After the pandemic, Amazon emerged as the leading e-commerce platform around the globe. Amazon has always offered unique and productive programs to facilitate its buyers and customers. Among these programs, one of the significant steps is Amazon Black Business Accelerator (BBA) for 3rd party sellers.
Most third-party sellers on Amazon are small to medium-sized businesses. Over 60 percent of Amazon’s sales are generated through third-party sellers. Taking the market share by operating as a third-party seller on Amazon is extremely difficult without a strong budget and market knowledge. Amazon shows its credibility and wishes to empower Black-owned businesses to enjoy that success.
This article will share information about the Amazon Black business accelerator program by exploring its ins and outs.
Amazon Black Business Accelerator Program
The Black Business accelerator program of Amazon provides capital access, marketing support, mentorship, and strategic business guidance. The fundamental objective is that Black business owners can enhance the value of their brands and appear to be successful product sellers on Amazon.
Selling on Amazon is an ample opportunity for global entrepreneurs. After selecting the preferable business model, you can easily start your business on Amazon. Amazon offers different incentivized programs for the sellers to boost their sales growth. The black business accelerator program is one example of these offered programs.
Despite of extreme crisis worldwide due to the pandemic, thousands of small and medium sellers on Amazon witnessed growth in their sales. Similarly, the Amazon accelerator program is offered for Black-owned businesses to capitalize on their businesses on Amazon and enjoy this extraordinary growth of online shopping on the leading global e-commerce platform.
Amazon BBA will invest around 150 million US dollars in this program to help Black business owners to accelerate their business growth. These funds will be utilized wisely to gain maximum benefits for these sellers.
How Does It Work?
The Black Business Accelerator program of Amazon is developed to provide financial assistance, marketing support, mentorship, and business guidance to all the current and ambitious Black-owned small businesses to grow within the ecosystem of Amazon. Here is how it works.
Financial Support
The program participants can access financial support and services to trigger their business growth in the initial stages. The opportunities included are Amazon credits and services valued at 3900 US dollars, including free offered products imaging facility, and advertising credits. One can quickly grab the advantage of this influential assistance.
Granting $10,000 Cash
Amazon will also offer a $10,000 cash grant at the initial stages, partnering with Hello Alice. For your information, Hello Alice is an organization that helps entrepreneurs to launch and accelerate their business growth.
Entrepreneurs can use these grants to start a successful Amazon business and implement valuable strategies to get the best out of received grants.
Mentorship and Business Knowledge
The Black business accelerator program participants can have free strategic advisory services for a minimum of one year to provide them with knowledge and training to boost their business growth. In addition, they can connect with a vast list of business mentors, which include Amazon experts and industry leaders, to accelerate their business revenues.
Previously, black entrepreneurs had less access to the mentorship of experts’ consultancy to develop their business strategy. Amazon group considered this task a high priority and created a structure for these business owners to provide them with education and training to scale their business.
As the competition on Amazon is unceasingly rising, small and medium-sized sellers should work with a strategic roadmap. The offered program is a lucrative opportunity for black-owned businesses on Amazon to take maximum benefits.
Marketing and Promotion
To appear on the top page of Amazon product listings needs exceptional marketing and technical workout. It’s not easy for small or medium sellers to appear on the top pages of the search results.
Customers can not easily find the products that black-owned businesses offer on Amazon. However, after the influential steps of Amazon like black-owned storefronts for Amazon business customers and shoppers and promotion that features their business, customers can now find products offered by these sellers during their shopping experience.
After launching discoverability enhancements that notifies the product offered by minority-owned businesses on Amazon, customers can easily purchase products from these certified businesses.
Amazon is also partnered with Minority Business Development Agency and United States Black Chamber Corporation. These organizations will also assist in providing educational resources, training, and mentorship to escalate the chances of black-owned businesses’ success.
These partners will also help Amazon explore other options for helping out unnotified minority sellers in the future. Amazon leadership has taken a magnificent step to empower black-owned businesses, enabling them to scale their business. It will allow them to survive and get maximum advantages from this growing opportunity.
Black Entrepreneurs Face Significant Challenges
Black entrepreneurs face challenges in accessing capital, growth opportunities, and mentorship. However, after launching the Amazon Black Business accelerator program, the program participants are motivated and happy to start their successful business journey on Amazon.
Here are some of the reviews of participants:
- Lidz Eugen (CEO of MindEyes): “As a certified minority-owned business, the systems, support, and analytics that Amazon offers allow smaller businesses like ours to operate and do things in a bigger way.”
- Florence Wanjiku (Equipment sales manager, Rfwel Engineering): “As a black owned business we have greatly benefited from Amazon business exceptional help and support, which has enabled us to supply wireless communication and control equipment to new business customers, organizations, and government agencies.”
- Ben Walker (Owner, Buyers Point): “Buyers Points has built its reputation as an industry leader in A/V and Networking Components over the past decade. We specialize in excellent customer service, high quality, and affordable products to design engineers, facilities, and operation managers, and everyday consumers that prioritize diversity and inclusion in their company mission.”
In the End
Amazon Black Business Accelerator program is a big step toward empowering black-owned businesses on Amazon. In addition, the roadmap developed to grow the opportunities for these businesses is destined to provide significant financial benefits.
After partnering with different business development organizations, Amazon is further planning to empower minority-owned businesses within their ecosystem.
FAQs
What does the Black Business Accelerator do?
Amazon’s BBA program is designed to help black-owned businesses to prosper within the competitive environment of Amazon. Different incentives like financial grants, marketing, and promotional support, education, and a few other services will be provided to these sellers. The whole program is destined to empower black-owned businesses.
What is the Amazon accelerator?
Amazon Accelerator allows different manufacturers to launch their brands or products within the Amazon market and provide them an opportunity to become Amazon Private Brand Supplier.
Who created the Black Business Accelerator?
In 2019, Johnson with Rachad Lewis and Eradman created a BBA program to empower black-owned brands on Amazon.
