Why does Amazon have no Western rivals?
Summary
Amazon, started in 1995 as an online bookstore, is now the world’s largest company by sales and leads online shopping in the West. It holds a big share of the market because it grew fast, invested heavily in new ideas, and uses profits from its cloud-computing business to support its retail operations.Key Facts
- Amazon surpassed Walmart earlier this year to become the largest company in the world by annual sales.
- In the US, Amazon has 40.5% of all online retail sales; Walmart holds 9.2%.
- Amazon also controls about 30% of the UK online retail market.
- Other competitors include Walmart, Target, Tesco (UK groceries), Zalando (German clothing), Temu, Shein, and eBay.
- eBay focuses on auctions and second-hand goods and recently received a $55.5 billion takeover offer from GameStop.
- Amazon’s early start and focus on fast, convenient shopping helped it grow quickly.
- Amazon’s shareholders allowed it to reinvest profits and sell products at low prices to outpace rivals.
- Amazon uses technology, like automation and data, plus profits from Amazon Web Services (AWS), to keep improving and expanding.
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