Marketplace Brief / 2026

The asset class
hidden inside the
world's largest store.

Amazon's third-party marketplace did $575 billion in 2025. It is no longer a side hustle. It is infrastructure — and a small, professionalized cohort of operators is now capturing the upside. Here is the data, and what it means for capital allocators in 2026.

Total GMV — 2025
$830B
Third-Party Share
69%
Active Buyers
300M+
01 / Marketplace Scale

A market larger than
most national economies.

The headline figure understates it. Amazon now moves more goods per day than the GDP of a small country. Below: what's actually happening on the platform, in the numbers.

$0B
Amazon Gross Merchandise Volume
2025 — Marketplace Pulse
$0B
Third-Party Seller GMV
+15% YoY
0%
Of all U.S. e-commerce
Walmart, the next competitor, sits at ~7%
0/min
Items sold every minute
~12 million per day
02 / The Great Compression

Fewer sellers.
More opportunity per seller.

2025 marked a structural shift. The hobbyist seller cohort has thinned dramatically — but customer demand has not. The result is the highest revenue per active seller in the platform's history.

2.5M 2.0M 1.5M 1.0M 0.5M 2021 2022 2023 2024 2025 +31% traffic per seller -31% active sellers ACTIVE SELLERS TRAFFIC PER SELLER (INDEX)
Active sellers, 2025 vs 2021
2.4M 1.65M
Active seller count contracted by ~31% as Amazon's marketplace consolidated. New seller registrations hit a decade low at 165,000 in 2025 — down 44% YoY.
$1M+ revenue sellers
60K 100K+
The $1M+ cohort grew 67% over the same period. Independent sellers crossing $1M in 2025 alone: 75,000 — up 36% YoY (Amazon, 2025 Small Business Empowerment Report).
$100M+ revenue sellers
50 235
A ~4.7× expansion of the elite tier. The bar is higher — the rewards above it are categorically larger.
03 / Capital Concentration

1.6% of sellers capture
50% of the marketplace.

Marketplace Pulse research (Feb 2026) confirms it: roughly 7,760 sellers — about 1.6% of active U.S. operators — now account for half of all third-party GMV. Average revenue inside that cohort: nearly $20M annually. The marketplace rewards operators with infrastructure, not amateurs with effort.

~500,000 ACTIVE U.S. SELLERS 7,760 SELLERS = 50% OF GMV ~$20M AVG/SELLER THE TOP 1.6%
1.6%

The barrier to amateur entry has risen sharply. Tariffs, advertising costs, fee pressure, and Chinese competition have eliminated the casual seller.

What remains is a marketplace where professional infrastructure — sourcing depth, fulfillment scale, account management, capital — is what determines who clears the bar.

This is the gap Elite Automation is built to close. Capital meets operator. Yield follows.

04 / Category Growth

Where the
capital is flowing.

Year-over-year revenue growth across Amazon's largest categories, 2025 → 2026. The platform isn't just growing — entire category structures are expanding double-digits.

Body Skincare
+40% YoY Revenue
Driven by both unit volume and price increases. Repeat-purchase economics.
Cosmetics
+38% YoY Revenue
Review volume up 45%. The beauty boom is real and accelerating.
Eye Skincare
+34% YoY Revenue
Strong unit growth. Subscribe-and-save category with high LTV.
Arts & Crafts
+26% YoY Revenue
Q4 gifting amplification. Strong seasonal pricing power.
Appliances
+20% YoY Unit Growth
Shift in consumer durables priorities. Higher AOV cushions margin.
Home & Kitchen
+12% YoY Revenue
Largest category by volume. Reliable, scalable, defensible.
05 / The Demand Engine

300 million customers,
already paying to spend.

Investors evaluating an asset class care about one thing first: demand durability. Amazon doesn't just have customers — it has a paying membership base that subsidizes purchase frequency and conversion at a level no other platform replicates.

240M+
Prime members globally. An average Prime household spends ~$1,400/year inside Amazon — nearly 2× non-Prime customers.
13B+
Items delivered same-day or next-day to Prime members in 2025. Up 30%+ YoY in the U.S. alone.
$1.95B
Daily Amazon revenue. Q4 2025 was the largest quarter in company history at $213.4B in net sales.
7-8×
Conversion rate vs. typical e-commerce. Customers arrive on Amazon ready to transact. Discovery and purchase collapse into the same session.
06 / The $200B Tailwind

Amazon is investing more in the platform
than ever before.

CAPEX ($B) 2023 $52B 2024 $83B 2025 $131.8B 2026 $200B

Andy Jassy announced a $200 billion capital expenditure plan for 2026 — the largest single-year investment in Amazon's history.

That capital flows directly into the infrastructure your asset operates on. Faster delivery, denser fulfillment, more cities served, AI-driven discovery surfaces.

  • Same-day delivery expansion: 1,000 → 2,300+ U.S. cities
  • 13B+ same/next-day Prime deliveries in 2025
  • Rufus AI: 274M daily queries, projected to reach 35% of all Amazon search by end-2026
  • Rural delivery infrastructure up 60% in 2025

When the platform invests, every well-run store on it appreciates. Sellers don't compete with Amazon's investment — they compound on top of it.

07 / The Thesis
"Amazon stopped being a side hustle in 2024. In 2026, it's an asset class. The only question left is who's operating it on your behalf."

Elite Automation builds, operates, and scales Amazon FBM stores as managed digital assets — for capital allocators who want yield, not another job. Aligned-incentive profit split. Full operator infrastructure. Your account, your asset, our team.