Business

Only private labels listings back to pre-Covid days on Amazon

Published

4 years ago

May 28, 2020

Only private labels listings back to pre-Covid days on Amazon

Bengaluru: Even as a significant number of active merchants have returned to ecommerce marketplace Amazon over the last three weeks after restrictions on shipping non-essential goods were relaxed, the number of unique products available on its platform is lower than what it was prior to the nationwide lockdown.

This has led to improved visibility for Amazon’s own private labels, including Amazon Basics, Solimo, Presto, Symbol and others, and in some instances have also translated into higher sales for the private brands.

According to data sourced from US-based analyst Marketplace Pulse, 85% of the 200,000 sellers that were active on Amazon on March 20 — five days before the lockdown to stop the spread of the Covid-19 virus outbreak was imposed — have once again become active.

However, the total number of unique products, or stock keeping units (SKUs) in retail parlance, that are available on Amazon stands at 30% or 15 million SKUs, compared to 50 million SKUs before the lockdown.

This steep reduction in product selection, combined with steady availability of its in-house brands have led to higher sales for the company’s private labels, analysts said.

“Sales (of private labels) is certainly up, but growing this business is part of a broader plan at Amazon. So, the groundwork was already laid, but you could say we reaped the benefits of that during this tough period,” said a senior executive at Amazon who pleaded anonymity as he is not authorised to speak to the media.

An Amazon spokesperson told ET that it was witnessing a 15-20% week-on-week increase in the number of sellers returning to its platform.

“We are confident that sellers will continue to increase selection as they overcome their operating challenges,” the spokesperson said, without commenting on its private label business.

Analysts and industry executives pointed out that it has been far easier for ecommerce companies to maintain supply of private label products since they control manufacturing and procurement, as opposed to having to work with third-party sellers and manufacturers who are currently facing working capital, raw material and labour shortages.

“The supply of certain items has been impacted as production and manufacturing have been affected due to the lockdown, among other reasons,” a Flipkart spokesperson told ET, adding that the company had seen a 9X increase in the number of active sellers on its platform, compared to during the first week of the lockdown.

A Flipkart insider told ET that although its private label product sales have seen good growth over the last few weeks, it still accounted for under 5% of overall sales.

Having been part of internal discussions on competitor analysis, the executive pointed out that private brands were a far larger business for Amazon.

Amazon has been steadily growing its portfolio of private brands in India over the last few years. Starting with smartphone cables under its Amazon Basics brand, the company has diversified into everything from toilet cleaners to recliner sofas. Amazon, like competitors, ramps up its private labels ahead of the festive season sales.

Earlier this year, the company expanded its portfolio to include more furniture, gym equipment and some large appliances, competing in the mass premium segment in each of these categories. It has also grown its selection of packaged food, which it sells through Amazon Retail, its fully owned subsidiary.

“Just like how we’re seeing an increase in sales of products from local brands in offline stores because supply from national FMCG players has been hit, a similar trend is being seen with private labels on e-commerce platforms,” said Satish Meena, forecast analyst at Forrester Research.

A reduction in choice of products and value conscious buying among consumers are causing an uptick in sales of private label products on e-commerce marketplaces, Meena added.

A similar trend was seen in the online grocery segment when the lockdown was announced.

“Every disaster brings an opportunity. For Amazon, it’s their private label business which they are aggressively advertising at a time when there’s dearth of competition. They are specifically targeting all the categories that are in high demand right now – utensils and kitchen appliances, workout equipment, summer appliances, home furnishings and basic furniture,” said an analyst who did not want to be named as he works with Amazon.

Amazon’s growing private label business has, however, been at the centre of many controversies globally. In India, groups such as the All India Online Vendors’ Association have alleged that it uses private labels to undercut prices of popular products, in turn forcing sellers to offer discounts to remain competitive.

Earlier this month, the US Congress called on Amazon CEO Jeff Bezos to testify in an ongoing antitrust probe into the company and other technology enterprises. The move followed a Wall Street Journal report that alleged that Amazon employees had accessed information, such as sales of third-party vendors, to build competing in-house brands, which the company has denied.

(Note: This is a Article Automatically Generated Through Syndication, Here is The Original Source

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World

Hims & Hers CEO Andrew Dudum Says Wants to Hire Student Protesters Backlash Underway

Published

3 hours ago

May 6, 2024

Manoj Nair

Hims & Hers CEO Andrew Dudum Says Wants Hire Student Protesters Backlash Underway

Andrew Dudum, CEO and founder of Telemedicine Company Hims & Hers is facing flak on the social media after his reported statement that he wants to hire students and protestors who are taking part in the protest in support of Palestinians in Universities across the US.

A number of tech sector founders has also condemned his statements.

Dudum had posted on X,

“If you’re currently protesting against the genocide of the Palestinian people and for your university’s divestment from Israel, keep going. It’s working. There are plenty of companies and CEOs eager to hire you, regardless of university discipline.”

He also posted a link to a page showing open positions at Hims & Hers.

X users have expressed their disapproval and have even called for a boycott Hims & Hers, and others said they are selling their stock in the company.

Cofounder of Palantir Technologies as well as the managing partner of early stage venture capital firm 8VC Joe Lonsdale responded on X and said

“Real moral courage doesn’t involve joining a mindless mob, chanting anti U.S. and other woke pablum, following instructions not to debate or discuss your positions at all yet being indignantly righteous, while large numbers in the mob chant for violence and block Jewish students.”

