By Marjella Mark
- Black consumers make up 14% in the U.S. market for basic essentials
- More than 50% of all Amazon sales come from third party sellers
When there is tragedy, black people seem to resurrect from the ashes and come back prosperous. Now, more consciously aware consumers may become more open to buying from alternative sellers. In the past black owned companies focused on the campaign of “Buying Black” to break into difficult markets, this quarantine crisis may push not only black consumers to buy black, but even other demographics to buy black as well. The COVID-19 virus has tilted the world in ways unimaginable, but this horrid crisis can either set us back as a people or be the big equalizer.
Why This Matters: There are numerous black owned companies that sell basic essentials. One of the more recently publicized companies was Honey Pot that sold out in stores and online after their viral Target (TGT +3.81%) commercial. As many brick and mortars remain closed, the digital consumer market thrives, confirming what many economists already expected. Black consumers make up 14% in the U.S. market for basic essentials, but as companies like Amazon (AMZN +0.45%) and Fresh Direct sell online, there are new consumers spending on brands, not thinking about the ethnicity of the founder.
There are new consumers spending on brands, not thinking about the ethnicity of the founder
Online shopping and services creates a more equal playing field in many industries allowing those who have faced restrictions in the past, a new opportunity to succeed. More than 50% of all Amazon sales come from third party sellers. By selling directly to the over 95 million members on Amazon, there is a high chance of making a profit as more people rely heavily on getting their basic needs regardless of who’s the vendor.
Situational Awareness: As many nations around the world continue to be on lockdown, practicing social distancing and hyper hygienic practices, people are purchasing necessities for their home more than ever before. This is the opportunity for you to make money from your toilet paper company, line of cleaning supplies or vitamin elixir e-shop. People have to get their basic needs somewhere, why not from you.
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