR)

Amazon global net sales value 2021-2026, by category

Net sales value of selected product categories on Amazon worldwide in 2021 and 2026 (in billion U.S. dollars)

Amazon's share of total online sales in the U.S. 2023-2024, by product category

Amazon's share of total retail e-commerce sales in the United States in 2023 and 2024, by product category

Consumer electronics retail market share held by Amazon in the United States 2023

Retail market share of consumer electronics sales held by Amazon in the United States from January 2023 to December 2023

Home improvement sales retail market share by Amazon in the United States in 2023

Retail market share of home improvement sales held by Amazon in the United States from January 2023 to December 2023

Amazon physical store sales worldwide Q4 2019-Q4 2023

Physical store sales value of Amazon in the United States (U.S.) and worldwide from fourth quarter 2019 to fourth quarter 2023 (in million U.S. dollars)

Online traffic

• Premium Statistic Share of amazon.com traffic worldwide 2024, by country
• Basic Statistic Total global visitor traffic to Amazon.com 2023
• Premium Statistic Number of visits to amazon.com worldwide 2023, by source
• Premium Statistic Social media traffic referrers to amazon.com 2023
• Premium Statistic Monthly downloads of the Amazon Shopping app 2024

Share of amazon.com traffic worldwide 2024, by country

Share of amazon.com desktop traffic worldwide as of December 2023, by country

Total global visitor traffic to Amazon.com 2023

Worldwide visits to Amazon.com from July 2023 to December 2023 (in billions)

Number of visits to amazon.com worldwide 2023, by source

Number of visits to amazon.com worldwide from July 2023 to December 2023, by source (in million visits)

Social media traffic referrers to amazon.com 2023

Leading social media traffic referrers to amazon.com worldwide as of December 2023

Monthly downloads of the Amazon Shopping app 2024

Monthly downloads of the Amazon Shopping app worldwide from January 2015 to January 2024

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Michigan Journal of Economics

The History of Amazon and its Rise to Success

Written by Colby Hopkins 

Ranking fifth in the world in terms of market cap with a staggering $1.045 trillion (CompaniesMarketCap, 2023), Amazon has been able to cement itself as a global giant that has altered how we shop and live. Expanding beyond just delivering goods, it is also a media streaming service and manufactures other technologies such as “Alexa”. Amazon has quickly become one of the most recognizable company names throughout the world. It has achieved such success that it has become commonly used as a verb in everyday language, much like “Google.” However, like many other large corporations today such as Google and Facebook, Amazon started out as a small business building its way up to being a large corporation. Within this article, we’ll explore Amazon’s company history and its rags-to-riches story.  

The Beginning of Amazon

On July 5, 1994, Amazon was officially founded under the name “Cadabra” (as in abracadabra) by young Princeton graduate Jeff Bezos within a garage space in his rental home in Bellevue, Washington. However, after just a few months, Bezos switched the name to Amazon Inc because of Cadabra’s unappealing similarity to the word “cadaver” (A&E Television Networks, 2015). Roughly a year later, the Amazon website was officially published as an online bookseller delivering to all 50 US states and 45 countries from that same garage space.

Like many other companies in their first couple of years of production, Amazon saw losses. However, one of the most significant signs that the company was on the path to success came in the transition of quarter three (July 1 st – September 30 th ) to quarter four (October 1 st – December 31 st ) in 1996. Within that time span, Amazon’s revenues rose from $4.2 million to $8.5 million while seeing a $100,000 decrease in losses from each quarter (Wilhelm, 2019). Although they were still seeing roughly $2.2 million in total losses during this quarter, this was a positive sign as they were able to more than double their revenue while decreasing those losses.

After extending beyond books in 1998, the first time Amazon was able to cross into black numbers territory and make a profit was seen in the last quarter of 2001 after a busy Christmas shopping season (ABC News, n.d). From there, 2003 became Amazon’s first profitable year, as the company saw net profits grow from $3 million in the last quarter of 2002 to $73 million in the last quarter of 2003 (Hansell, 2004). This led to them earning $35 million for all of 2003, which was up from losing $149 million in the previous year. Overall, Amazon’s journey from a small online bookseller to one of the global giants today saw its ups and downs in the beginning, but their commitment to innovation led them to be one of the most successful companies in the world today.  

The Launch of Amazon Prime

         One of Amazon’s most recognizable and profitable services was first introduced in February 2005 known as “Amazon Prime”. Debuting as an unlimited two-day delivery subscription at $79 a year, Amazon Prime started with relatively limited consumer attraction due to the concept of online shopping being somewhat new and subscription prices still being too expensive to some. However, after a couple of years of expansion of the service and subtle changes such as the introduction of the Prime Video portion of the subscription, Amazon started to see substantial growth with their subscription service in the 2010s.

         According to data provided by Search Logistics, Amazon has seen an increase of roughly $29 billion in net sales from 2013 to 2021, with 2021 seeing a total of $31.77 billion in net sales of Amazon Prime. Additionally, “Amazon subscription value has more than doubled since 2017” (Search Logistics, 2022). This was in large part due to an increase of approximately 28 million subscribers from the years 2019-2021, as COVID-19 was at its worst. Based on the current trajectory of the previous years, Search Logistics also predicts that there will be an estimated total of 168.3 million subscribers by the year 2025.   

         Not only have the sales of the subscription helped increase profits, but the amount of purchases being made by those prime members has also helped contribute to Amazon’s success. Based on the speed of the operation and the convenience of free delivery, Amazon has been able to generate a lot more per year from Prime members’ purchases in comparison to non-prime members. Based on a 2021 survey, a Prime member’s average spending rate was $1,400 per year through Amazon, while non-members only spent roughly $600 yearly (Chang, 2021).  The implementation of Prime as a subscription service didn’t have the immediate impacts that Bezos and the rest of the Amazon employees desired; however, through more recent expansion tactics as well as the idea of online shopping becoming more of the norm, Amazon Prime has been a huge success and has played an essential role in the expansion of the company.

The Future of Amazon 

With all the success that Amazon has already achieved and their desire to continuously expand into different industries, the only question left is: What’s next for Amazon? Being most known for their delivery services, the most notable expansion Amazon is trying to accomplish is to facilitate their delivery process. While Amazon already offers a relatively short delivery time, depending on one’s location, they’re continuously trying to improve delivery time as technology advances over time. This includes their newest expansion of a trial delivery system with drones in Lockeford, California: Amazon Prime Air. Within this experimental program, air drones will be able to deliver to local communities within a small radius of the Amazon facility within just a couple of hours (Amazon Staff, 2022). In addition to this newly innovative project, Amazon has also looked into a fully electric and autonomous delivery system known as Amazon Scout (Patrao, 2022). Whether either of these programs will be the “next big thing” still remains unclear; however, it’s evident that Amazon will continue experimenting with different technologies in order to facilitate their delivery systems. 

