E-commerce giant Amazon is eyeing to invest $18 billion in 2020 to help small and medium-sized businesses (SMBs) grow their sales.

The company also said it plans to invest an additional $100 million to aid small businesses worldwide increase their sales.

The announcements were made at AmazonAccelerate - a three-day virtual summit for U.S. SMBs currently selling in Amazon's store or interested in doing so.

AmazonAccelerate is the company's largest-ever U.S. event focused on giving existing and aspiring sellers' ideas on how small businesses can thrive in Amazon's store.

In a company's press release statement, the firm said it want small business ventures to reach new customers on Prime Day throughout the holiday season.

"This new investment will go toward putting a spotlight on the diversity of small businesses selling in Amazon's store, positioning them for increased sales during Prime Day and throughout Q4," the company said.

Amazon noted that small and medium-sized businesses have experienced continued growth despite the coronavirus pandemic's huge impact.

"Despite the impact COVID-19 has had on small businesses, many American SMBs selling through Amazon have experienced continued growth," the company said.

Amazon's third-party sellers have managed to sell 3.4 billion products, which is an increase from 2.7 billion year-over-year. The average sales reach approximately $160,000, up from roughly $100,000 compared to the previous year.

Amazon noted that the global third-party sales from small and medium-sized businesses exceeded $2 billion during last year's Prime Day.

Jeff Wilke, CEO Worldwide Consumer at Amazon, said their mission at Amazon is to be Earth's most consumer-centric company. Wilke opened the AmazonAccelerate event with a fireside chat with Dharmesh Mehta, Vice President, Customer Trust & Partner Support at Amazon.

Wilke noted that part of that mission is being connected to small-businesses with customers. He said that Amazon's success is directly linked to the success of independent businesses in the country.

Wilke added that they are passionate about small businesses, investing and investing on their behalf to help them cope with COVID-19 effects and beyond.

Third-party sellers continue to account for more than half of all units sold on the company's platform. Amazon said it has launched 135 free sets of "tools" and services to help small and medium-sized businesses grow their sales.

The company plans to provide more than 500,000 of those businesses currently selling on its platform with online selling guidance, education, and support.

Amazon also intends to bring an additional 100,000 U.S. business as new sellers on its platform. The retail giant is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. 

Meanwhile, Amazon CEO Jeff Bezos' net worth soared to a record $200 billion on Aug. 26. Being the company's largest individual stockholder, Bezos has added more than $82 billion to his net worth this year as consumers shop to Amazon for their daily needs.

Bezos owns 54.5 million shares of Amazon, showing a 10.9 percent stake. Aside from Bezos, Microsoft founder Bill Gates and Facebook CEO Mark Zuckerberg are currently the only ones holding 12-figure fortunes, according to reports.

Want to read more?