The growth of Amazon’s total merchandise sales slowed considerably last year.
The annual Amazon.com Inc. shareholder letters from CEO Jeff Bezos are eagerly awaited in Silicon Valley for pearls of wisdom from the world’s richest man and an admired business leader. This year’s edition was extra-revealing, although maybe not in the way Bezos intended.
Based on Bezos’ letter and Amazon’s previous disclosures, it’s possible to roughly calculate Amazon’s gross merchandise volume dating back to 2015. It’s a remarkable number — nearly $300 billion worth of goods sold on Amazon last year. Compare that with the $95 billion in total merchandise and ticket sales reported by eBay Inc., the distant No. 2 player in U.S. e-commerce. But there’s a dark cloud in Amazon’s figure.
It’s hard to explain the slowdown in Amazon’s merchandise sales growth. If anything, it seems as if Amazon is grabbing a larger share of e-commerce sales and that the internet is stealing more sales from physical stores, which have accounted for something like 90% of all U.S. retail sales. And yet Amazon’s retail sales growth — although still impressive — is slowing noticeably.
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