Amazon celebrates its 30th anniversary this year. Founded initially as an online bookseller, it has transformed into a company where you can buy almost anything. From its humble beginnings, Amazon has grown into a juggernaut valued at approximately two trillion dollars, a remarkable ascent that poses a formidable challenge for competitors.
Jeff Bezos, the founder, stepped down as CEO in 2021 but remains the executive chairman and the largest shareholder of a company now recognized as a giant in e-commerce and cloud computing. Amazon has expanded beyond retail, developing many of the products it sells, including electronic devices such as popular tablets, hubs, and smart home speakers.
Headquartered in Seattle, Amazon has solidified its position as a tech leader with innovations like the Alexa virtual assistant, powering its range of smart home products, and Amazon Web Services (AWS), its cloud computing division with data centres worldwide. AWS provides server space to many of the largest existing companies, making it a critical player in the cloud computing market.
Recently, Amazon joined the exclusive club of companies with valuations exceeding two trillion dollars, trailing only Nvidia, Apple, and Microsoft. The surge in demand for its cloud computing services is also driven by the growing adoption of artificial intelligence (AI) technologies, which require substantial computing power and energy.
Looking ahead, Bezos has announced plans to sell nearly five billion dollars’ worth of Amazon shares, following a similar announcement in February to sell 8.5 billion dollars’ worth. Amazon faces increasing competition in the online retail space from emerging e-commerce firms in Asia and a rising interest in second-hand markets as consumers prioritize savings and environmental values often overlooked by major corporations.
Amazon’s evolution from a bookstore to a tech giant underscores its adaptability and innovation in meeting consumer needs globally. As it navigates future challenges and opportunities, Amazon’s impact on e-commerce, cloud computing, and AI will continue to shape the digital landscape for years to come.