In addition to expanding their delivery systems, Amazon is also pursuing expansion opportunities by forming partnerships and acquiring other companies. Although Amazon has developed different partnerships with several different renowned companies such as Kohl’s and Best Buy, a new partnership with Grubhub could lead to their domination of another delivery service: food and groceries. Although this new partnership still hasn’t provided definite growth for both companies just yet, with them being two of the largest companies in their own respective industries, the partnership between Amazon and Grubhub has the potential to alter the entire food and grocery delivery industry. While Amazon’s partnership with Grubhub was big news for the company, Amazon has also been actively expanding through acquisitions as well. For example, the famous media making company, MGM (Metro-Goldwyn-Mayer) studios was recently bought out by Amazon for $8.5 billion, which is known for the “Rocky” films, “Rain Man”, and more (Maas, 2022). With its recent acquisition of MGM, Amazon plans to produce TV and movie projects based on popular MGM franchises, including “Legally Blonde” and “Robocop” (PYMNTS, 2023). Although no one knows what lies ahead in the future, it’s clear that Amazon wants to continue to grow as a corporation through their experimentation in a more advanced delivery system and strategic business partnerships and acquisitions.

Works Cited

ABC News , ABC News Network, https://abcnews.go.com/Business/story?id=87393&page=1.

“Amazon Net Sales 1996-2022.” Marketplace Pulse ,  

https://www.marketplacepulse.com/stats/amazon-net-sales.

“Amazon Opens for Business.” History.com , A&E Television Networks, 4 Nov. 2015, 

https://www.history.com/this-day-in-history/amazon-opens-for-business.

“Amazon Prime Statistics: Subscribers, Usage & Revenue 2023.” SearchLogistics , 5 Apr. 2023,  https://www.searchlogistics.com/learn/statistics/amazon-prime-statistics/#:~:text=Amaz .

Chang, David. “The Average Amazon Prime Member Spends This Much per Year.” The Motley 

Fool , The Ascent by The Motley Fool, 12 July 2022, 

https://www.fool.com/the-ascent/personal-finance/articles/the-average-amazon-prime-member-spends-this-much-per-year/#:~:text=The%20average%20rate%20of%20spending,spend%20per%20month%20on%20Amazon.

“Companies Ranked by Market Cap.” CompaniesMarketCap.com – Companies Ranked by Market 

Capitalization , https://companiesmarketcap.com/.

Envision Horizons. “When Did Amazon Prime Start?” Envision Horizons , 27 June 2022, 

https://www.envisionhorizons.com/when-did-amazon-prime-start#:~:text=Amazon%20

Prime%20started%20off%20slow,features%20and%20benefits%20to%20Prime.

Hansell, Saul. “Amazon Reports First Full-Year Profit.” The New York Times , The New York Times, 

28 Jan. 2004,  https://www.nytimes.com/2004/01/28/business/technology-amazon-reports-first-full-year-profit.html#:~:text=The%20company%20earned%20%2435%20million,it%20began%20operations%20in%201995 .

Jason Patrao, Director. “Amazon Is Working with Communities to Build the Future of Scout.” US 

About Amazon , US About Amazon, 1 June 2022, 

https://www.aboutamazon.com/news/innovation-at-amazon/amazon-is-working-with-communities-to-build-the-future-of-scout.

Maas, Jennifer. “Amazon Closes $8.5 Billion Acquisition of MGM.” Variety , Variety, 19 Mar. 2022, 

https://variety.com/2022/tv/news/amazon-mgm-merger-close-1235207852/.

PYMNTS.com. “Amazon Eyes TV, Movie Projects for MGM Titles like ‘Legally Blonde’ and 

‘Robocop’.” Amazon Eyes TV, Movie Projects for MGM Titles | PYMNTS.com , 

PYMNTS.com, 16 Apr. 2023, https://www.pymnts.com/amazon/2023/amazon-looking-to-turn-mgm-properties-into-movies-and-tv-series/.

Staff, Amazon. “Amazon Prime Air Prepares for Drone Deliveries.” US About Amazon , US About 

Amazon, 13 June 2022, https://www.aboutamazon.com/news/transportation/amazon-prime-air-prepares-for-drone-deliveries .

Wiediger, Christian. “Photo by Christian Wiediger on Unsplash.” Beautiful Free Images & 

Pictures , 11 Apr. 2018, https://unsplash.com/photos/rymh7EZPqRs. 

Wilhelm, Alex. “Why Amazon’s History of IPO-Era Losses Means Little for Today’s Unprofitable 

Unicorns.” Crunchbase News , 14 May 2019, 

https://news.crunchbase.com/public/why-amazons-history-of-ipo-era-losses-means-little-for-todays-unprofitable-unicorns/.

Amazon.com Inc. Company Report

• Published: March 2022
• 17639 Words

• DESCRIPTION
• TABLE OF CONTENTS
• COMPANIES MENTIONED

Amazon.com Inc. was founded in 1994 in Washington and Amazon.com as a website became first active in July 1995 to become the largest online retailer in the world to offer Earth’s Biggest Selection in less than two decades. The e-commerce and cloud computing company generated revenues of USD 386 billion and earned a net income of USD 21.3 billion in 2020 alone (Annual Report, 2020)

The e-commerce giant employs approximately 1,3 million full-time and part-time employees referred to as Amazonians (Annual Report, 2020). Amazon has declared its adherence to four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence and long-term thinking. These principles represent sources of Amazon’s competitive advantage.

Amazon business strategy is a hybrid of cost leadership and business diversification. The online retailer also benefits from encouraging communication between various elements within its ecosystem and promotion of its leadership principles consisting of 16 points discussed in this report. The founder and former CEO Jeff Bezos prefers to base business strategy on things that do not change. Specifically, consumers will always want low prices, variety and speedy delivery of their orders. Amazon focuses on these facts via effective integration of information technology into various business processes.

Combination of pragmatist, visionary and autocratic leadership styles are exercised at various levels at Amazon. The company has a hierarchical organizational structure. Nevertheless, it remains highly flexible to adapt to frequent changes in the external marketplace. Amazon organizational culture, on the other hand, is based on the principles of high level of cost-consciousness, constant reinvention and improvement of organizational culture and customer obsession.

Major weaknesses associated with Amazon include seasonality of the business, low profit margins and lack of focus on specific product or service categories. Moreover, a weak competitive position of Amazon’s Fire Phone and damage to the brand image due to tax avoidance scandal in the UK can be listed as weaknesses of Amazon. Furthermore, harsh working conditions for warehouse employees is a noteworthy weakness for the tech giant.

Amazon.com Inc. Report contains the application of the major analytical strategic frameworks in business studies such as SWOT, PESTEL, Porter’s Five Forces, Value Chain analysis, Ansoff Matrix and McKinsey 7S Model on Amazon. Moreover, the report contains analyses of Amazon business strategy, leadership and organizational structure and ecosystem. The report also analysis marketing strategy, ecosystem and discusses the issues of corporate social responsibility.

