Jason Tay, co-founder of retailer Fair Havens, agreed that Amazon’s scale and volume are incomparable even to other, large online selling platforms. Fair Havens sells natural skincare products in the U.S. through the e-commerce giant’s fulfillment program and also locally in Singapore through his own site and other local platforms such as Alibaba-owned Lazada.
“When you compare the different sales channels … the others pale in comparison to the scale of Amazon,” he said. “We sell in the States on Amazon, as well as eBay, and for every 1,000 sales that we have on Amazon, we maybe have 3 on eBay.”
Tay explained that while Amazon’s cut on sales are higher than other platforms, it is still comparatively lower than running a physical store, which would have sizable overhead, fixed costs including store maintenance, managing inventory and hiring employees.
Even with the presence and influence of big tech, there has never been a better time to start an online business, he added.
“I personally believe that there has never been a greater time in history to start your own small business or there has never been a greater opportunity for small businesses than the time we live in,” Tay said, adding, “With very little capital, and with very little risk, you now have access to the global market.”