Amazon Business Introduces 'Prefer Small and Medium Enterprises' Feature in UK to Boost SME Sales
New Amazon Business Feature to Highlight UK SMEs for Business Buyers
By ChannelMAX Staff Writer
Mar-2024#17
Amazon Business UK, has rolled out a new feature titled Prefer Small and Medium Enterprises, designed to help business customers easily identify and purchase from Small and Medium Enterprises (SMEs) on the platform. This initiative comes as SMEs continue to be a crucial component of the UK economy, providing significant employment and contributing to the nation's turnover.
Empowering SMEs in the Digital Marketplace
The "Prefer Small and Medium Enterprises" feature is a strategic tool that allows procurement professionals to filter and select sellers based on specific criteria: those with fewer than 250 employees and less than €50 million in revenue. This targeted approach is set to empower SMEs, which are the backbone of the UK economy, accounting for about 60% of employment and 50% of private sector turnover.
Surging B2B Ecommerce Growth
Amazon Business has become a significant channel for SMEs to expand their B2B ecommerce presence. UK-based SMEs have seen substantial growth, with over £300 million generated in 2020 from sales to business customers. This upward trend is supported by a year-over-year spending increase of more than 60% by enterprise customers on Amazon Business with SME partners. Such growth indicates a strategic shift by larger organizations to prioritize purchases from SMEs.
Also Read: Amazon Sellers Now Required to Provide Additional Information for UK VAT Law
Legislative Support and Economic Impact
The UK government has recently passed new procurement legislation to encourage businesses to allocate more spending towards SMEs. This move aims to help SMEs capture a larger portion of the approximately £300 billion annual expenditure. Additionally, Amazon's investment of €3.4 billion in Europe, including the UK, is intended to strengthen relationships with SMEs, helping them reach a wider customer base and succeed in the marketplace.
SMEs' Diverse Offerings on Amazon Business
SMEs on Amazon Business offer a wide range of products, from regional supplies to specialized items like custom workplace safety equipment. This diversity enables them to meet the varied needs of enterprise customers, potentially securing larger orders and contributing to their growth.
In Conclusion, the introduction of the Prefer Small and Medium Enterprises feature by Amazon Business marks a significant step in supporting the growth of SMEs in the UK. By making it easier for business customers to identify and purchase from SMEs, Amazon is not only fostering a more inclusive digital marketplace but also aligning with the UK government's efforts to boost SME participation in the economy. This initiative is expected to enhance the visibility of SMEs, drive their sales, and ultimately contribute to the overall economic prosperity of the country.
Also Read: AmazonUK Updates Condition Guidelines for Consumable, Ingestible, and Topical Products
Follow us on Facebook, X and LinkedIn to get the latest news and updates related to online selling.
By ChannelMAX Staff Writer
Mar-2024#17
Amazon Business UK, has rolled out a new feature titled Prefer Small and Medium Enterprises, designed to help business customers easily identify and purchase from Small and Medium Enterprises (SMEs) on the platform. This initiative comes as SMEs continue to be a crucial component of the UK economy, providing significant employment and contributing to the nation's turnover.
Empowering SMEs in the Digital Marketplace
The "Prefer Small and Medium Enterprises" feature is a strategic tool that allows procurement professionals to filter and select sellers based on specific criteria: those with fewer than 250 employees and less than €50 million in revenue. This targeted approach is set to empower SMEs, which are the backbone of the UK economy, accounting for about 60% of employment and 50% of private sector turnover.
Surging B2B Ecommerce Growth
Amazon Business has become a significant channel for SMEs to expand their B2B ecommerce presence. UK-based SMEs have seen substantial growth, with over £300 million generated in 2020 from sales to business customers. This upward trend is supported by a year-over-year spending increase of more than 60% by enterprise customers on Amazon Business with SME partners. Such growth indicates a strategic shift by larger organizations to prioritize purchases from SMEs.
