Amway was extremely “low key” regarding their 2020 revenue, not the usual local media frenzy, interviews with the executives, etc., but in a tweet: Amway on Twitter: “In 2020, Amway employees and entrepreneurs pivoted throughout the pandemic to meet consumer needs and support the communities. Click below for a recap on 2020 and an exclusive look into Amway’s commitment to helping people live better, healthier lives. https://t.co/jTA9EbEHVF” / Twitter (Amway 2020 Revenue) This came out on February 25th, but there was no evidence that I could find when doing searches. For example the tweet points to this article: https://www.amwayglobal.com/newsroom/amway-sales-reach-8-5%e2%80%afbillion-in-2020%e2%80%af/ (Amway 2020 Revenue Blog) which didn’t get picked up on the search engines and apparently there were no local news stories like there usually are when this annual announcement is made. This article was linked in the above story and it appears Amway is loosening up the social media restraints, probably in response to the coronavirus limiting face-to-face interactions: https://www.linkedin.com/pulse/rise-social-commerce-future-entrepreneurship-passion-economy-pant/ (Amway LinkedIn CEO 2020 Article)
Again, it is interesting how their “announcements” are being made on platforms not subject to the search engines. Reminds me of Amway not getting in trouble with the FTC last year along with many other MLMs, as they made their illegal claims via texts vs. on social media sites. Other MLM scams can learn a lot from Amway on how to stay under the radar.
I love this line from the above story, “At Amway, we like to say that all you need to be an entrepreneur with us are the three Ps: a passion, a positive attitude and a phone.” Brings back memories of how Obama said how he would change laws with a pen and a phone. Also reminds me of a brand of kitchen and bathroom faucets, called Pfister, we just got through replacing some faucets in our bathroom with that brand. It used to be called Price Pfister. So the fourth “P” that Amway left out of the three P’s above is Pfacts.
Going from $8.4 billion to $8.5 billion is an increase of 1.19%, you REALLY have to round up to get that to the 2% Amway reported. Perhaps they “forgot” about the “1” in front of the “9” and called it a typo. No wonder they didn’t hold a press conference, someone who knew how to divide to calculate percentage changes may have pointed that out. I recalled last year Amway went down by 2%, from $8.6 billion to $8.4 billion, so I thought something was fishy before I did the math.
Adjusted for inflation, the $11.8 billion high-water mark for Amway in 2013 is $13.25 billion in 2021 dollars. This means Amway would have to add $4.75 billion just to get back to the 2013 level, or an increase of 56% over the 2020 volume. Can you say shrinkage: The Best of Seinfeld – The Shrinkage – Bing video