There are many ways to start and grow an E-commerce company. Drups Ventures has chosen to grow quickly by acquiring marketing and E-commerce brands that cover a large spectrum of products and offerings. Learn more about this unique business model in this week’s Small Business Spotlight.
What the Business Does
Managing marketing and E-commerce businesses.
Owner Joseph Drups told Small Business Trends, “We have many brands under our Drups Ventures umbrella. We really focus on providing quality lifestyle products. These range from seat cushions designed to ease muscle pain to gift boxes and jewelry.”
Business Niche
Growing quickly while maintaining excellence in E-commerce operations.
Drups says, “We have managed to purchase, merge, and scale our business through operational excellence across eight different businesses and over a dozen brands. In this process, we’ve made the Inc 5000 list of fastest growing companies in the U.S. multiple years.”
How the Business Got Started
As a digital marketing company.
Drups adds, “We began with digital marketing, and started buying smaller ecommerce brands. Then we continued to scale and went after larger and larger brands.”
Biggest Win
Closing a large deal.
Drups explains, “During COVID, we were working on our first deal above $2 million. Everything looked like it would be impossible to close the deal. We went through 8 banks to find funding and finally found a partner bank and closed the deal. That was a game changing acquisition for the business.”
Biggest Challenge
Navigating the pandemic with multiple brands.
Drups says, “COVID was a difficult 2 year period with some of our businesses spiking in sales and other businesses cratering. We didn’t almost go out of business, but we did have to take some of our sister businesses and put them on life support. In 2021, we went through a difficult transition with one of our businesses where we ended up having to replace 19 out of 22 employees. We made it through the storm, but it was a very difficult season.”
Lesson Learned
Go after companies that are already stable.
Drups explains, “Finding companies that were extremely stable requires less hustle, and could have taken a lot of stress out of five years of my life.”
How They’d Spend an Extra $100,000
A new venture.
Drups adds, “Launching new products, a new platform, or buying a new business. My favorite use of a growth budget is experimenting toward a moonshot project.”
Coolest Accomplishment
Being recognized by a major publication.
Drups says, “We made the Inc 5000 list of fastest growing businesses in the US two years in a row.”
Favorite Quote
“Try not to become a man of success. Rather become a man of value.” – Albert Einstein.
Block Advisors by H&R Block has launched a new grant program called “Fund Her Future” to support women who own small businesses. This announcement comes as part of the National Small Business Month celebrations, aiming to address the challenges women face in getting the funding and support they need.
The program will give away a total of $100,000 in grants to five small businesses led by women. Alongside the financial boost, winners will also receive a year of business services from Block Advisors, which includes help with taxes, bookkeeping, payroll, and more. This support is designed to help these businesses grow and make a bigger impact in their communities.
Jamil Khan, the Chief Strategy and Small Business Officer at H&R Block, shared some insights about the growth of women-owned businesses. “Women’s businesses have been growing almost twice as fast as men’s over the last five years,” Khan said. However, he pointed out that women still earn less and have a harder time getting loans than their male counterparts, with even greater challenges for women of color.
The data backs this up, showing that 31% of women launched their businesses shortly after planning them—faster than other groups. Yet, they still face more financial hurdles. The “Fund Her Future” grants aim to help bridge these gaps.
To apply for the grant, business owners must be women who own at least 51% of their business and operate it within the United States. The program particularly encourages businesses that focus on inclusivity and community impact to apply. Applications are open until May 26, 2024, at BlockAdvisors.com/FundHerFutureGrant. After applications close, finalists will be chosen for interviews in June, and the winners will be announced by the end of the month.
The grants are significant: one business owner will win $50,000 and a full year of business services, while four others will each receive $12,500 and the same service package. With over two million small business owners supported by Block Advisors each year, the winners can expect substantial help.
“With immediate access to capital, resources, and trusted expertise, we’re confident these women entrepreneurs will significantly grow their businesses and impact their communities,” Khan added.
