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Amazon Is Launching a New Program to Donate Unsold Products, After Reports That Millions Were Being Destroyed

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Amazon wants its third-party sellers to make better use of their unsold or unwanted products that often get dumped — by giving them away to charity.

Amazon is launching a new donations program, called Fulfillment by Amazon (FBA) Donations, for third-party sellers that store their inventory in Amazon’s warehouses in the U.S. and UK, CNBC has learned. Starting on September 1, the donation program will become the default option for all sellers when they choose to dispose of their unsold or unwanted products stored in Amazon warehouses across those two countries. Sellers can opt out of the program, if they want.

The donations will be distributed to a network of U.S. nonprofits through a group called Good360 and UK charities such as Newlife and Barnardo’s. After this story was published, Amazon announced the program via a blog post on Wednesday afternoon.

The new donations program is designed to reduce the amount of inventory that must be dumped from Amazon’s warehouses, helping the environment and putting otherwise wasted products to some use. Recent reports found that Amazon routinely discards unsold inventory, with one French TV documentary estimating Amazon to have destroyed over 3 million products in France last year. Given that Amazon generates the bulk of its sales in the U.S., the number of destroyed inventory in its U.S. warehouses is likely much larger than those found in other countries.

“This program will reduce the number of products sent to landfills and instead help those in need,” Amazon wrote in the email to sellers announcing the launch.

Sellers who spoke to CNBC said the new program makes it cheaper to donate their unwanted inventory. Amazon charges 50 cents to return unsold inventory to sellers, much more than the 15 cents charged for disposal. Sellers destroy their inventory for a variety of reasons, including returns that are no longer usable or for safety issues.

In an email statement to CNBC, Amazon’s spokesperson confirmed the launch of the new program, adding it’s “working hard” to bring the number of destroyed products to zero.

“At Amazon, the vast majority of returned products are resold to other customers or liquidators, returned to suppliers, or donated to charitable organizations, depending on their condition,” Amazon said.

By: Eugene Kim

Source: https://www.cnbc.com/

 

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Amazon’s Rising Shipping Costs Eat Into Profits

It turns out that one-day shipping is an expensive endeavor. Amazon reported worse-than-expected profits in its latest quarter, thanks in part to an aggressive effort to slash delivery times down to one day for items ordered on its site.

The e-commerce giant said on Thursday that profits during its second quarter rose 3.6% to $2.6 billion from the same period a year ago. That equates to $5.22 per share, which fell far short of the $5.57 per share that Wall Street analysts had anticipated.

Amazon’s shipping costs surged by 36% to over $8 billion in the last quarter. That is a sharp uptick when compared with the previous three quarters, when shipping costs had risen by around 20%. Amazon has stepped up its investment in its shipping capabilities after promising in April that it would make one-day shipping the new normal for members of Amazon Prime, rather than the two-day shipping that it has long offered.

The company said that it is making progress on the initiative and that free one-day shipping is now available to Prime members on more than 10 million items. “Customers are responding to Prime’s move to one-day delivery—we’ve received a lot of positive feedback and seen accelerating sales growth,” said Amazon founder and CEO Jeff Bezos in a statement.

Bezos has made an Amazon Prime membership, which carries a price tag of $119 a year, a staple in over 100 million households across the country. A big part of the draw is free shipping on millions of items. Amazon has sought to stay ahead of the curve here as retailers like Walmart and Target pile on with free shipping offers of their own, which typically require a minimum order size but don’t charge an annual fee.

It’s also a play to satisfy its most impatient customers. Amazon noted on a call with analysts and investors on Thursday that it hopes one-day shipping will cut down on the number of customers who end up leaving Amazon and buying an item elsewhere because it isn’t available for delivery fast enough.

Amazon also saw a rise in marketing costs during the quarter, as well as an uptick in compensation costs as it continues to grow its workforce. Overall costs rose 21% in the quarter.

Sales increased 20% to $63.4 billion, topping analyst estimates of $62.5 billion. However, investors seemed to focus on the disappointing bottom line. Shares of Amazon slid 2% in after-hours trading on Thursday.

