When the COVID-19 global pandemic surged across the globe last year, it resulted in millions of people losing their jobs. In the United States alone, the unemployment rate reached a staggering 14.7% in April, after lockdowns and harsh restrictions were enforced by countless local government units.
In search of a livelihood, many turned to e-commerce, enticed by its promises of big returns and a flexible work schedule. They were particularly drawn to Amazon, which is widely regarded as the world’s biggest online marketplace, thanks to their third-party seller programs and convenient shipping methods.
As more and more people were retrenched or laid off, Amazon saw its own revenues reaching astronomical heights. In fact, it hit a whopping $70.11 billion in the second quarter of 2020, which was way more than its past figures.
To add to that, the company claims that its third-party sellers generated more than 70% of its global revenue for the first six months of the pandemic – a number corroborated by the fact that consumers flocked to online shopping when malls and brick-and-mortar stores were shut down.
While these figures have translated to a ton of incredible things for Amazon and Jeff Bezos, it poses a huge challenge for online sellers, who now have to compete with millions of other people who are trying to turn their digital storefronts into a viable source of income.
Not only has this competition become much fiercer, but it is now also more prone to rapid changes, which means that online sellers will have to keep up with the latest trends and developments to keep the profits rolling in.
But how exactly will they manage to do this, when they have their marketing, shipping, and other administrative tasks to take care of?
Well, that’s where Amazon Seller Tools come in.