For more details on Block Advisors and to apply for the “Fund Her Future” grant, visit www.BlockAdvisors.com and www.BlockAdvisors.com/FundHerFutureGrant. This program is a step towards making the business world more supportive and fair for women.
Joshua Britton is a biotech entrepreneur with a successful company that’s innovating in the competitive field of cosmetics. But a few years ago, he was a student driving for Uber on the side. Luckily for Britton, according to a report from Entrepreneur, it was this simple side hustle that actually opened the door for the work he does now.
Britton is now the founder and CEO of Debut, an innovative biotechnology company that produces active ingredients for cosmetics. With a Ph.D. in biochemistry and organic chemistry, along with academic research on the subject, Britton is plenty qualified to run this type of company. However, it takes more than knowledge and willpower to get a new business off the ground, especially one in this type of scientific field.
While he was studying, Britton drove for Uber to earn some extra money on the side, in hopes of eventually getting his idea off the ground. While driving, he had the opportunity to meet and talk to tons of new people. During one conversation, he pitched his idea for Debut, and the rider cut him a check for $100,000.
This was just the first of many investments into Debut. In fact, the company has raised more than $60 million in venture funds since that first check from his Uber days. However, that first investment made a huge impact – enough for Britton to put more effort and resources into his ideas in order to eventually draw in other investors.
You may not be an aspiring biotech entrepreneur. But your business dreams likely still require some amount of capital and/or outside support. Side hustles that put you in contact with other people may open doors both financially and otherwise, helping you ultimately make your dreams a reality. Though getting a $100,000 tip as an Uber driver isn’t common, an extra connection or the money you make while plugging away during your free time may be just what you need to get started on your next business dream.
Shopify Capital is changing how entrepreneurs access funding, providing a much-needed capital injection into the entrepreneurial ecosystem. Traditional banking systems have long been a significant obstacle for entrepreneurs, with lengthy and complicated application processes leading to high rejection rates. This disparity disproportionately affects minority and female-owned businesses, with 29% of U.S. small businesses collapsing due to funding shortages.
Since 2016, Shopify Capital has distributed over $5.1 billion to merchants, providing flexible funding options that cater to the unique needs of small businesses. This innovative approach eliminates the need for lengthy applications, personal credit checks, and equity stakes, allowing entrepreneurs to focus on building their businesses rather than navigating complex financial systems.
One of the key benefits of Shopify Capital is its ability to provide funding tailored to specific business needs. For instance, women’s footwear company Pashion used funding from Capital to manage inventory, resulting in a staggering 375% increase in holiday sales. “I don’t think we would have seen anything close to that growth figure without it,” said CEO and founder Haley Pavone.
To gain a deeper understanding of the impact of Shopify Capital, we visited three merchants who have utilized the funding to turn their ideas into thriving businesses.
Hell Babes, a lifestyle brand founded by Jessica Wise, used funding from Capital to purchase inventory and design her own line of motorcycle jackets. “If it weren’t for Capital, then I would be out talking to banks, applying for credit lines, waiting to see if I get approval,” Jessica said.
Porter Road, an end-to-end meat company, used funding from Capital to support marketing campaigns, operational expenses, and product photography. Co-founder Chris Carter noted, “Everybody else said no,” highlighting the challenges of securing funding through traditional means.
The Public Pet, a pet supply store founded by Jordan Lee, used funding from Capital to beef up inventory, improve store aesthetics, and grow his team. “Shopify Capital has definitely helped me to open doors, windows, trap doors, side doors… It’s definitely helped me to experiment and to realize that there are more possibilities out there,” Jordan said.
The US Equal Employment Opportunity Commission (EEOC) has filed a lawsuit against Sheetz, the US chain of convenience stores. The federal agency alleges that the chain violated federal law by denying employment to a number of applicants because of their race.
Sheetz operates in more than 6,000 locations across six states. According to the lawsuit, the company “disproportionately screened out” Black, Native American and multiracial applicants in its hiring process.
