The acquisition will help Amazon integrate enhanced seller tools into its Multi-Channel Fulfillment program. Here are the top-line bullets you need to know.
Amazon, an e-commerce company, has acquired Veeqo, an order and inventory management application, for an undisclosed amount.
WHO ARE THE PARTIES TO THE DEAL?
- Veeqo: UK-based Veeqo helps retailers track and manage their online business across e-commerce platforms such as Amazon, Shopify, Walmart, and eBay. The company has reportedly processed more than $1.7B in orders over the past year, and it facilitates around 28M shipments on an annual basis. Brands like Dove, Shopify, Trade Counter Online, and Brewdog are included among its client base.
- Amazon: Washington-based Amazon caters to retailers of all sizes and offers a wide range of products, including electronic goods, apparel, footwear, grocery items, kitchen appliances, and stationery. Amazon reportedly controls around 40% of US e-commerce sales, and its revenue increased 22% year-over-year to hit $469.8B in 2021. The company’s employee headcount, including part-time individuals, reached 1.6M in 2021.
Source: Veeqo
WHY DOES THE MARKET MATTER?
- The global inventory management software market is expected to reach a value of $5B by 2026, growing at a CAGR of over 5%, according to Global Market Insights.
- The rising popularity of e-commerce and omnichannel retailing have contributed to market growth.
- The demand for inventory management software has increased amid Covid-induced supply chain disruption.
