Here is your midweek jetpack of Amazon seller news, updates, and other useful clicks for your e-commerce business…
Amazon Launches ACX to Tackle Counterfeit Goods
Amazon has intensified its fight against organized crime syndicates that spread counterfeit products on its marketplace. The company’s Anti-Counterfeiting Exchange (ACX) program enables retail stores and Amazon sellers to track and label counterfeit products via a third-party database.
This initiative adopts techniques used by the credit card industry to detect fraud and identity tactics employed by scammers. To identify counterfeiters, stores, and sellers can submit information and records to the ACX database, which serves as an effective reference to avoid bad actors.
Read the full story here.
Amazon’s B2B Marketplace Boom
Amazon Business, the company’s B2B marketplace, now generates over $35 billion in annualized gross sales, with 50% coming from 3rd party sellers, according to Marketplace Pulse.
source: Amazon press releases
This success is attributed to the digitalization of a mainly offline market, leading to increased simplification, efficiency, and transparency.
The marketplace offers additional features like bulk buying, quantity discounts, and recurring delivery. Amazon Business started in the US in April 2015, reached $1 billion in GMV within a year, grew past $10 billion by the end of 2018, and in 2022, it reached a $35 billion run rate. The opportunity for further growth is immense.
Amazon Investing Heavily in LLM and AI Tech
In the Big Tech arms race over artificial intelligence, Amazon won’t be left behind.
This was the declaration made by CEO Andy Jassy to Amazon shareholders in a letter published early April. In the letter, Jassy says that Amazon is investing heavily in large language models (LLMs) and generative AI, the same tech that primarily supports ChatGPT and other similar AI chatbots.
Jassy says that the goal of Amazon in its investments in LLM and AI tech is to be able to offer less costly machine learning chips so that small and large companies can afford to train and run their LLMs in production. Currently, it takes a lot of time and billions of dollars to train large language models, making it cost prohibitive to most companies.
“What they (companies) want to do is they want to work off of a foundational model that’s big and great already, and then have the ability to customize it for their own purposes,” Jassy said in an interview with CNBC.
Working off of this vision, Amazon released a new service called Bedrock which makes foundation models (large models pre-trained on vast amounts of data) from AI21 Labs, Anthropic, Stability AI, and Amazon accessible to clients via an API.
Bedrock, Jassy believes will be a game-changer for the people.
Read the full story here.
Chat GPT Predicts 10 Digital Marketing Trends for 2023
Here’s an interesting exercise…
A writer recently asked ChatGPT what the top ten digital marketing trends for 2023 will be, and it came up with this list:
- Artificial Intelligence and Machine Learning will be utilized to deliver personalized experiences to customers and automate tasks to free up time for marketers.
- Voice Search Optimization will be a priority as businesses will start optimizing content for voice search.
- Interactive Content like quizzes, surveys, and games will be utilized to build stronger relationships with customers and create a more memorable brand experience.
- Brands will focus on delivering Micro-Moments to provide relevant and timely information at the exact moment customers need them.
- Influencer Marketing will continue to rise, as more businesses will partner up with influencers to reach a wider audience and build brand awareness.
- Video Marketing will become more prominent as video content is becoming the most dominant form of content on the internet.
- The increased sophistication of Chatbots will be used to provide instant and personalized customer service.
- Personalization, be it in targeted ads, or content recommendations, will be more prevalent with businesses aiming to provide a more personalized experience to their customers.
- Social Media Advertising will continue to grow.
- Virtual and Augmented Reality will be utilized more to provide immersive experiences to customers.
Read the whole thing here.
USPS Raising Prices in July
USPS will be raising prices in July, citing inflation and a previously defective pricing model as the main reason for the increase.
Ebay and Etsy sellers are already bracing for added expenses as shipping fees are factored into their seller fees. Moreover, USPS has announced higher rates for Competitive services which includes Priority Mail and First Class Package Service.
The new rates will take effect on July 9, 2023.
Bed, Bath and Beyond Closing: Everything You Need to Know
Bed, Bath and Beyond has filed for bankruptcy, and has already laid out a timetable for its going-out-of-business sales.
This means arbitrage opportunities, so make sure to check out their online FAQ page to find out everything you need to know.
Resellers, right now.