1. Executive Summary 2. Business Strategy 3. Leadership 4. Organisational Structure 5. Organizational Culture 6. Amazon and Ansoff Matrix 7. SWOT Analysis 7.1 Strengths 7.2 Weaknesses 7.3 Opportunities 7.4 Threats 8. PESTEL Analysis 8.1 Political Factors 8.2 Economic Factors 8.3 Social Factors 8.4 Technological Factors 8.5 Environmental Factors 8.6 Legal Factors 9. Marketing Strategy 9.1 7Ps of Marketing 9.2 Segmentation, Targeting & Positioning 9.3 Marketing Communication Mix 9.3.1 Print and Media Advertising 9.3.2 Sales Promotions 9.3.3 Events & Experiences 9.3.4 Public Relations 9.3.5 Direct Marketing 9.3.6 Personal Selling 10. Porter’s Five Forces Analysis 10.1 Threat of new entrants 10.2 Bargaining power of buyers 10.3 Bargaining power of suppliers 10.4 Threat of substitute products or services 10.5 Rivalry among existing firms 11. Amazon Value-Chain Analysis 11.1 Primary Activities 11.1.1 Inbound logistics 11.1.2 Operations 11.1.3 Outbound logistics 11.1.4 Marketing and Sales 11.1.5 Service 11.2 Support Activities 11.2.1 Infrastructure. 11.2.2 Human Resource Management 11.2.3 Technology Development 11.2.4 Procurement 12. McKinsey 7S Model 12.1 Hard Elements 12.2 Soft Elements 13. Amazon Ecosystem 14. Corporate Social Responsibility 14.1 CSR Programs and Initiatives 14.2 Recommendations

List of Figures

Figure 1 Amazon Organizational Structure Figure 2 Amazon Ansoff Matrix Figure 3 Changes in annual lobbying budget in Amazon Figure 4 Porter’s Five Forces Figure 5 Retail e-commerce sales worldwide Figure 6 Value chain analysis Figure 7 McKinsey 7S model Figure 8 Amazon Ecosystem Figure 9 The ecosystem of Amazon Kindle Figure 10 Changes in Amazon carbon emissions and carbon intensity

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How to Do Market Research on Amazon: Seller Case Study

  We talked to experienced seller Travis Fleming who’s been on Amazon since 2014. Travis lives in Canada and currently makes a living copywriting. Travis always had an entrepreneurial spirit. Ever since college graduation he'd tried different business opportunities. Some worked while others didn’t, but he'd learned something from every venture he started. Travis was working as a Marketing Specialist in the tourism industry, but he was still looking to start his own business.

In 2014, Travis discovered selling on Amazon as a viable option for people to make some extra money and possibly start a business of their own. Over the years, Travis has learned how to sell and grown a great deal as an Amazon seller and eventually became very successful. Some of the most important lessons he has learned have come from the failure of his first product.

Amazon FBA was a very new concept in 2014, and from the start, it was obvious that it was a revolutionary concept. The fact that you could sell your items online without having to store and ship them yourself was very attractive and not a lot of people were aware of it yet. Also, other eCommerce business models, like dropshipping, weren’t nearly as common or as prominent as they are now. Even in the early stages of this revolutionary concept, Travis discovered in time the necessity of Amazon market research.

Product research

In 2014, there were no sophisticated product research tools around, so you had to get by with what you could deduce yourself by browsing Amazon. This primitive form of amazon market research was quite a challenge for beginners back then. Travis checked the bestseller pages, and he got some product ideas based on basic criteria that he had in mind.

However, since there was no way to access accurate data about what was going on in the market, in terms of average monthly sales, fees, and trends, problems were to be expected. While you can never be in a position where you can be absolutely certain that any product will bring you success, the more you know, the less of a risk you are taking.

Finding the “right product”

After extensive amazon market research of browsing, Travis eventually settled on tie clips as his first product to sell on Amazon. This seemed like a good idea for a beginner wanting to get started in eCommerce.Tie clips are small and light, and you can design them so that your product stands out. This was not a bad route to take, and the criteria that Travis used were valid ones. However, his list of criteria to apply to the decision was incomplete.

The main stumbling block for Travis was profit margin. Travis was excited about the tie clips since they were really cheap to manufacture at only about $5 per unit. Since they were so small and light, the shipping costs were decent too. He was previously considering selling an inflatable punching bag but gave up due to high shipping costs. This is why tie clips seemed so attractive in comparison.

Travis was hoping to sell the tie clips for $12 - $15 per unit, which would provide him with a decent profit margin (or a margin that he found acceptable). It turns out that he was wrong with these calculations.  

Finding a supplier

Once Travis had decided on selling tie clips, he went to Alibaba and started contacting suppliers. This is another unskippable step for any eCommerce seller, and as far as this part of the process is concerned, he did everything right. He asked for price quotes and various quantities. Travis ended up narrowing down his list to three possible suppliers.

He proceeded to order samples from all three. After receiving the samples, Travis selected the supplier that he wanted to work with. This is the part of the process that he got right. Sellers often make the mistake of only ordering samples from one supplier. This means that they have already basically made their supplier choice before they even receive the product samples. The fact that Travis had the foresight to get samples from several suppliers ensured that he ended up with a product that met his quality and design criteria.

Travis ended up being very satisfied with both the product and the supplier he was working with. Unfortunately, that wasn’t enough to ensure his success.

Product promotion

To launch his tie clips, Travis decided to give away a number of them for free in exchange for reviews. This worked in the sense that the reviews started coming in, but it didn’t improve his ranking. Keep in mind that this was 2014 and that exchanging products for positive reviews is strictly forbidden now. Amazon removed all unverified reviews from the platform several years ago and now strictly enforces its rules to ensure that every review received is legitimate.

Giveaways are not effective. The seller loses stock to “get the ball rolling”, but there are better ways to make that happen. Travis should have done proper keyword research and committed to using PPC to rise in the rankings.

Even if there were no proper keyword research tools available in 2014, a seller could start with AUTO campaigns, then extract precise keywords and phrases from the report and proceed to target them aggressively. Amazon treats PPC sales just like organic sales, and if you constantly get sales on a keyword, you will start to show up higher and higher organically. If you have a strong product listing and you construct a decent PPC structure, you will be able to make sales even with 0 reviews. This is assuming that you are selling a product that people want to buy.

The difficulties

The tie clips became a failed product for Travis because of the margins. He was not able to sell them in the $12 to $15 range. After trying to sell them at that original price, Travis had to reduce his price and sell them at a break-even level just to cut his losses. He ended up not losing too much money, but he did lose time.

However, through this process, he learned a lot that helped him find success with his future products. Overall, it was a valuable experience. After the experience Travis was wiser and was able to make better decisions in the future, so here are a few tips from a seller that had a failed product so you don’t have to make the same mistake.  

The takeaways

1.   use market intelligence software.

