CHANCE FOR THE ECONOMY: Amazon lists BiH for seller registration

SARAJEVO, (Patria) - Bosnia and Herzegovina was added to the internet platform Amazon at the end of May after the list of permitted countries for seller registration was revised, announced Professor Azra Zaimović from the Faculty of Economics UNSA.

"With the expansion of the list, sellers from a total of 188 countries can offer products on the world's largest online store. Interestingly, the company, which increased its market value by 70% during the Covid-19 crisis, is only now adding as many as 85 countries, thus funding its further growth. Countries under sanctions, such as Cuba and North Korea, remained off this list. Sellers from BiH could previously sell on Amazon by establishing their company in a country on the list, which incurred additional costs and significantly hindered market access. Entry barriers have now been removed, and entrepreneurs from BiH can directly offer their products as individuals and/or through domestic companies or register their stores on Amazon. Sales can begin with just an Amazon user account or through a professional seller account. Sellers can offer popular products that already exist on Amazon, create their own brand (which is more important in the online environment than usual), or combine both," states Professor Zaimović.

She says that Amazon offers numerous analyses, and one of these analytics is their list of best-selling products, which is published every hour.

"The fact that products from BiH can easily be offered to customers and delivered to their doors worldwide certainly represents a certain development opportunity for domestic producers. However, this is an even greater opportunity for entrepreneurs and young people who can create their own jobs in the global market with relatively small initial capital investments. For domestic entrepreneurs to easily step into the global online market, clear instructions from tax authorities in BiH regarding the tax treatment of cross-border e-commerce and profits are needed," she states in the announcement.

The professor also had a message for the students with whom she discussed this topic before BiH was added to the Amazon list.

"I am sure that some of you will succeed in verifying your sales skills at a global level, and thus secure additional income. High-quality photos, clear product descriptions, investment in marketing, and positive customer reviews should ensure a path to customers who expect value for money," states Professor Zaimović.