By Zach Weigel
It may come as a surprise to some, but the online marketplace Amazon is becoming just as diverse as the actual Amazon forest. Amazon offers more than just a way to buy or rent textbooks cheaply. Since its inception in 1994, the e-commerce start-up has blossomed into the fourth most valuable public company in the United States according to the latest data from the Financial Times. That’s right, Amazon has eclipsed the value of Warren Buffet’s Berkshire Hathaway gem and now only trails mega giants such as Apple, Alphabet (the nascent conglomerate that controls Google), and Microsoft.
Furthermore, data from Forbes suggest that Amazon has become the largest retailer in the U.S., larger than even Walmart.
To put it in pop-culture terms, over the last 20 years, Amazon has “started from the bottom,” as Drake would say, and risen to the top. But why does this matter, and how did Amazon do it?
It matters because it signals that e-commerce could be the way of the future. Similar to its brick-and-mortar competitor, Amazon offers nearly everything at one website whereas Walmart offers nearly everything under one roof. On Amazon, consumers can now purchase clothes, groceries, supplies, furniture, and much more from the convenience of their computer. In essence, Amazon gives people the option of doing all of their shopping from home with the added perk of free shipping if they sign up for a membership.
Amazon is about more than just buying things, though; it has expanded into the entertainment realm. First came the Kindle to compete with the iPad on the tablet market. Then came Amazon Prime Video to compete with online streaming services such as Netflix and Hulu. Next was the Amazon Fire TV Stick which allows internet capabilities through television. And more recently, on Oct. 12, Amazon unveiled a music-streaming service to compete with providers such as Spotify and Apple Music.
Therefore, it really does seem as if Amazon embodies the online equivalent of a Walmart that offers nearly all that you need or could want. And in an increasingly technology-driven society, it can all be accessed with the click of a mouse or the swipe of a finger on a mobile device.
Amazon has made it possible to get everything you need without having to venture out into the world to get it. Even routine items such as groceries can be scheduled for recurring deliveries to your doorstep with Amazon Prime Pantry.
Nonetheless, Amazon CEO Jeff Bezos announced that the company will open more brick-and-mortar stores. This comes as quite a surprise, given that Amazon’s impressive digital presence has done so well. Why would a company that has exclusively done business online decide to counterintuitively step back and try its hand at running actual stores? Why would Amazon try to sell things in person if its indirect online approach has worked so well?
Could it be that Amazon seeks to root out its competitors by beating them at their own game? Is its goal to run Walmart, Netflix, Hulu, Spotify, and Apple out of business?
Maybe 10 years from now, Walmart will not exist after having been replaced by brick-and-mortar Amazon stores. Then again, prognosticators claimed that television’s arrival would warrant the end of the radio, and we all know that hasn’t happened.
Thus, it is clear that Amazon has grown quite diverse by working its way into many markets, but what is not so clear is whether there is a limit to Amazon’s dominance. Will it become the ultimate consumer-centered hegemon of American culture? I don’t know. I guess we’ll have to wait and see.
However, for the time being, I am just glad I can save a few bucks (or a few hundred) by using Amazon when it comes to finding textbooks.