Unfortunately, access to advanced software like the AMZScout Pro Extension wasn’t an option for Travis in 2014. Today, you can leverage every piece of available information. Now, you can view data such as sales volume, sales and BSR history, margins, listing quality, and other invaluable points of data. This information can help you to determine the advantages and shortcomings of selling any product. You will most likely never find any product that is a perfect home run. This is why you should understand the sort of challenges that you face by attempting to sell any product before committing to it as a seller.

When determining the best go-to-market strategy for a new product or product idea, having simplistic advanced software to determine the best messaging that will spark your target market on Amazon is essential. Travis lost money in the long run, due to not conducting adequate market research. Market intelligence software is used by competitors across all industries, not utilizing them will decrease your chances of beating the competition.

2.   Sales Price and margins

The tie clips were not cost-efficient enough at a low selling price, resulting in no profits. It is hard to earn a decent profit on a low-cost item, which is why it’s smarter to find potential products that can sell for at least $25. Margins are another really important factor. A seller needs to calculate the cost of manufacturing, shipping, and the 3 Amazon FBA fees: Referral, Storage, and Fulfillment. There are free calculator tools for this purpose, and most Amazon market research tools will give you this breakdown as well.

3.   Use proper keyword research and PPC

What Travis did in 2014 was not wrong, since, in the early days of FBA, giveaways were a common tactic. There were circumstances where the cost of offering giveaways was justified. These days, this is no longer an option. Now that Amazon has become so strict about the way that any product listing gets reviews, it’s more and more common to see products with a very small number of reviews getting good sales.

Previously, it was almost a given that you would have to spend some money or find a way to get at least those first 5 to 20 reviews. Now, it’s a more even playing field. With a proper PPC setup and understanding of how it works, you can do well. Use keyword research software, identify the most related keywords, and build your PPC structure around them. If you have a good product, it is bound to start growing in sales.

4.   Prioritize Customer Feedback

Every business across all industries understands they need to increase positive reviews and manage poor reviews for the business, but reputation management on Amazon is different. Its very strict platform enables no gray area or spammy reviews added on its site. How can one increase positive reviews naturally without being penalized?

All eligible business prime memberships of Amazon can decrease negative feedback and increase positive reviews free of charge with the Amazon/Qualtrics integration . The following results will unfold from this feature:

• Access to enhanced channels; email, web, mobile, apps so you can follow up and collect positive feedback from your please customers.
• Automated reporting and dashboards to pinpoint what the customers love and hate about your products
• Translate data into results through segmentation, viewing trends, and organized performance metrics.
• Close feedback loops by connecting to other software and CRM platforms that help sell your Amazon products such as Slack, Zendesk, Stripe, Salesforce, HubSpot, and many more

Imagine how Travis could have changed his negative outcome into a positive. He could not reach his margins because his target audience was not willing to pay at the price value you needed. If he could have received proper customer feedback, he would have known what advances/features needed to be included to sell his clips at the price he wanted. His clips could have been bestsellers because he offered his target audience what they wanted that competitors were unaware of due to his advanced market research.

The Bottom Line to Amazon Market Research

In conclusion, learning how to conduct general Amazon market research is the key to finding the right product. You should not rush the process. Especially as a beginner you should think carefully about what your criteria are and make sure that you get all of the information you can access about any niche that you are considering selling in.

Also, make sure that you set a decent selling price and that people are willing to pay that price for your product. Calculate your margins carefully by deducting all of the associated costs from the selling price. You have every tool available to you in 2021 to avoid making critical errors. With today's tools, you can ensure that your Amazon business succeeds.

Discover how to rethink and reinvent your market research

Milos Culafic // Amazon Advertising PPC/SEO expert

Milos is an Amazon Advertising PPC / SEO expert and freelance copywriter. He shares his own experience through guides, for new and advanced marketers and Amazon sellers.

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Amazon Company Analysis Research Paper

Amazon.com is a transnational electronic commerce organization founded in 1994 by an American named Jeff Bezos. The company is the largest online retailer in America dealing with a wide range of consumer products such as books and other products (“Your Amazon.com,” 2010). Since the time it was established, Amazon.com has acquired five different businesses.

The company started by selling books and now deals with a range of other consumer products. These vary from a database technology to videos. It has also expanded to the European market where it has established separate websites. The success of this company can be attributed to its low competitive prices and the simplicity of making purchases from anywhere.

SWOT analysis is the internal review of an organization’s strengths, weaknesses, opportunities, and external environment threats, which influence its strategic decisions. Kotler (1988) has noted that a company should keep evaluating its strengths, weaknesses, risks, and opportunities if it has to survive in a competitive marketing environment.

Amazon Company is one of the profitable businesses dealing with online products (Longo, 2009). The company has adopted major initiatives towards meeting the varied needs of its consumers that gave yield to the increased profits.

The first issue facing the online store is that despite its increased profits, it usually experience periodic loses. These huge losses are due to a large amount of capital used in its establishment, poor implementation of some strategies, promotions of its products, and seasonality of its purchases.

In 2005, for example, the turnover for one hundred days to June dropped by thirty-two percent to $52m compared to $76m during the same period one year later. Therefore, the company should continue implementing strategies such as the practice of CRM as a technique for fulfilling its objectives (Byers, 2007, p.69).

It should also maintain the use of IT in assisting its business strategy as this will ensure that it cautiously documents all the relevant information related to customer buying behavior. This strategy is beneficial in providing people with particular items, or package of assorted items, based on preferences shown, through a collection of things bought or online products visited.

The strategy of providing free shipping to its consumers would undoubtedly decrease its returns. Although, it is a fair strategy since a person may consider purchasing similar products from a local shop at no added costs. Nevertheless, it is rumored that delivery costs could reach $500m, and such an amount is detrimental to the longevity of the online retailer.

Therefore, the management should reconsider this expensive strategy since transportation costs are increasing due to the high fuel price increments. Moreover, the periodic losses are also due to the seasonality of its purchases. The items that the company sells tend to be purchased on a seasonal basis; hence, this makes its revenues to fluctuate.

These items are most of the time purchased as gifts during holiday seasons. This makes most products to be sold at certain times of the year. To manage this issue efficiently, the management should consider trading in overseas markets in different cultures and such a situation will not be persistent. The growth of sales during the off-season can also be facilitated by introducing a membership facility to offer clients benefits during such times.

Secondly, Amazon is at the risk of deteriorating its established brand. Amazon is a significant global brand recognized for many reasons. The brand was one of the initial versions of dotcoms (Ehrlich, 1999). During the previous decade, it reached an estimated number of thirty million clients. Amazon took an early advantage of online technologies for establishing e-commerce.

This enabled it to be one of the earliest online retailers. However, as the company continues to add more products on its website, it risks deteriorating its brand. Microsoft, for example, is well known for computer software products. Imagine if Microsoft decided to diversify and start selling books. This will confuse its customers and put its brand at risk. Similarly, many of the new products, for instance, automotive products, might bewilder Amazon’s consumers.

