In his annual letter to shareholders, Amazon CEO Jeff Bezos talks risks, failures, and global impact at one of the world's biggest companies.
The percentages represent the share of physical gross merchandise sales sold on Amazon by independent third-party sellers - mostly small- and medium-sized businesses - as opposed to Amazon retail's own first party sales. Third-party sales have grown from 3% of the total to 58%. To put it bluntly:And it's a high bar too because our first-party business has grown dramatically over that period, from $1.6 billion in 1999 to $117 billion this past year.
We helped independent sellers compete against our first-party business by investing in and offering themThere are many such tools, including tools that help sellers manage inventory, process payments, track shipments, create reports, and sell across borders - and we're inventing more every year. But of great importance are Fulfillment by Amazon and the Prime membership program.
AWS itself - as a whole - is an example. No one asked for AWS. No one. Turns out the world was in fact ready and hungry for an offering like AWS but didn't know it. We had a hunch, followed our curiosity, took the necessary financial risks, and began building - reworking, experimenting, and iterating countless times as we proceeded.
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