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I am a staff writer at Forbes covering retail. I’m particularly interested in entrepreneurs who are finding success in a tough and changing landscape. I have been at Forbes since 2013, first on the markets and investing team and most recently on the billionaires team. In the course of my reporting, I have interviewed the father of Indian gambling, the first female billionaire to enter the space race and the immigrant founder of one of the nation’s most secretive financial upstarts. My work has also appeared in Money Magazine and CNNMoney.com. Tips or story ideas? Email me at ldebter@forbes.com.

 

Source: Amazon’s Rising Shipping Costs Eat Into Profits

Amazon Becomes World’s Most Valuable Company for the First Time Ever With a Market Value of $797billion – Surpassing Microsoft — BCNN1 WP

Amazon has become the world’s most valuable company for the first time, surpassing Microsoft. The shift occurred Monday after Amazon’s shares rose 3 per cent to close at $1,629.51 and lifted the e-commerce leader’s market value to $797billion. Meanwhile, Microsoft’s stock edged up by less than 1 percent to finish at $102.06, leaving the computer […]

via Amazon Becomes World’s Most Valuable Company for the First Time Ever With a Market Value of $797billion – Surpassing Microsoft — BCNN1 WP

Black Friday, Cyber Monday sale: Amazon Selling 120 Million ‘Made in India’ Products Worldwide – Livemint

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New Delhi: This year’s Black Friday sale and Cyber Monday sale in the United States and other parts of the world will have a desi touch as e-commerce giant Amazon has teamed up with over 37,000 Indian exporters to sell more than 120 million ‘Made in India’ products.

In a statement, Amazon said customers shopping on Amazon can avail exclusive deals on ‘Made in India’ products from across categories such as electronics, accessories, cookware, clothing, luxury products, toys, home décor, art & crafts, etc during the Black Friday sale.

The ‘Made in India’ products are being sold to Amazon customers worldwide for the biggest shopping season in the US and some other countries under Amazon’s Global Selling Program.

“I’m very excited for the international holiday season on Amazon, particularly Black Friday and Cyber Monday. Last year, it was our first global sale season on Amazon and we did 2X of our regular sales, which was completely unexpected. This year we’ve invested a lot more in our portfolio of products, added enhanced content, continuing to use FBA, and expect a surge of 3-4X from last year sales,” said Mobashir, owner of Estalon and a seller under Amazon’s Global Selling Program.

Cyber Monday was the single biggest shopping day worldwide for Amazon last year, and the biggest day ever for small businesses and entrepreneurs selling on Amazon. Customers ordered nearly 140 million items from small businesses alone.

Even Indian exporter on Amazon witnessed a revenue growth of over 1.5X year on year during Black Friday and Cyber Monday shopping season in 2017. Products in categories such as home, books, health and personal care, apparel, beauty, and office products were the most popular. In 2018, in addition to the popular categories of 2017, newer products in categories such as checkbook covers, sling bags, Christmas bedding, tool aprons, personalized wallets, aroma oils, etc. will be offered on exclusive deals during the shopping season.

A significant number of products have already been shipped to Amazon Fulfilment Centres worldwide to facilitate one day delivery to Amazon Prime members. Customers shopping on Amazon will have a fast and reliable delivery experience during the upcoming shopping season for ‘Made in India’ products.

Amazon Black Friday Deals Week 2018: Fire Stick And Echo Dot Bundles At Huge Price Cut – Madeline Kaufman

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If you’re looking to buy a Fire Stick and or maybe you want to invest in an Echo Dot, here is your perfect opportunity. Or, if you’re looking for two tech gifts for your Amazon product-lover, we’ve got a treat for you. Today, you can save $40 on either the Fire TV Stick 4k and a 3rd generation Echo Dot or a Fire TV Stick and a 2nd generation Echo Dot……….

Read more: https://www.forbes.com/sites/forbes-finds/2018/11/17/amazon-black-friday-deals-2018-fire-stick-and-echo-dot-bundles-at-huge-price-cut/#35bac176a028

 

 

 

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