While Hims & Hers spokesperson said Dudum were not available for comments, old posts by Dudum have been unearthed which puts in context his actions. Days before the horrific attack by Hamas’ terrorist against Israel on October 7, Dudum had posted –

“In pursuit for peace: Our leaders need to embrace nuance.”

Dudum further explained that he is a Palestinian American and had roots in and family in the West Bank and Gaza and said Hims & Hers’ values are based on a respect for human dignity and life.

Dudum wrote

“It is upon those values that I believe all leaders and CEOs should use their platform today to call for an immediate cease fire. To actively recognize Israel’s right to defense and also recognize the means and manner in which they are responding violates international law. I ask us to find nuance, and share our voice today to help save innocent lives.”

Deadly protests have hit U.S. college campuses through last month and protest encampments have sprung across more than 40 colleges nationwide.

Police crackdown is on and there have been more than 1,900 arrests or detainments following a wave of activism at universities across the country.

Hims & Hers is a Telemedicine Company that links consumers with licensed healthcare professionals, enabling access to high-quality care for conditions related to sexual health, mental health, and more. It also offers its own range of products and is in a partnership with Los Angeles-based Hustle & Co. on media relations.

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World

More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Published

2 days ago

May 4, 2024

Manoj Nair

More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Trouble for Microsoft and OpenAI over copyright infringement is not coming to an end, as they face several lawsuits for violating copyrights.

On Tuesday, eight US newspaper publishers sued Microsoft for illegally reusing articles in AI products.

The 98-page long lawsuit further accused the tech companies of attributing erroneous information to the publishers.

The eight newspapers that have filed the lawsuits include the New York Daily News and the Chicago Tribune.

They allege that OpenAI’s ChatGPT used their copyrighted articles to perfect its language models without permission.

The lawsuit was filed in a New York federal court on Tuesday. The publishers claim that OpenAI’s large language models, GPT-2 and GPT-3, were perfected using datasets containing text from their newspapers.

The language models are designed to produce text based on human inputs and reproduce copies of the publishers’ works. Microsoft has been indicted for using newspapers for its Bing search index but seldom provided links to the original articles. Four months ago, The New York Times also filed a lawsuit against OpenAI, accusing the tech giant of using data from its past content. It also asked for consent for usage, criticizing the use of full article excerpts in chatbot responses.

The latest lawsuit filed by the eight news outlets also demanded consent and fair value for using their content to perfect the AI language models. The lawsuit alleged that the AI tools literally regurgitate their content without directing users to the content source.

The lawsuit filings stated, “This lawsuit arises from defendants purloining millions of the publishers’ copyrighted articles without permission and without payment to fuel the commercialization of their generative artificial intelligence products, including ChatGPT and (Microsoft’s) Copilot.”

The eight newspapers that instituted the lawsuits are as follows:

The New York Daily News and The Chicago Tribune, both owned by Alden Global Capital
The Orlando Sentinel
The Sun Sentinel
The San Jose Mercury News
The Denver Post
The Orange County Register
The St. Paul Pioneer Press

OpenAI’s Response

OpenAI did not directly respond to the accusations but stated that it takes great care to support the news and media outlets. It also stated it is in continuous partnerships and conversations with various news outlets around the world to explore new opportunities, discuss problems, and seek out solutions.

Microsoft also stated that OpenAI has entered into fruitful partnerships with a number of publishers, which includes The Financial Times, The Associated Press, Spanish conglomerate Prisa Media, and Germany’s Axel Springer.

Net Worth

Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

Published

3 days ago

May 3, 2024

Vishnu Chaudhary

Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

Who is Alan Patricof?

Alan Patricof is a prominent figure in the American investment landscape, renowned for his contributions to venture capital. With a career spanning over four decades, Patricof has been instrumental in shaping the growth of numerous global companies, including America Online, Apple Computer, and Audible. His legacy extends beyond business, with involvement in community organizations and government initiatives.

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Alan Patricof Career

Alan Patricof’s career in venture capital began in the industry’s early days. He founded Patricof & Co. Ventures Inc., a precursor to Apax Partners, one of the world’s leading private equity firms. Later, he established Greycroft Partners, focusing on early and expansion-stage investments in digital media. Throughout his career, Patricof’s vision and leadership have played a pivotal role in advancing the venture capital field.

Alan Patricof’s Net Worth

As of May 3, 2024, Alan Patricof’s estimated net worth stands at over $1 million. His wealth is derived from various investments, including holdings in Boston Properties Inc. and successful ventures in digital media. Despite humble beginnings, Patricof’s entrepreneurial spirit and strategic acumen have propelled him to financial success.

Alan Patricof Age

Born in 1934, Alan Patricof is currently in his late eighties. Despite his advanced age, he remains active in the business world, leveraging his wealth of experience to mentor emerging entrepreneurs and drive innovation.

Alan Patricof Family: Wife and Children

Alan Patricof has been married to his wife Susan for over 48 years. Together, they have three children and seven grandchildren. Family holds great importance to Patricof, and he credits his upbringing and heritage for shaping his values and work ethic.

Alan Patricof Height and Weight

While specific details about Alan Patricof’s height and weight are not readily available, his stature in the investment community is undeniable. Patricof’s impact transcends physical measurements, as he continues to leave a lasting legacy in venture capital and philanthropy.

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