Here is your midweek jetpack of Amazon seller news, updates, and other useful clicks for your e-commerce business…
Amazon Delays NFT Marketplace Launch
Citing “readiness” reasons, Amazon has delayed its launch of the Amazon Digital Marketplace to May 15th.
According to internal sources, the much-anticipated launch, which was originally slated for April 24th, was moved to May 15th due to technical and commercial challenges.
The platform, which will offer 80 NFT collections including Bored Ape, Mutant Ape, Pudgy Penguins, Beeple, and many more, will start offering its services to US customers first and then gradually roll out to other countries.
Read the full store here.
Slow and Steady: The Continuous Growth of the 3p Seller in the Amazon Marketplace
According to Marketplace Pulse, by the end of the year, 60% of overall units sold on Amazon will be from third-party sellers.
This graph shows the percentage of worldwide units sold by marketplace sellers. In Q1 2023, it was 59%, up by 7% from Q1 2020.
At the current rate, the percentage of worldwide units sold by 3p sellers will exceed 70% by 2030.
Shopify Posts Q1 Earnings, Sells Logistics Arm
Shopify recently posted its strong Q1 results, announcing a 15% increase in GMV (Gross Merchandise Volume) year-over-year, and a 25% increase in revenue.
Moreover, the Canadian e-commerce firm is going to be 20% smaller according to founder and CEO Tobi Lütke as it announced the sale of its logistics arm to Dave Clark-led freight company Flexport.
Clark, the former head of Amazon ops and currently Flexport’s chief executive, is looking to compete with Amazon on e-commerce home deliveries with Flexport’s acquisition of Shopify’s logistic assets including Deliverr.
Read the full story here.
Here Comes a New Challenger: Everything You Need to Know about Temu
Temu is one of the newest players in the ecommerce game and is creating a noteworthy buzz among consumers. But how does it stack up against the reigning and defending champ Amazon? Check out our Tale of the Tape:
Amazon has the edge in almost all categories, and that’s not including its solid reputation built over the years. Temu, though, has one thing going for it – pricing. Temu, which relies on its parent company to pass down savings to consumers, offers year round discounts which makes its prices lower than what US consumers are used to.
May be a marketplace worth checking out if you are an expanding seller…
Read more about Temu here.
AI Caramba! This Week in AI
You’se Got Some ‘Splainin’ to Do
After being invited by the Biden administration, heads of major AI tech companies including Google CEO Sundar Pichai, Microsoft’s Satya Nadella, OpenAI’s Sam Altman, and Anthropic’s Dario Amodei are set to meet with VP Kamala Harris and several White House officials. The agenda: the safety guarantee of their AI products before public release.
Meanwhile, in the Future Compute conference held in the MIT Campus at Cambridge, Massachusetts, executives from Nvidia, and Amazon, including CTO Werner Vogels, addressed the new age of “uncertainty” in an AI-powered world. Topics discussed included Guardrails, a framework to keep chatbots safe and accurate, custom chip development, the impact of AI on jobs and cybercrime, and many more.
Dolla Dolla Bills Y’All: Amazon Ready to Make Significant Investments towards Generative AI
Amazon will be upping its investments in its Amazon Web Service Cloud and Generative AI. According to CFO Brian Olsavsky, Amazon will be putting funds in key areas like AWS customer needs and investments to support large language models and generative AI.
To illustrate, Amazon is betting on AI to jack up advertising revenue. The ecommerce giant is currently building a team that will focus on AI tools that can generate photos and videos for merchants to use on its platform. These efforts are part of CEO Andy Jassy’s initiative to expand Amazon’s ad business.
Click here to learn how Amazon leverages AI for business growth.
Important Amazon Updates for Yo’ Bad Seller Self
Three New Product Listing Attributes Required Starting June
Starting June 6, 2023, certain product types will require additional attribute information for new product listings to be included in the Amazon catalog. The required attributes for each product type are as follows:
- Color name: backpack, underpants, bra, apron, keychain, costume outfit
- Size name: leotard, scarf, sunglasses
- Product description: light fixture, art supplies, hardware handle, kitchen, artificial plant, wireless accessory, home furniture and decor, office products
This requirement does not apply to active listings.
Read the full announcement here.
Updated Guidance on Returns and Refunds
Amazon has recently updated their guidance on returns and refunds with answers to some commonly asked questions.
The 3 questions with updated answers are:
What is the prepaid returns program?
It’s a program where Amazon allows returns and provides prepaid return shipping labels for all eligible seller-fulfilled orders. Through this program, customers can return items to sellers with minimal effort and cost.
How do I dispute a refund issued by Amazon?
You can file a reimbursement claim if you believe the refund was issued incorrectly or without authorization. Amazon’s customer service team will review your claim and take appropriate action to resolve the issue. For more information, read about Amazon Seller Assurance for eCommerce Transactions (SAFE-T) claims.
How do I provide buyers with a return label for items exempt from the prepaid returns program?
Amazon allows you to generate a prepaid return label for category-exempt items on the Manage Returns page.
View the updated return guidelines here.
Amazon Small Business Grants 2023
Applications are now open for Amazon’s second annual Amazon Business Small Business Grants.The deadline to apply is May 21, 2023. These grants are exclusively for Amazon Business small business customers that make less than or equal to $1 million dollars in revenue. Over $250,000 in monetary grants and other prizes will be given by Amazon Business to 15 recipients this year, including 1 grand prize winner, 4 finalists, and 10 semi-finalists. From June 15, Amazon Business customers will be able to cast their vote for their preferred entrepreneur to receive a grant.
Learn more here.
This Week in Seller School…
Here is a roundup of learning resources for this week:
- Predicting the Most Popular Amazon Product Categories in 2023 by Bqool
- Amazon FBA Lost Inventory and Seller Reimbursements: How to Recoup Your Money by Jungle Scout
- Why Consumer Behavior is Crucial for Amazon Sellers by GETIDA
- Ecommerce Social Media Marketing: Best Practices for 2023 by Cruxfinder
- The Best Products to Sell on Amazon: 2023 Top Sellers Exposed by Chris Grant
- How to Deal with Amazon Hijackers and Protect Your Account by eComEngine
- What Private Label Sellers Can Learn from Big Brands by AM/PM Podcast
- How to Leverage True AI Machine Learning for Effective Amazon Repricing + Chat GPT Tips by The Next Amazon Top Seller
- How to Deal with Negative Seller Feedback on Amazon by Full-Time FBA
- How Amazon Lit Sells $50 Million of Wholesale Products by Clear the Shelf
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 Sessions Live 2023 (May 13, 2023) – London, United Kingdom
“The UK’s premiere conference for Amazon sellers.”
Learn about the services offered by Amazon Global Logistics to successfully inbound from China to the US/EU/UK.
NYC AMZ Seller Forum (May 17, 2023, 7:00 am EST)
Learn from some of the most successful sellers in the Tri-State area.
Amazon Webinar: Maximize Pay-Per-Click Advertising ROI with Scale Insights (May 18, 2023, 1:00 pm EST)
Learn how to optimize your PPC campaigns for maximum ROI.
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
- Tupperware turns to Amazon for a comeback
- Amazon opens robotic fulfillment center in Connecticut
- Amazon offers shoppers $10 to pick up purchases as it targets delivery costs
Thank you for reading. If you have any questions, comments or violent reactions, let us know below!
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