Amazon (NASDAQ:AMZN) has revealed plans to tap into the £96.5 billion UK online market for business-to-business sales.
The new service, which has already launched in the US, will sell office supplies, industrial tools and laboratory kits to small, medium and large sized businesses in a dramatic expansion from its traditional retail business.
Amazon Business has so far generated over $1 billion in annual sales in the US and is currently working with more than than 400,000 businesses.
More than 100 million products will be aailable to businesses, charities and universities in the UK. Products include including laptops, office supplies, commercial-grade printers and furniture.
“Whether you are a sole trader, a buyer in a mid-size company or a chief procurement officer in a large multinational organisation, Amazon Business has the products and capabilities to serve your needs.” said Bill Burkland, head of the internet giant’s business company in the UK.
“Amazon Business combines more than 100m business products with a new set of unique business features – from reporting and analytics to spending limits and purchasing workflow approvals.”
With this new Business feature launching in the UK, the internet giant said that it would up to create 5,000 new full-time UK jobs this year for positions in from software developers to warehouse staff.
Amazon will open new warehouses in Tilbury, Doncaster and Daventry.
Amazon’s shares has increased by almost 50 percent over the past year to a record high, valuing the company at over $400 billion. The company’s profits increased nearly three times last year to $2.4 billion. This was both due to the giant’s new Amazon Echo home assistant, its media streaming services for Amazon Prime members, and introduction of its foo delivery service.
Jeff Bezos, founder of Amazon, recently overtook Warren Buffett in the Bloomberg ranking of world’s richest people, to score himself the second spot after Bill Gates.