Also, to avoid deteriorating its brand, Amazon can capitalize on several opportunities that can enable its continued growth within the marketplace. The company can build specialist connections with publishers to provide exclusive editions on its website as well as launch proprietary rights with authors. This would give a point of difference within the retail market and create aroused expansion through followers of particular artists. The company has the opportunity of adding more investment in fulfillment.

This would boost the level of actual client service and meet the needs and requirements of the purchasers since it depends on customer expectations to provide repeat purchases and prolonged existence. The company can sell its skills to various store groups. For instance, the British retailer Marks and Spencer, Target, and Toys-R-Us all agreed to corporate with the firm in online retailing.

The company can also exploit other opportunities that come from the entrance into new markets such as its new Luxembourg-based division seeks to provide retailers in Europe with tailored services. In 2004, the firm entered into China and bought the country’s largest internet store, Joyo.com. Joyo.com is dealing with similar items as Amazon. Exploiting foreign markets can expand their customer base.

For example, the move into the Chinese market by buying Joyo.com is commendable as this would increase its returns in the long run. However, the management should take drastic measures to ensure that Amazon does not lose its market leadership amidst these mergers. This is because the collaborations that it has formed with other firms may make weaken its brand in the market.

Finally, in this era of technological advancement, Amazon is faced with several threats to its existence. Every online business that has achieved its goals attracts rivalry from other players in the market. Since the firm deals with related items as high street retailers and other internet shops, differentiating the brand from its opponents can prove to be a significant problem. Therefore, with no particular differential to the increasing competition, potential consumers can shift their loyalties to other brands.

However, Amazon has its established brand and a variety of items to sell. Or else, price competition might harm the online retailer. As the company grows, the management should implement strategies for dealing with increased competition, especially from international opponents. This is because when the home-based competitors have failed to outdo it in the home ground; they may make their way and compete with it overseas.

In conclusion, Amazon.com plan of maintaining the competitive edge in the market is to employ every resource it has to make profits. To achieve this, it has spent fifteen years and about $2 billion developing its internet store, which is one of the largest and most consistent worldwide.

To maintain its market leadership, the company should implement counter-measures for dealing with the rise in property rentals, piracy, and unauthorized downloading of internet materials.

Reference List

Byers, A. (2007). Jeff Bezos: the founder of Amazon.com. New York: Rosen Publishing Group.

Ehrlich, C. (1999). Retail Success Factors. Web.

Kotler, P. (1988). Marketing Management (6th Edition ed.). Englewood Cliffs, N.J: Prentice Hall.

Longo, D. (2009). Pillars of Amazon’s Success. Nielson Business Media. Web.

“Your Amazon.com.” (2010). Shop all departments. Amazon.com. Web.

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IvyPanda. (2023, November 20). Amazon Company Analysis. https://ivypanda.com/essays/company-analysis-of-amazon-com/

"Amazon Company Analysis." IvyPanda , 20 Nov. 2023, ivypanda.com/essays/company-analysis-of-amazon-com/.

IvyPanda . (2023) 'Amazon Company Analysis'. 20 November.

IvyPanda . 2023. "Amazon Company Analysis." November 20, 2023. https://ivypanda.com/essays/company-analysis-of-amazon-com/.

1. IvyPanda . "Amazon Company Analysis." November 20, 2023. https://ivypanda.com/essays/company-analysis-of-amazon-com/.

Bibliography

IvyPanda . "Amazon Company Analysis." November 20, 2023. https://ivypanda.com/essays/company-analysis-of-amazon-com/.

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Amazon Bedrock adds Anthropic’s Claude 3 family and Mistral Large

ANALYSIS by Zeus Kerravala

Amazon Web Services Inc.  recently announced that Anthropic PBC , an artificial intelligence safety and research company, will make its Claude 3 family of models available on Amazon Bedrock . Claude 3 Sonnet and Claude 3 Haiku are already available on Bedrock, and today Claude 3 Opus is generally available to AWS customers.

AWS says this should help customers test, build and deploy generative AI apps. With responsible AI built in, Amazon Bedrock provides a range of fully managed large language models and foundation models, as well as ease-of-use capabilities, and it is the easiest way to build and scale gen AI applications.

This news comes shortly after Mistral Large, the latest and most advanced large language model from Mistral AI, a leading AI startup out of France, became available. Mistral Large joins the already available Mistral 7B and Mixtral 8x7B models. Customers can use Mistral AI’s models to summarize, answer questions, and help organize information with their deep understanding of text structure and architecture. The work with Mistral AI and Anthropic solidifies AWS’ commitment to delivering AI solutions to its customers across various industries.

Before Opus’ general availability announcement, I talked Bedrock with Vasi Philomin, AWS’ vice president of generative AI. He told me that access to multiple types of models is a clear need.

Using different models

“When you’re building a generative AI application, you’re going to need access to different models,” he told me. “There’s no way that one model will be sufficient. We’ve heard this loud and clear from our customers.” He said AWS’ position from the start was to get the best models out there and make them available on Bedrock serverless so that customers can experiment and iterate.

This new offering from Anthropic adds to Amazon Bedrock’s already extensive array of gen AI models — including existing models from Anthropic, plus AI21 Labs, Cohere, Meta Platforms, Mistral AI, Stability AI and Amazon.

Anthropic recently reported that Claude 3 Opus outperforms other available models, including OpenAI’s GPT-4, in reasoning, math and coding. Claude 3 Sonnet, according to Anthropic, is twice as fast as earlier Claude models, but it doesn’t sacrifice intelligence in the process. And Claude 3 Haiku, designed to provide near-instant responses, is the most affordable of the three.

The idea of not being locked into a specific model such as OpenAI’s GPT-4 provides users with various options. But finding the right model that will do what you need can be challenging. Philomin claims AWS has that figured out.

Evaluating what you need

“At re:Invent last year, we announced the preview of the model evaluation capability on Bedrock itself,” he said. “And here’s what it allows customers to do: You go into Bedrock and pick many models you want to evaluate. Then, for your application, you need a set of prompts that determine the kind of application that you’re working on. Then you can do a comparison between these models with your prompts.”

He said there are two approaches to the model evaluation capability within Bedrock.

“The first one is the automated approach, where we have a bunch of prepopulated metrics so customers can just use the metrics we’ve defined,” he said. “We also have some additional and public datasets if they want to use them. But, ideally, they should have their datasets — the prompts I talked about.”

Customers then use the automated evaluation capability to determine which model is better.

Using humans to figure out the best fit

“I always believe that automated evaluations give you a sense of direction,” he said. “But ultimately, you want to have a human evaluation to determine which one’s better-suited. So, as part of the model evaluation capability on Bedrock, we also offer the opportunity for you to bring in your human workforce.”

