Here’s my collection of Amazon-related news and updates for February 2024. 

China’s Worldwide Exports Fall 

Last year I mentioned China had fallen behind Mexico as the U.S.’s top trade partner. Blame the decline on changing political relations, adjustments to trade policies between the two countries, and an ongoing international trend of “ditch business with China if you can.” 

So it’s no surprise that China’s now declining in worldwide exports; meaning the world’s becoming less dependent on Chinese goods, or so it appears. 

According to a CNBC article:

“China’s trade with its major partners declined in 2023 as demand for Chinese goods fell amid slower global growth.”

But why’s the trend noteworthy?

This change is pushing business and manufacturing out of China, and into other countries. This means that Amazon and e-commerce sellers will most likely be sourcing products from outside China in the coming years. 

Vietnam and Mexico are poised to absorb much of the manufacturing exodus, it’s still, however, a little too early to tell how this will impact e-commerce product sourcing. 

4600 Retail Stores Closed Last Year

Retail trends come and go, but one hard-to-ignore pattern is the ongoing closing of retail stores across the U.S., which rose a whopping 80% between 2022 and 2023. 

Here are the trailblazers of the bloodbath: 

• Bed, Bath and Beyond – 866 Stores Closed
• Tuesday Morning – 463 Stores Closed
• Rite Aid – 335 Stores Closed
• CVS Pharmacy – 311 Stores Closed
• 7-11 – 382 Stores Closed

And the reasons for closing?

According to the same article, the pharmacies face tough competition from, you guessed it…Wal-Mart and Amazon. 

But does this mean more people are shopping online? 

Yes and no. 

In a December 2023 report, Pew reported that while online shopping is spiking in popularity, most consumers still prefer shopping in person, with most consumer purchases coming from physical sales. 

My conclusion? Since e-commerce sales only accounted for 15.6 percent of total retail sales during Q3 of 2023, there’s still plenty of space for online sales to grow. 

AI Makes Decision-Making Easier 

Amazon’s newest AI feature creates recommendations based on previous orders, similarities between other brands, and related Amazon listings. 

This should lead to higher conversions and fewer returns on applicable listings, which is great news for sellers working in apparel since that category tends to have higher return rates. 

Prime Air Expansion in 2024

In news that sounds straight out of a sci-fi novel, Amazon has set some lofty goals for drone deliveries in 2024. 

Until now, Amazon Prime Air has been limited to College Station, Texas, and Lockeford, California. 

But some exciting changes are coming this year. 

• Prime Air will be available in a new yet-to-be-named U.S. City by the end of the year
• Amazon will introduce the service in the U.K. and Italy. 
• The new MK30 drone can operate in rain, and “diverse weather,” and has double the range as its predecessor.  

I’m guessing this is part of Amazon’s “bigger picture” of continually increasing its delivery speeds. 

What Exactly is “Personalization”? 

The term “personalization” in brand building is trending in 2024. 

Personalization is all about giving your audience a unique experience that’s specific to your brand and product. This can done through content, emails, social media, live video streaming, or even influencer marketing. 

And due to the increasing amount of scams, AI-driven everything, and the rising popularity of Social Shopping, I’d say this is becoming an important element in the Amazon game. 

Here’s a short list of advantages. 

Improved Customer Experience – Personalization makes interactions with brands more valuable, relevant, and enjoyable. Sellers can create personalized offers, content and recommendations to tailor to viewers’ specific needs. 

Increased Engagement: Personalized marketing campaigns are more likely to be successful in 2024 because viewers can form a more intimate and trustworthy connection to the brand; which increases engagement as a result

Competitive advantage: Personalized experiences, whether it be through This type of personal value goes way beyond price or product offerings.

Need inspiration? Follow any social media influencer and study their content, messaging, and graphics. There’s no shame in borrowing ideas from them (hence the name “influencer”). 

Update to My 2024 Manual 

My Amazon Wealth Accelerator 2024 update to be released soon.

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