The EEOC claims that the chain’s company-wide hiring practices violated provisions of Title VII of the Civil Rights Act, which prohibits unintentional discrimination. The legal filing states that while 14.5% of Black applicants were unsuccessful in being hired by the chain because of their criminal history, only approximately 8% of white applicants were denied employment. The filing continued that the jurisdictions in which Sheetz employs workers are “subject to arrest, conviction, and incarcerations at significantly higher rates relative to White persons.”
In a press release, EEOC Regional Attorney Debra Lawrence is quoted explaining how federal law mandates that employment practices causing a disparate impact because of race or other protected classifications “must be shown by the employer to be necessary to ensure the safe and efficient performance of the particular jobs at issue.”
“Even when such necessity is proven, the practice remains unlawful if there is an alternative practice available that is comparably effective in achieving the employer’s goals but causes less discriminatory effect,” Lawrence continued.
In a statement about the case, Sheetz said it “does not tolerate discrimination of any kind.”
Sheetz spokesperson Nick Ruffner said: “Diversity and inclusion are essential parts of who we are. We take these allegations seriously.
“We have attempted to work with the EEOC for nearly eight years to find common ground and resolve this dispute.”
The legal dispute underscores the importance of inclusive and fair hiring practices in all sectors and how adopting business practices that foster an inclusive work environment can help a business attract the best applicants for a position. This can ultimately result in a more productive and loyal workforce.
Adobe has announced an update to Photoshop, which brings more creative power to users of all skill levels. The new Photoshop (beta) introduces advanced generative capabilities, including Reference Image, Generate Image, and Generate Similar, which empower users to bring their creative vision to life in seconds.
Powered by the new Firefly Image 3 Foundation Model, these innovations mark a significant leap forward in the world of image editing. The latest update is designed to shorten the distance between the blank page and amazing results, making it easier for users to generate high-quality content quickly and efficiently.
New Features in Photoshop
The new features in Photoshop include:
Reference Image: allows users to select an image as generative inspiration, giving them more control over the creative process.
Generate Image: enables users to generate images from text, shortening the distance between the blank page and amazing content.
Generate Similar: allows users to iterate on their ideas, exploring creation concepts with more precision and control.
Generate Background: replaces and creates backgrounds, making it easier to generate content that seamlessly blends into existing images.
Enhance Detail: fine-tunes images to improve sharpness and clarity.
More Tools
Additionally, Photoshop introduces new tools for design and creation, including the Adjustment Brush, Improved Font Browser, and Adjustment Presets.
Adjustment Brush enables users to easily apply non-destructive adjustments to specific portions of images.
Improved Font Browser delivers real-time access to Adobe’s over 25,000 fonts in the cloud – without leaving Photoshop – so users can find the perfect type for any project.
Adjustment Presets enables creators to effortlessly change the appearance of images with filters that apply effects in a single click and with the ability to create and save customized presets as well.
Adobe’s commitment to responsible innovation is evident in its approach to AI development, with a focus on accountability, responsibility, and transparency. The company’s AI Ethics principles ensure that AI-generated content is clearly labeled, providing transparency for users.
“This massive new update to Photoshop takes creativity to unprecedented levels – whether you are a professional or brand new to Photoshop,” said Ashley Still, senior vice president, Creative Product Group at Adobe. “Through new Firefly-powered features in Photoshop, we are bringing ideation and creation closer together and making editing images both more powerful and approachable so everyone can realize their creative vision.”
Small business owners and individuals can benefit from the new Photoshop update by leveraging its advanced generative capabilities to streamline their creative workflows, saving time and increasing productivity. The update is a testament to Adobe’s commitment to empowering creatives and driving innovation in the industry.
Amazon emerges as a formidable king in global commerce, and its moves are calculated in bytes and bandwidth as well as sales. The company’s numbers show dominance and ambition, from its staggering revenue figures to colossal shipping volumes. Amazon’s statistics are not just digits; they are testaments to a vision that transformed it into a behemoth that continuously sets the bar for the digital marketplace.