This might involve company employees reviewing and rating the model outputs for the prompts relevant to a specific application. He says they built those workflows in Bedrock for that purpose. The company has other evaluation capabilities, but Philomin thinks most will rely on the model evaluation capability.

A few key takeaways

While Microsoft has gone down the “one model to rule them all path,” which is very Redmond, AWS has chosen to build its AI strategy on openness and choice. This is a longer, more challenging road as it emphasizes the ability to evaluate, test and choose the suitable models but potentially has a better long-term payoff. Today, the company has a broad array of models available for evaluation and testing, and adding the latest batch from Anthropic enhances its lead.

If you look to customer lists to see which solution is best for you, there’s no beating the names that AWS touts that are building gen AI apps with Claude tech, including ADP, Amdocs, Bridgewater Associates, Dana-Farber Cancer Institute, Delta Air Lines, GoDaddy, Intuit, LexisNexis Legal & Professional, Pfizer, PGA TOUR and Siemens.

Models such as GPT-4 are intriguing and very capable. However, for business applications, that might require a mix of datasets. Google LLC recently announced it has Opus in preview, but Amazon Bedrock is the only service to offer all three Claude 3 models – Sonnet, Haiku and Opus – as generally available to customers, putting it in the gen AI pole position, at least for now.

Zeus Kerravala is a principal analyst at ZK Research, a division of Kerravala Consulting. He wrote this article for SiliconANGLE.

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2 reasons the smartest investors are watching this stock, dubbed the "Amazon of Korea"

There are good reasons for growth investors to have coupang on their radar..

Investors in Coupang (NYSE: CPNG) , South Korea's biggest e-commerce company, have had a challenging time over the last few years. The company went public on March 11, 2021, at $35 per share and closed at an all-time high of about $50 later that month. But in the subsequent months and years, it slowly gave up all those gains and more.

Still, despite the uninspiring stock performance, some of the most intelligent investors in the market are keeping a close eye on this company, and for good reasons.

Coupang just reported its first profitable year

The last few years have been a roller-coaster ride for Coupang. It all started when the pandemic hit in 2020, sending its already high growth rate to the stratosphere. Revenue jumped by 90% in 2020, and by 54% in 2021.

As its revenue rose, losses expanded sharply, too. Its net loss more than doubled from $697 million in 2019 to $1.5 billion in 2021. However, that was acceptable for investors, because they could see Coupang was investing heavily to acquire new users and improve its logistics infrastructure. They also expected its hyper-growth trajectory to be the new normal.

But the company's growth arc quickly shifted in 2022 as consumers largely resumed their brick-and-mortar shopping habits. That year, its revenue grew by just 12%. Investors were shocked and, understandably, sold off the stock.

Beyond that growth slowdown, there were other issues that Coupang had to deal with at this point. One of those was the rapid decline in the availability of easy money due to rising interest rates. This impacted all high-growth but loss-making tech companies such as Coupang. For example, Sea Limited -- the leading e-commerce company in South East Asia -- pivoted from a growth-at-all-costs strategy to one that emphasized survival and self-sufficiency. Coupang had to do the same.

Besides, investors also shifted their focus, moving away from loss-making businesses with potential and toward profitable and well-established companies. So Coupang had no choice but to change course to prove that its business model was sustainable (and could be profitable).

Fortunately, Coupang's move -- while resulting in slower revenue growth -- produced one huge positive: a massive decline in losses, which fell from $1.5 billion in 2021 to $92 million in 2022. The e-commerce business performed even better in 2023, growing revenue by 18% and reporting a $1.4 billion net profit.

Positioned to grow profits from here

Coupang reached a massive milestone in 2023 by proving its business model could be profitable at scale. Better still, there are good reasons to expect the company to keep growing its profitability for the foreseeable future.

The main driver of profitability growth will be revenue growth. While Coupang is already the largest e-commerce platform in South Korea, with a 25% market share, its share of the country's overall commerce market is less than 5%. Thus, it could rely on attracting new users and growing its existing users' wallet share to expand its market share over time. For instance, the tech company has leveraged its infrastructure and consumer base to launch new services like online groceries, food delivery, streaming, etc.

Even if it has exhausted its domestic opportunity, Coupang can still grow its overseas business thanks to its investment in the Taiwan market. While these efforts are still in their early days, this investment has demonstrated encouraging user and revenue expansion results.

Another vital aspect of Coupang's ongoing profit growth is to improve efficiency and operating leverage. Via its ongoing investment in the latest technology and infrastructure, the e-commerce company can ensure ongoing improvements in productivity across its supply chain.

Besides, as the company's scale grows, its unit fixed costs will fall as it handles more volume with a similar asset base. These operational improvements will result in higher margins and, ultimately, profitability. For perspective, Coupang's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margins have gradually improved over the years, going from negative 4.1% in 2021 to 4.4% in 2023. It has a long-term target margin of more than 10%.

What it means for investors?

Early investors in Coupang have suffered as the stock languished below its IPO price. Still, the "Amazon of Korea" has proven its viability and is well-positioned to grow its profits over time.

While it's not for everyone, investors with the proper risk appetite could consider adding this growth stock to their watch lists.

Lawrence Nga has positions in Sea Limited. The Motley Fool has positions in and recommends Coupang and Sea Limited. The Motley Fool has a disclosure policy .

The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.

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Google fires 28 workers for protesting $1.2 billion Israel contract

Google has fired more than two dozen employees for protesting its $1.2 billion contract to provide the Israeli government and military with cloud and artificial intelligence services.

Twenty-eight people were fired after nine employees were arrested Tuesday night following a sit-in at the company’s offices in Seattle, New York and Sunnyvale, California — including one at Google Cloud CEO Thomas Kurian’s office, according to the group that organized the demonstration, No Tech for Apartheid.

Protesters sat in his office for more than nine hours, wearing shirts and raising banners that read “No more genocide for profit,” until they were eventually arrested.

It is the latest high-profile clash in the U .S. stoked by tensions over the Israel-Hamas war .

“These protests were part of a longstanding campaign by a group of organizations and people who largely don’t work at Google," a Google spokesperson said in a statement Wednesday.

"A small number of employee protesters entered and disrupted a few of our locations. Physically impeding other employees’ work and preventing them from accessing our facilities is a clear violation of our policies, and completely unacceptable behavior. After refusing multiple requests to leave the premises, law enforcement was engaged to remove them to ensure office safety," the statement said.

"We have so far concluded individual investigations that resulted in the termination of employment for 28 employees, and will continue to investigate and take action as needed," it added.

The protests were led by No Tech for Apartheid, a group of tech workers who have been demanding Amazon and Google drop their Project Nimbus, which is a joint $1.2 billion contract providing the Israeli government and military with cloud infrastructure, artificial intelligence services and data centers.

No Tech for Apartheid said that the workers had engaged in a “peaceful sit-in and refusing to leave did not damage property or threaten other workers” and that Google had fired them “indiscriminately.”

