Amazon Partners with Shark Tank to Expand Product Offerings

AmazonAMZN has teamed up with Shark Tank to become its official retail partner. This is in sync with the company's continued focus toward expanding its footprint in the retail space.

Shark Tank runs a reality show in which entrepreneurs from all over the world showcase their products in front of the investors also called "sharks." The show helps entrepreneurs to get funding for their projects and startups.

The recent partnership enables Amazon to bring the innovative products that Shark Tank has invested in like Hatch Baby, Third Wave Water Stasherto its platform. In fact, Amazon will be able to showcase all the 70 products via Amazon Launchpad that have received funding during the Shark Tank 's seasons to date.

The deal will also enable entrepreneurs from Shark Tank 's season 10 to showcase their products in the Amazon Launchpad Shark Tank Collection in the near term.

The latest move of the company will help it to expand its product portfolio and enhance product offerings. This will help the company in attracting more customers to its e-commerce platform.

Social Benefits to Aid Growth

This deal of Amazon is likely to be socially beneficial by expanding the product options to its customers and promoting the interests of the new entrepreneurs., Inc. Price and Consensus, Inc. Price and Consensus |, Inc. Quote

Amazon Launchpad is a program that enables these entrepreneurs establish their startups and make their products available to the company's huge customer base. This will expand their reach to customers which will aid their revenue generation.

Further, the Shark Tank entrepreneurs are getting $15,000 credit for cloud computing services from the company's cloud platform, Amazon Web Services.

Consequently, the program will help the e-commerce giant to boost its seller base. This will aid Amazon in sustaining its dominant position in the online retail sector.

Strengthening Retail Position

Amazon's latest move is likely to add strength to its growing retail initiatives. The company is dominating the retail space due to its expanding seller base and strong distribution capabilities. However, retailers and e-commerce companies like Walmart WMT , Target TGT and Alibaba BABA are also trying to grab a footprint in the market, which is increasing competition for Amazon.

The company is taking various initiatives to steer away competition. Apart from the Shark Tank partnership, it recently rolled out Amazon Accelerator Program in an effort to bolster its private label business. With this program, Amazon is trying to bring various companies and manufacturers under its program and make them part of its "Our Brands."

We believe these strong efforts will aid the company in reaping benefits from the growing online as well as core retail sector.

Currently, Amazon carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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