With a strategy rooted in relentless innovation and customer obsession, Amazon has redefined the e-commerce landscape. As we delve deeper into Amazon’s numbers game, we uncover the keystrokes of progress and the algorithm of success that fuel its global supremacy.
Amazon’s Dominance: The Powerhouse in Numbers
Amazon’s dominance in the global e-commerce sector is evident through a series of compelling statistics that highlight its market presence and growth:
As of 2024, Amazon holds a commanding 37.8% of e-commerce sales, the highest market share among all e-commerce companies.
Amazon’s net sales have seen a significant increase, with a reported 14% growth to $170.0 billion in the fourth quarter of 2023, compared to the same period in 2022.
The platform boasts over 310 million active users, making it one of the most convenient and leading e-commerce platforms in 2024.
Amazon has processed an astounding 4.79 billion U.S. delivery orders in 2022, which speaks volumes about its logistics capabilities.
With more than 12 million products on its platform, Amazon offers an extensive range of items catering to diverse consumer needs and preferences.
Statistic
Amazon (As of 2024)
E-commerce Market Share
37.8% of e-commerce sales, highest among all e-commerce companies
Q4 Net Sales Growth (2023)
14% increase to $170.0 billion compared to Q4 2022
Active Users
Over 310 million
U.S. Delivery Orders (2022)
4.79 billion
Product Assortment
More than 12 million products
Amazon’s Market Share and Growth Statistics
There are almost 200 million Amazon Prime members in the United States alone.
Prime Day 2023 was an unparalleled success. With Prime members worldwide purchasing over 375 million items and accruing savings exceeding $2.5 billion.
Amazon has over 310 million active users, which underscores its status as one of the most popular e-commerce platforms in 2024.
In 2022, Amazon Logistics processed an impressive 4.79 billion U.S. delivery orders, highlighting its extensive logistics capabilities.
The North American segment saw sales increase by 13% year-over-year to $105.5 billion, while the International segment’s sales grew by 17% to $40.2 billion.
Amazon Marketplace is not just a hub for transactions but a comprehensive ecosystem that caters to a diverse range of needs. It’s a place where Amazon customers can find everything they’re looking for, often starting their journey on the Amazon search results page, which is powered by sophisticated algorithms to deliver the most relevant items. Behind the scenes, Amazon Web Services (AWS) provides the robust infrastructure and cloud computing power that fuels the marketplace’s vast and complex operations. This synergy between marketplace activity, customer experience, and technological prowess is what makes Amazon a leader in the e-commerce domain.
55% of Amazon Marketplace sellers make over $60,000 per year.
New sellers on Amazon Marketplace make an average of $30,000 in their first year.
27% of Amazon Marketplace Sellers make $1,000 or less per month.
68% of Marketplace sellers turn a profit within their first year of selling.
In 2020 (during COVID-19 lockdowns), Amazon Marketplace SMBs netted over $160,000 in annual sales.
Amazon Seller Statistics
The average Amazon Marketplace seller made $200,000 in sales in 2023, up 17.6% year-over-year (YoY).
Amazon counts 1.9 million active sellers on Marketplace in 2023, with upwards of 548 new sellers per day.
Third-party sellers list nearly 350 million items on Amazon Marketplace and sell an average of 7,800 products per minute.
60% of 2022 unit sales on Amazon were with independent sellers on Marketplace.
The Importance of Amazon Sellers
Amazon sellers are the backbone of the Amazon Marketplace, playing a pivotal role in its success. They bring a vast array of products to the platform, catering to the diverse needs and preferences of Amazon customers. Sellers enhance the shopping experience by providing unique items that might not be available elsewhere, contributing to the richness and variety of the Amazon search results page. Moreover, they utilize Amazon Web Services to efficiently manage their operations and reach a global audience. The symbiotic relationship between Amazon and its sellers fosters an environment where both can thrive, with sellers benefiting from Amazon’s extensive customer base and technological infrastructure, and Amazon benefiting from the sellers’ diverse offerings and innovation.
