Amazon,Inc. (NASDAQ:AMZN) business marketplace is its fastest growing marketplace, reaching $10 billion in sales only three years after reaching $1 billion.
Amazon’s business marketplace is growing faster than its consumer retail and cloud unit sectors, with some analysts believing it will surpass the profits of the company’s traditionally dominant e-commerce section. Amazon business specializes in selling supplies to corporate buyers.
CNBC provides insight on the exciting development:
Business-to-business sales presents another massive growth opportunity for Amazon, which makes most of its money through its consumer retail and cloud computing services. The company booked $177 billion in total revenue in 2017, and nearly $53 billion in the second quarter of 2018.
Amazon boasted the new sales projection in a blog post, where it revealed that 55 of the Fortune 500 companies utilize its service. It took seven years for Amazon’s retail section to grow from $1 billion in revenue to $10 billion, whereas it only took Amazon’s business marketplace three years.