Amazon: E-commerce giant sets sights on the future

Global Business

Amazon: E-commerce giant sets sights on the future

The U.S. e-commerce giant Amazon is one of the biggest companies in the world.

What started as an online bookstore nearly two decades ago has turned into a business worth more than Walmart, Target, Macy’s and five other major U.S. retailers combined.

CGTN’s Karina Huber has more on Amazon’s transformation and what to expect next.

Amazon: E-commerce giant sets sights on the future

Amazon: E-commerce giant sets sights on the future

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Amazon’s emergence in the mid-1990s completely disrupted the book industry, putting bookstore owners large and small out of business.

There have since been many more casualties. Amazon now sells everything from cat food to clothing to electronics.

According to a report by Visual Capitalist, in December 2016 Amazon was valued at $356 billion. That’s more than the market value of eight of the major U.S. retailers combined. Amazon’s value has grown almost 2,000 percent from 2006 to 2016.

The company’s success over that period reflects changing consumer habits. Recent surveys show 2016 was the first year U.S. consumers said they made the majority of their purchases online.

Traditional retailers are having a hard time adjusting. The Limited recently shut all of its 250 stores in the U.S. Macy’s and Sears both announced massive store closures.

Amazon is more than an e-commerce site – it’s also technology company. Its fastest growing business is its cloud computing division. In the last quarter, it generated over $3.2 billion in revenue.