B2B Payments

Amazon's Jeff Bezos made a $8 T B2B Bet

Moving past drones, same-day grocery delivery and TV deals, Jeff Bezons has made a major move that will disrupt the B2B industry. AmazonSupply, an e-commerce site is targeting the banal but extremely lucrative wholesale and distribution market. However, Bezos hasn’t spoken more than 30 words in public about AmazonSupply and described it as “an incredible category” during the company’s 2012 annual meeting.

While it is unclear if the lack of coverage is Bezos’ strategy or if he thinks that the area lacks PR and marketing value, wholesalers are taking the threat seriously.

According to the most recent U.S. Census, U.S. retailers took in more than $4 trillion in revenues and wholesalers brought in $7.2 trillion.

AmazonSupply.com launched quietly in April 2012 with 500,000 items for sale with a website almost identical to the company’s flagship site. The site is still officially in beta with over 2.2 million products.

The origin of AmazonSupply was in 2005 when Amazon acquired SmallParts.com,  an online emporium that billed itself as “the hardware store for research & development.” The purchase price was never disclosed. “It was an opportunity for us to learn more about our business customers,” says Vice President of B2B and AmazonSupply Prentis Wilson. “As we evolved our selection, we launched AmazonSupply.”

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Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

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