1.9 million independent businesses sell on Amazon as third-party sellers.
48% of Marketplace businesses are women-owned.
The average Marketplace seller spends $5,000 or less to open their store on Amazon; 24% of sellers open their stores for $500 or less.
60% of all Amazon purchases are made through Marketplace from SMBs.
46% of Amazon Marketplace stores take less than three (3) months to launch.
53% of Marketplace sellers spend 10 hours a week or less working on their Amazon business.
Amazon Marketplace businesses ship from over 130 countries.
Amazon Sellers Statistics
13% of American Amazon Marketplace sellers made over $100,000 in sales in 2021.
0.54% of Marketplace sellers in the U.S. made over $500,000 in 2021 sales.
0.01% of U.S. Amazon Marketplace Sellers made over $1 million in sales.
U.S. Amazon Marketplace sellers exported 260 million products to global buyers in 2022.
Delaware residents are more likely to sell on Amazon Marketplace than residents of any other state.
The Impact of Third-Party Sellers on Amazon
Third-party sellers on Amazon have transformed the marketplace into a vibrant and competitive space. These sellers contribute to the platform’s diversity, offering a wide range of products that enrich the Amazon search results page and enhance the overall Amazon customer experience. Their presence not only expands the selection available to shoppers but also fosters a dynamic environment where innovation and customer satisfaction are paramount. By leveraging Amazon Web Services, third-party sellers can operate more efficiently and scale their businesses, further amplifying their impact on Amazon’s ecosystem. The symbiotic relationship between Amazon and its third-party sellers is a testament to the platform’s ability to adapt and grow through collaborative success.
Third-party sellers list nearly 350 million items on Amazon Marketplace and sell an average of 7,800 products per minute.
1.9 million independent businesses sell on Amazon as third-party sellers.
In terms of gross merchandise value (GMV), Amazon is home to the third-largest global online marketplace after Taobao and Tmall.
Third-Party Sellers Amazon Sales Statistics
From Black Friday to Christmas Day 2021, third-party sellers sold an average of 11,500 products per minute.
Registered third-party sellers can apply to sell their products under an Amazon specialty store program for an additional charge (usually $39.99 per month plus selling fees).
To qualify to sell on Amazon Renewed, third-party sellers must provide invoices of refurbished and pre-owned product sales totaling a minimum of $50,000 over 3-to-6 months.
Delving into Amazon Prime Membership Statistics
Amazon Prime Membership is a multifaceted program that extends beyond expedited shipping to offer a suite of benefits that cater to a wide range of consumer interests. One of the standout features of Prime membership is the exclusive access to Prime Day sales, an annual event that has become a hallmark of Amazon’s calendar. During Prime Day, members are treated to a plethora of deals and discounts across various categories, driving significant traffic and sales on the platform. This event not only incentivizes membership sign-ups but also showcases the value proposition of Amazon Prime, reinforcing its importance in the e-commerce ecosystem.
71% of U.S. Amazon shoppers are Prime members.
Up to 75.9% of Amazon Prime shoppers are in the United States.
157.4 million, or 59.3% of Americans, have Amazon Prime memberships.
Amazon Prime Subscription Statistics
As of 2024, Amazon Prime has over 230 million subscribers worldwide.
In the United States alone, there are 165 million Amazon Prime subscribers.
Amazon Prime Video boasted 210 million users in 2023.
The service also had 80 million Prime Music listeners in the same year.
Amazon generated approximately $35.22 billion in annual revenue from subscription fees in 2022
Amazon Prime Video
Amazon Prime Video has over 220 million global subscribers as of the latest data.
In the second quarter of 2023, Amazon Prime Video held the highest market share in the US SVOD market at 21%.
