Amazon.com Inc. (NASDAQ: AMZN) shares dipped on Monday after it was announced that the e-commerce empire was opening a new store for customers to shop exclusively from U.S. small and medium-sized businesses selling on Amazon.
This new “Amazon Storefronts” allows customers to shop a curated collection of over 1 million products and deals from nearly 20,000 U.S. small and medium-sized businesses, as well as learn more about profiled businesses through featured videos and stories.
Amazon launched the new store to offer customers an easy way to buy from small and medium-sized businesses in all 50 states through the convenient and trusted Amazon experience. Amazon Storefronts features a variety of product categories including Back to School, Halloween, Home, Kitchen, Pet Supplies and Books.
Nicholas Denissen, Vice President at Amazon, commented:
We’ve created a custom, one-stop shopping experience for customers looking for interesting, innovative and high quality products from American businesses from all across the country. Amazon first invited businesses to sell on Amazon nearly two decades ago, and today, small and medium-sized businesses are a vital part of Amazon’s large selection and commitment to customers. We’re championing their success with this new store and a national advertising campaign featuring a successful Michigan business selling on Amazon to customers across the U.S. and worldwide.
Shares of Amazon were last seen down about 3% at $1,910.60, with a consensus analyst price target of $2,133.12 and a 52-week trading range of $931.75 to $2,050.50.