“This excuse to avoid confronting us and our concerns directly, and attempt to justify its illegal, retaliatory firings, is a lie,” it said in a statement late Wednesday, accusing the company of valuing its contract with the Israeli government more than its employees.

Google issued a stern warning to its employees, with the company’s vice president of global security, Chris Rackow, saying, “If you’re one of the few who are tempted to think we’re going to overlook conduct that violates our policies, think again,” according to an internal memo obtained by CNBC.

The company also said its work "is not directed at highly sensitive, classified, or military workloads relevant to weapons or intelligence services.”

“Google Cloud supports numerous governments around the world in countries where we operate, including the Israeli government, with our generally available cloud computing services,” a Google spokesperson told CNBC on Wednesday evening.

The Israeli prime minister's office and the Israel Defense Forces did not immediately respond to requests for comment from NBC News.

The workers were also protesting labor conditions at the company — saying the contract was affecting “health and safety on the job” — and what they said was Google’s disregard “for the well-being of our Palestinian, Arab, and Muslim colleagues  facing  Google-enabled racism, discrimination, harassment, and censorship.”

The project has become a “major health & safety workplace conditions issue,” with many employees quitting after having cited “mental health consequences of working at a company that is using their labor to enable a genocide,” the group said in a statement posted Wednesday on Medium .

“On a personal level, I am opposed to Google taking any military contracts — no matter which government they’re with or what exactly the contract is about,” Cheyne Anderson, a Google Cloud software engineer based in Washington, told CNBC on Wednesday.

Anderson was one of the nine workers arrested across the country Tuesday, with some of the arrests streamed live on Twitch.

Four people were arrested for “trespassing” inside Google’s New York office, a New York police spokesperson told NBC News on Wednesday. Almost 50 protesters had taken part in the demonstration, the spokesperson said.

Mithil Aggarwal is a Hong Kong-based reporter/producer for NBC News.

Money latest: Five big lenders hike mortgage rates amid interest rate uncertainty

A council that oversees many popular tourist towns on the Kent coast has said it is considering implementing a tourism tax to maximise income from visitors. Read this plus all the latest consumer and personal finance news below - and listen to the Ian King Business podcast as you scroll.

Monday 22 April 2024 19:52, UK

• Five big lenders hike mortgage rates amid interest rate uncertainty
• Popular seaside towns considering tourist tax
• 'That's why we go to Iceland': Supermarket scraps famous slogan to be more inclusive
• Train drivers at 16 companies to stage fresh strikes

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TikTok Shop has partnered with five second-hand luxury resellers to launch a pre-loved category on the app.

Designer products are now available to buy from five UK brands - Hardly Ever Worn It, Sign of the Times, Luxe Collective, Sellier Knightsbridge and Break Archive.

The social media app said the new category will support suers in being able to learn more about luxury fashion, find style inspiration and purchase pieces.

All of the brand's involved posted about the launch, with the Luxe Collective - which recently gained investment after appearing on the BBC's Dragon's Den - said it had been "waiting years to do this".

@luxecollective Come & Join me this Friday at 3pm to chat and shop Pre Loved Luxury on TikTok! 📲 ♬ Pieces (Solo Piano Version) - Danilo Stankovic

Jan Wilk, head of UK operations at TikTok Shop, said: "This announcement is an exciting first step in the world of preowned fashion for TikTok Shop.

"TikTok Shop is already a leader when it comes to discovery-based commerce and with a vibrant fashion community thriving on TikTok, this provides a unique opportunity for retailers to reach new audiences and customers with an inspiring and accessible way to embrace luxury fashion."

The launch of the category comes after the app launched a refurbished technology category, allowing users to buy second-hand mobile phones and tablets through the app.

Comments by the prime minister describing an alleged "sick note culture" in the UK have been heavily criticised by senior mental health professionals.

Dr Sarah Hughes, CEO of Mind, said Rishi Sunak's suggestions were "contrary to the reality for people up and down the country".

The PM said he wanted his government to be "more ambitious about helping people back to work and more honest about the risk of over-medicalising the everyday challenges and worries of life".

He has proposed a series of measures, including removing benefits after 12 months for those deemed fit for work but who do not comply with conditions set by their work coach, such as accepting a job offer.

The PM said 850,000 people had been signed off since the COVID pandemic - with half related to depression.

He also claimed the total being spent on benefits for people of working age with a disability or health condition had increased by almost two-thirds since the pandemic to £69bn - more than the entire budget for schools or policing.

"I will never dismiss or downplay the illnesses people have," the prime minister said. 

"But just as it would be wrong to dismiss this growing trend, so it would be wrong to merely sit back and accept it because it's too hard, too controversial, or for fear of causing offence."

But Dr Hughes said: "We are deeply disappointed that the prime minister's speech continues a trend in recent rhetoric which conjures up the image of a 'mental health culture' that has 'gone too far'. 

"This is harmful, inaccurate and contrary to the reality for people up and down the country.

"The truth is that mental health services are at breaking point following years of under investment with many people getting increasingly unwell while they wait to receive support. 

"To imply that it is easy both to be signed-off work and then to access benefits is deeply damaging.

"It is insulting to the 1.9 million people on a waiting list to get mental health support, and to the GPs whose expert judgement is being called into question."

Disability charity Scope said the measures were a "full-on assault on disabled people" and were "dangerous and risk leaving disabled people destitute".

By James Sillars , business reporter

The FTSE 100 has ended a long wait to achieve a new record high.

The index, which comprises the 100 most valuable companies on the London Stock Exchange, closed Monday's session on 8,023 points after a jump of 128 points or 1.6%.

That was the highest closing sum since February last year when the 8,000 barrier was breached for the first time in its history.

The previous record stood at 8,012.

The performance today was driven by a strong showing for companies across the board, particularly financial and consumer-linked stocks such as those for retailers.

The index has been gaining ground in recent weeks on growing hopes for a cut in UK interest rates as inflation eases - with strong evidence that the economy has turned a corner after the recession during the second half of last year.

Analysts credited the push for a new high on two main factors; confidence that a major escalation in the Middle East conflict will be avoided and a weakening in the value of the pound against the US dollar.

Sterling is trading at five-month lows against the greenback at just $1.23 and was half a cent down on the day.

This is a consequence of dollar strength as opposed to pound weakness as expectations are growing across the Atlantic that the Federal Reserve's expected interest rate cuts are further down the track than had been predicted.

Higher interest rates tend to be supportive of a currency which, in this case, is the world's reserve currency.

A weaker pound helps FTSE 100 constituent companies which make money in the United States.

That is because it boosts their bottom line when those dollar earnings are booked back in the UK and converted back to pounds.

Read the rest of our report here .

The typical price of a property coming on the market across Britain increased by £4,207 month-on-month in April, according to Rightmove. 

The property website said a jump in new sellers and the sales of bigger family-sized homes are a key factor behind the growth. 

It means the average price tag for a home is only £570 short of the record-high reached in May 2023. 