Important Amazon Updates for Yo’ Bad Seller Self
Updated Guidance on Returns and Refunds
Amazon has recently updated its guidance on returns and refunds with answers to some of the most commonly asked questions.
Here’s the link to the updated Returns FAQ.
Amazon SAFE-T Claims now available on Mobile
SAFE-T Claims can now be filed and managed on the Amazon Seller App. You can file a SAFE-T claim if you believe you shouldn’t be financially responsible for a refund issued on your behalf. An example would be if a customer returned a damaged item.
To file a new SAFE-T Claim or track the status of a previous claim, go to Manage SAFE-T Claim on the home page of the Amazon Seller app. Click on a claim to open the details page to check the correspondence, reply on a claim or appeal a resolved claim.
Before filing a claim, make sure to read Amazon SAFE-T Reimbursement policies:
- SAFE-T Reimbursement Policies for Seller Fulfilled Prime Orders
- SAFE-T Reimbursement Policies for Customer Service by Amazon Orders
- SAFE-T Reimbursement Policies for returns with an Amazon Prepaid Return Label
Download the app here:
Amazon European Expansion Accelerator
Amazon now enables sellers to expand their business more quickly to its 9 European marketplaces.
The new European Expansion Accelerator allows sellers who sell in at least one European marketplace to add some or all other marketplaces including Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, Sweden, and the UK in just two clicks.
The new tool shows on one page the marketplaces in which the seller is not yet selling; applies the seller’s preferences from their main store to the new stores they add; and completes the expansion in just three days.
Learn more about the European Expansion Accelerator here.
This Week in Seller School…
Here is a roundup of learning resources for this week:
Blog Posts
- Proposition 65 for Amazon Sellers by Manage By Stats
- How to Remove Amazon Counterfeit Products by sellerapp
- Amazon Lightning Deals: Are They Worth It for FBA Sellers by Jungle Scout
- Target Restocking Schedule and Clearance Schedule Demystified by entre/resource
Podcasts
- Successfully Selling on Amazon During an Economic Downturn by Full-Time FBA
- Scaling Your Amazon Business from 6 Figures to 7 Figures by The Next Amazon Top Seller
- Getting Down to the Nitty-Gritty of Variation Listings by The Smartest Amazon Seller
Upcoming Seller Events ????
Here are a few upcoming industry events that you might be interested in. Slick that hair back and start mingling, playa!
Amazon Webinar: Best Practices for Resellers (May 2,3,4, 2023; 3:00 pm EST)
This webinar series is for new resellers who want to understand how to optimize their Amazon business.
White Label World Expo (May 3-4, 2023) – Las Vegas, NV
Master being an entrepreneur.
Amazon Webinar: How to Meet Your Goals with Seller Financing (May 4, 2023, 1300 EST)
Learn how financing can help you achieve your business goals and prepare for growth in 2023.
Seller Sessions Live 2023 (May 13, 2023) – London, United Kingdom
“The UK’s premiere conference for Amazon sellers.”
Sellers Summit (May 23-25, 2023) – Ft. Lauderdale, FL
“The ultimate learning conference for e-commerce brands.
Internet Retailing Expo (May 24-25, 2023) – Birmingham, United Kingdom
Find new suppliers, new tech, and inspiration from retailers and brands at the IRE.
Growth Labs (May 30-31, 2023) – Austin, TX
“Keep your finger on the pulse of retail media.”
SellerCon (June 1-3, 2023) – Austin, TX
“The most powerful tool to elevate your business.”
European Seller Conference (June 6 – 10, 2023) – Prague, Czech Republic
“Meet Amazon sellers from across the globe.”
Amazon PowWow (July 12-13, 2023) – Palm Beach, FL
“Serious networking. Serious Learning. Serious Fun, A new standard in Amazon events.”
Midwest e-Com Conference 2023 (July 19 -21, 2023) – Minneapolis, MN
“Created by fellow sellers for our fellow sellers.
Other Quick Clicks
- Amazon CEO Pay: Andrew Jassy’s compensation plunges from $212 million to $1.3 million
- These TikTokers have the best Amazon storefronts for home goods
- Amazon could buy 100s of grocery stores being divested by Kroger and Albertsons, according to a top research firm
Thank you for reading. If you have any questions, comments or violent reactions, let us know below!
Amazon trolling Elon with a Homelander meme LOL…
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