Amazon offers approximately 75 million videos on Prime Video, catering to a wide range of viewer preferences.
As of the latest data, Amazon has over 200 million Amazon Prime subscribers worldwide.
In the United States, there are an estimated 167.2 million Amazon Prime members as of 2023, with a forecast to reach 176.2 million by 2025.
Sales during Amazon Prime Day reached $12.9 billion in 2023, showcasing the event’s massive scale and consumer participation.
The streaming service Amazon Prime Video has more than 175 million users, indicating the platform’s extensive reach beyond just shopping benefits.
Inside Amazon Sales: Crucial Sales Statistics
Amazon’s sales landscape is a testament to its dominance in the e-commerce sector. With a staggering net sales revenue of nearly $575 billion in 2023, Amazon has set a new benchmark for online retail success. This growth trajectory is expected to continue, with sales projected to reach an impressive $746.22 billion in 2023. The platform’s daily sales average at around $1.29 billion, highlighting the sheer volume of transactions that occur on Amazon every single day.
60% of 2022 unit sales on Amazon were with independent sellers on Marketplace.
The average small- or medium-sized business (SMB) on Amazon Marketplace makes over $140,000 in annual sales.
Tracking Amazon Sales Over Time
Amazon’s annual net sales revenue reached nearly $575 billion in 2023, marking a significant increase over the years.
For the quarter ending December 31, 2023, Amazon reported revenue of $169.961 billion, a 13.91% increase year-over-year.
Over the past decade, Amazon has shown a consistent upward trajectory in revenue, growing from $34.204 billion in 2010 to $574.785 billion in 2023.
Reflecting its focus on innovation, Amazon was granted over 40,000 patents in the U.S. from 2010 to 2023.
Amazon Sales Performance Across Different Regions
In 2023, North America remained Amazon’s largest market, generating nearly $353 billion in net sales.
Amazon’s international segments brought in over$131 billion.
With net sales of $395.64 billion, the United States was Amazon’s biggest market in 2023.
Ranking second, Germany contributed $37.6 billion to Amazon’s net sales.
The UK followed closely with net sales amounting to $33.6 billion.
Amazon’s Customer Service Statistics
The American Customer Satisfaction Index (ACSI) score for Amazon.com was 84 out of 100 points in 2022.
A third of Amazon shoppers in the United States valued the rapid response to complaints or order issues.
High-quality customer service is crucial, with 77% of business leaders recognizing that offering personalized support experiences leads to increased customer retention.
FAQs: Amazon Statistics
What are some interesting statistics about Amazon?
Amazon boasts a commanding 37.8% of e-commerce sales globally, with net sales reaching $170.0 billion in Q4 2023 alone. It serves over 310 million active users, processing an astounding 4.79 billion U.S. delivery orders in 2022.
How many people use Amazon?
Over 310 million active users rely on Amazon’s services, making it one of the most popular e-commerce platforms globally.
What percentage of people use Amazon?
Amazon holds an impressive 37.8% share of the e-commerce market, demonstrating its widespread adoption among consumers worldwide.
How big is Amazon right now?
Amazon’s vast scale is evident in its revenue, which reached nearly $575 billion in 2023, and its market share of 37.8% in e-commerce sales.
Are Amazon sales up or down?
Amazon’s net sales witnessed a significant 14% growth to $170.0 billion in the fourth quarter of 2023, indicating a positive trajectory.
How do I find out how many sales a product has on Amazon?
Product sales on Amazon can be tracked by analyzing seller statistics, including revenue and sales volumes, available through Amazon’s seller tools and third-party analytics services.
How many Amazon Prime subscribers are there?
As of 2024, Amazon Prime boasts over 230 million subscribers worldwide, with 165 million in the United States alone.
How have Amazon’s private label brands impacted overall sales statistics?
Amazon’s private label brands contribute to its overall sales growth, with statistics reflecting a diverse product assortment and increased revenue streams, though specific impact data may vary.