Also Read: Amazon Sellers Now Required to Provide Additional Information for UK VAT Law
Legislative Support and Economic Impact
The UK government has recently passed new procurement legislation to encourage businesses to allocate more spending towards SMEs. This move aims to help SMEs capture a larger portion of the approximately £300 billion annual expenditure. Additionally, Amazon's investment of €3.4 billion in Europe, including the UK, is intended to strengthen relationships with SMEs, helping them reach a wider customer base and succeed in the marketplace.
SMEs' Diverse Offerings on Amazon Business
SMEs on Amazon Business offer a wide range of products, from regional supplies to specialized items like custom workplace safety equipment. This diversity enables them to meet the varied needs of enterprise customers, potentially securing larger orders and contributing to their growth.
In Conclusion, the introduction of the Prefer Small and Medium Enterprises feature by Amazon Business marks a significant step in supporting the growth of SMEs in the UK. By making it easier for business customers to identify and purchase from SMEs, Amazon is not only fostering a more inclusive digital marketplace but also aligning with the UK government's efforts to boost SME participation in the economy. This initiative is expected to enhance the visibility of SMEs, drive their sales, and ultimately contribute to the overall economic prosperity of the country.
Also Read: AmazonUK Updates Condition Guidelines for Consumable, Ingestible, and Topical Products
Follow us on Facebook, X and LinkedIn to get the latest news and updates related to online selling.
Disclaimer:
Amazon is the registered trademark of the e-commerce brand.
About ChannelMAX.NET:
ChannelMAX offers Amazon Repricer that runs on the latest AI Repricing algorithm to do Amazon Pricing Management or Amazon Repricing. Based on Amazon SP API, the repricing engine or repricer runs 24/7 and efficiently manages Amazon prices to maximize your BuyBox with profit optimization. Established in 2005, ChannelMAX has been integrated with Amazon technology since 2007, helping thousands of third-party sellers on various eCommerce platforms. Some of the eCommerce platforms, aka marketplaces, supported by ChannelMAX.NET, are Amazon, Walmart, eBay, and Shopify. Some of ChannelMAX key offerings include ChannelMAX Amazon Repricer, 2ndly, ChannelMAX Amazon FBA Audits and FBA Refunds management, an offering for managing Amazon FBA Refunds Reimbursement management for lost or damaged or misplaced inventory for which Amazon is responsible and for which sellers deserve appropriate credit reimbursement from Amazon. ChannelMAX Services offer Remote (aka Virtual) Full-Time eCommerce Assistant to help 3P sellers run their daytoday business.
Check ChannelMAX at Amazon Selling Partner Appstore, an application with a 5 star rating.
Amazon is the registered trademark of the e-commerce brand.
About ChannelMAX.NET:
ChannelMAX offers Amazon Repricer that runs on the latest AI Repricing algorithm to do Amazon Pricing Management or Amazon Repricing. Based on Amazon SP API, the repricing engine or repricer runs 24/7 and efficiently manages Amazon prices to maximize your BuyBox with profit optimization. Established in 2005, ChannelMAX has been integrated with Amazon technology since 2007, helping thousands of third-party sellers on various eCommerce platforms. Some of the eCommerce platforms, aka marketplaces, supported by ChannelMAX.NET, are Amazon, Walmart, eBay, and Shopify. Some of ChannelMAX key offerings include ChannelMAX Amazon Repricer, 2ndly, ChannelMAX Amazon FBA Audits and FBA Refunds management, an offering for managing Amazon FBA Refunds Reimbursement management for lost or damaged or misplaced inventory for which Amazon is responsible and for which sellers deserve appropriate credit reimbursement from Amazon. ChannelMAX Services offer Remote (aka Virtual) Full-Time eCommerce Assistant to help 3P sellers run their daytoday business.
Check ChannelMAX at Amazon Selling Partner Appstore, an application with a 5 star rating.