This month Elevate Brands bought its 20th Amazon seller, and it’s targeting a stable of 100 brands selling on the marketplace by the end of next year. It will soon open a European office in London as it looks to expand beyond its home market in the US – and predicts it will turn over $150m this year. It’s a fast pace of growth for a business that started life as an Amazon seller as recently as 2016.
The sector has thrived in the disruption thrown up by the pandemic, says Elevate Brands co-founder and chief Ryan Gnesin, a former commodities trader. Covid-19 restrictions meant that shoppers discovered the benefits of buying online rather than in shops and, he says, that represents a shift online that is now here to stay.
Online, says Gnesin, “is just a far better shopping experience”. He adds: “The question was how do you change consumer behaviour where people have their entire lives been buying in-store and you want to shift them to buying online – and the pandemic did that for us. And now those people have experienced the benefits of online shopping I believe that behaviour is here to stay for the vast majority of people.”
Read the full story: How brand aggregator Elevate Brands is expanding quickly through buying Amazon sellers
