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Amazon Teams Up with Intuit to Enhance Seller Financial Tools
In a strategic move, Amazon has announced a partnership with Intuit, aimed at providing online accounting solutions to its extensive network of third-party sellers. This collaboration is set to roll out in mid-2025, incorporating Intuit’s QuickBooks into Amazon Seller Central, which serves as the operational hub for merchants who sell on the platform.
For many smaller businesses and independent sellers, effectively managing financial records has been a longstanding challenge. The integration of QuickBooks will enable these sellers to gain real-time insights into their financial health, offering them clearer perspectives on profitability, cash flow, and tax estimates. Dharmesh Mehta, Amazon’s vice president of worldwide selling partner services, emphasized the goal of this collaboration, stating, “Together with Intuit, we’re working to equip our selling partners with additional financial tools and access to capital to help them scale efficiently.”
While the integration is still several months away, the announcement comes at a critical time when many sellers are preparing for the upcoming holiday shopping season, which is typically a peak period for retail sales.
Amazon’s marketplace is fundamental to its retail strategy, contributing to approximately 60% of the gross merchandise sold on the platform. This aspect not only enhances Amazon’s product offerings but also generates significant revenue through fulfillment and shipping fees, advertising services, and customer support for sellers.
The financial performance of Amazon’s seller services segment has been impressive, with a reported revenue of $37.9 billion in the third quarter, marking a 10% increase and accounting for 24% of Amazon’s total revenue. CEO Andy Jassy noted strong demand from third-party sellers, highlighting the resilience of unit volumes during their earnings call.
Although Amazon’s stock has surged nearly 50% this year, achieving record highs, Intuit has faced more substantial headwinds, with an increase of less than 4% in stock value this year. Recent reports have raised concerns for Intuit, as its shares fell 5% following speculation about a potential free tax-filing app being considered by the Trump administration. An additional decline occurred after the company issued a revenue forecast below analysts’ expectations, attributed to delayed sales.
QuickBooks remains a significant growth engine for Intuit, particularly popular as a comprehensive accounting and payroll solution for small businesses. In its latest quarterly report, Intuit highlighted a 21% growth in its QuickBooks Online Accounting segment, with total revenue rising by 10% to $3.28 billion.
Looking to the future, Intuit is innovating by integrating generative artificial intelligence features into QuickBooks and its other services, such as Mailchimp. This addition aims to deliver more automated insights and streamline financial management for users. CEO Sasan Goodarzi expressed the company’s vision of creating a fully integrated experience across its platforms, designed to enhance the efficiency and profitability of small businesses.
Goodarzi reiterated this commitment in the recent announcement, stating that Intuit’s AI-driven expert platform would assist sellers in increasing their revenue and profitability while optimizing their time and resources.
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