Second Quarter Sales for Online Giant Increase 7 Percent — $121.23 Billion
BOCA RATON, Fla., Aug. 2, 2022 /PRNewswire/ — Amazon beat Wall Street estimates and high inflation to report a 7 percent increase in sales.
"Even better, Amazon is forecasting double-digit sales growth for the third quarter," said Mitch Gould, Founder and CEO of Nutritional Products International, a global brand management firm based in Boca Raton, FL. "CNBC reported that consumer spending for Amazon remained strong."
News reports credit Amazon’s ability to get products back on its virtual shelves and shipping packages quickly to customers as factors helping sales growth.
Interestingly, Amazon said the high inflation has not negatively affected its sales as it has other retailers.
"Consumers are spending money on essentials," Gould said. "Certainly, food and gas are very important, but COVID-19 also made health supplements a major concern for millions of people.
"We saw sales for supplements skyrocket during the height of the pandemic," Gould added. "Sales are still strong but the annual growth rate has decreased from the highs of two years ago."
However, the Nutrition Business Journal Global Supplement Report said the spike in health supplement sales is not a "temporary" phenomenon.
"NBJ said the threat of illness and the hope that dietary supplements give to people are the norm today," Gould said. "Record numbers of Americans take supplements today."
"Despite inflation, sales should remain strong because of the increased number of people taking supplements," he added. "NBJ said even a normal growth rate could increase sales by $9.27 billion in the global market."
Looking forward, Gould, whose company works with health and wellness brands, emphasized that Amazon predicts double-digit sales for the third quarter.
Amazon is special to Gould and Jeff Fernandez, president of NPI.
"I was a buyer for Amazon in the early 2000s when it launched a health and wellness category," Fernandez said.
"NPI played a vital role in the development of the sports nutrition and health and wellness category," Gould said. "I am proud to say we were part of Amazon’s history."
For more information, visit www.nutricompany.com.
NPI is a privately-held company specializing in the retail distribution of nutraceuticals, dietary supplements, functional beverages, and skincare products. Mitch Gould developed the "Evolution of Distribution" platform, which provides domestic and international product manufacturers with the sales, marketing, and product distribution expertise required to succeed in the United States.
SOURCE Nutritional Products International