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For the first three months of 2020, Amazon’s revenue was up 26% (to $75.5 billion). Yet several of its competitors in e-commerce “are showing dramatically faster growth rates,” reports Bloomberg’s opinion columnist, noting Shopify reported “the aggregated online sales of its merchant customer base grew 46% in the first quarter.”
And of course, after March sales began increasing even more: Online furniture retailer Wayfair said it had revenue growth of roughly 90% so far in its second quarter, a significant increase versus the 20% growth it generated for the three months ended in March. Traditional retailers who sell online are flourishing as well. On April 23, Target said its online business had risen more than 275% month-to-date to that point, while electronics retailer Best Buy also pointed last month to recent triple-digit growth trends for its website. Costco Wholesale, meanwhile, reported April e-commerce sales growth of 86%.
For all the antitrust scrutiny Amazon has gotten for crushing the competition in e-commerce with its leading 37% share in the U.S. last year, according to eMarketer, these recent numbers point to share losses for the tech giant. Rivals now have an opening to show they, too, can delight customers with good service and build consumer loyalty. And if they can take advantage, perhaps the e-commerce race isn’t over yet.