The average new seller asking price across Britain is now £372,324.

This month, the average asking price for a "top of the ladder" home is £682,661, up by more than £18,000 from £664,422 in March. 

The first four months of 2024 have been an improvement on last year, the website said, with the market witnessing boosts in both buyer and seller activity this spring.

First-time buyers are facing the most expensive conditions for more than 70 years, according to a report by the Building Societies Association.

The report said taking the first step on the property ladder is increasingly dependent on help from relatives and the need to have two incomes that are higher than the average. 

Written by housing market analyst Neal Hudson, the report calls on the government to commission an independent review with the aim of providing solutions that increase the number of true non-returner first-time buyers, both now and in the future.

Mr Hudson also says building societies need more flexibility to help them to support more first-time buyers.

Tesla - owned by billionaire Elon Musk - has cut the price of some of its electric car models after reporting a fall in sales.

The revamped Model 3 car fell by 14,000 yuan (£1,500) in China, putting the price tag at just under £26,000 for the car that upgrades the interior and exterior styling of the original 2017 model. 

It comes as Tesla grapples with competition from China, the world's largest automobile market, which is rolling out cheaper electric car models.

"Tesla prices must change frequently in order to match production with demand," Musk posted on X this weekend.

There have also been price cuts in Europe, the Middle East and Africa, a Tesla spokesperson said. 

In Germany, the price of the Model 3 rear-wheel-drive is now showing as €40,990 (£35,357), down from €42,990 (£37,000), where the price had been since February.

It follows cuts in the US of the Model Y, Model X, Model S and the full self-driving driver assistant software.

Earlier, this month, the company reported a decline in its global quarterly deliveries for the first time in nearly four years. 

Musk also announced that more than 10% of the company's global workforce will be laid off as it braces for its first annual drop in deliveries.

A council that oversees many popular tourist towns on the Kent coast has said it is considering implementing a tourism tax as a way of maximising income from visitors.  

A new report by Thanet District Council - which includes the towns of Margate, Broadstairs and Ramsgate - highlights the negative impact of tourism in the area and puts forward a number of recommendations to help with this.

One of those recommendations is levying what it calls a "modest tourism tax" on those staying overnight.

The report also proposes levying additional council tax on second homes that may be being rented out as short-term holiday lets.

Justifying the recommendations, the report says: "We want a booming visitor economy but we are acutely aware of the additional costs visitors bring, so we need to make every effort to secure income for the council to set against those costs."

Conservative district councillor John Davis welcomed the proposed changes during a meeting of the overview and scrutiny panel on 16 April.

"It's an important initiative," he said.

"I would like to welcome costs on Airbnbs and the like, because in Ramsgate we have 866 homes for short-term let and 21 flats.

"This is absolutely obscene."

Thanet has seen the biggest growth of tourism enterprises over the last five years.

According to 2024 analysis by Kent County Council , 4.4% of these enterprises are accommodation for visitors.

Train drivers who are members of the Aslef union at 16 companies have announced fresh strike dates as part of their long-running dispute over pay.

Drivers at different companies will walk out on various dates between 7 May and 9 May.

They will also refuse to work non-contractual overtime from 6 May to 11 May.

Read the full story here ...

NatWest, Barclays, Accord, Leeds Building Society and HSBC have all announced rate increases today - amid concern interest rates may not fall as much as expected this year.

Swap rates - which dictate how much it costs lenders to lend - have increased in the past week after US inflation came in higher than expected. Economists are divided about what this means for UK interest rates - with some pointing out that the UK economy is struggling far more, and therefore cuts are still imminent.

The London Stock Exchange Group is still pricing in a June cut and two further cuts before the end of the year. Analysts at Morgan Stanley, Goldman Sachs Group, Capital Economics and Bloomberg Economics all concur.

However, some economists have suggested we may have to wait until November for a first cut from the 16-year high of 5.25%.

Lenders, it seems, are growing more cautious.

Responding to today's hikes, Elliott Culley, director at Switch Mortgage Finance, told Newspage: "The rate rollercoaster rolls on. 

"Just when the market appears to be picking up some momentum, there is a sharp change of direction. 

"We are now seeing the spike in swap rates last week filtering through to the public as lenders raise their rates in response. 

"The volatility we are experiencing currently really amplifies how important it is to secure a rate as soon as possible, as this could save you hundreds of pounds, especially for existing homeowners."

Simon Bridgland, broker/director at Release Freedom, added: "This morning, I have been calling clients who have been sitting on the fence urging them to proceed as this increase is potentially going to be with us for several months. 

"Inaction will weigh heavily on household purses so don't delay, there is a finite amount of hours left to get deals done before the increases take effect, pick up the phone to your broker immediately or you will be paying more money for years to come."

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LinkedIn names Amazon a top U.S. company where people want to work

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Amazon today ranked second on LinkedIn’s Top Companies list —an annual list that identifies the most sought-after places to work and grow your career in the U.S. Using data from LinkedIn’s 1 billion members in more than 200 countries and territories worldwide, LinkedIn’s Top Companies list is designed to help professionals identify the best companies to grow their careers.

"We’re able to put customers first by building outstanding, safe, innovative, inclusive and engaged teams,” said Ofori Agboka, Amazon’s vice president of People, Experience & Technology for Global Operations. “I’m thrilled that Amazon has once again ranked highly on LinkedIn’s Top Companies list—it’s an incredible honor and it’s all thanks to the thousands of employees who are inventing on behalf of the customer every single day.”

Here are four ways Amazon supported our employees in the past year:

We launched new opportunities to provide 300,000 employees with access to education and skills training programs through 2025

Through our Upskilling 2025 pledge , Amazon creates pathways to careers in areas that will continue growing in years to come. Our company-funded training programs, such as AWS Intelligence Initiative and Career Choice , help employees learn critical skills to move into in-demand, higher-paying technical or non-technical roles within Amazon and beyond.

We made our largest ever annual investment in U.S. hourly wages and hired 250,000 employees for the holiday season

As the world’s largest job creator, Amazon invested $1.3 billion last year toward pay increases for customer fulfillment and operations employees, bringing the average pay for those roles to over $20.50 per hour (a more than 50% increase over five years).

We committed to hiring 5,000 refugees in Europe over the next three years

This commitment expands on our previous pledge to hire at least 5,000 refugees in the U.S. by the end of 2024. Amazon announced our commitment during The Tent European Business Summit, which brought together dozens of companies to discuss the refugee crisis in Europe and highlight the role companies play in helping refugees successfully integrate in their new communities.

We expanded our benefits to help employees achieve personal and professional success

14 new benefits under Amazon’s FamilyFlex program aim to provide more flexibility in employees’ lives and the tools they need to manage unexpected financial- or health-related events. These benefits include free financial counseling, in-house cancer case management, and new temporary schedule adjustments for hourly frontline employees.

Learn more about LinkedIn’s ranking and their methodology , then learn more about jobs at Amazon .

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