Amazon Business — the online market arm of Amazon specifically aimed at purchases made by businesses — announced on August 21 that it had exceeded $35 billion in annualized gross sales, and was now serving more than 8 million customers, including 97 of the Fortune 100 companies.
Founded in 2015, Amazon Business says it aims to offer the everyday low prices, vast selection, and a convenient shopping and delivery experience of Amazon, along with a diverse supplier network, a global logistics network and AI-powered data analytics tools.
The company said business customers now have access to hundreds of millions of items worldwide — a 25% increase in selection compared to this time last year, and that it grew the number of items from small business sellers in its store by almost 80% globally year-over-year.
Amazon Business also offers a suite of cost-saving tools, some of which include Guided Buying, a feature that steers employees toward preferred products and suppliers, automatically enforcing spending limits and approval workflows; and Spend Analytics, which gives organizations a detailed breakdown of spending patterns, supplier performance and category-level analysis.