Since Amazon first launched in 1994 selling books, it has continued to disrupt industries across the globe.
The largest online retailer continues to grow, recently became the second public company to ever reach a $1 trillion valuation. It also took in nearly $178 billion in revenue during 2017 and reached over 100 million Prime memberships.
And with that growth, comes expansion into new industries, shaking those markets. Here are five industries that the Amazon Effect continues to change.
»BIZ BEAT: White Castle introduces plant-based burger
1. Motor Oil
Amazon’s brand Amazon Basics, recently released its own synthetic motor oil. The product has been available since July but customers are just now giving reviews, mostly positive. Established oil company Valvoline’s stock dropped 7.25 percent between close Thursday and close Friday.
Amazon has become a major player when consumers look for holiday gifts, but this year it’s expanding into live decor, including full-size Christmas trees. Starting in November, the company will begin selling $50 wreaths, $25 red-leafed plants with decorative candy canes and $115 North Carolina 7-foot Fraser firs. There will also be Douglas firs and Norfolk Island pines, Amazon told the Associated Press.
Amazon was always a technology company rather than a retailer in the eyes of CEO and founder Jeff Bezos. The online giant’s Alexa devices are one of the most popular electronic personal assistants, found in Alexa dots and echos, along with the company’s Amazon fire televisions. Amazon’s book industry also developed into Kindle, one of the most popular e-readers.
»RELATED: Ohio’s Legoland opening this month
Amazon has been shaking up the grocery industry since it acquired Whole Foods Market in August 2017. Grocery stores have been racing to keep up as Amazon expands grocery delivery and pickup services. Kroger, Walmart, Target and others have started partnering with third parties and offering in-house delivery options to keep up with the disruption.
In June, Amazon announced that it would acquire PillPack, a startup that mails prescriptions to people who take multiple medications. The companies expect this transaction to close this year.
FIVE FAST READS
Thank you for reading the Springfield News-Sun and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.
Thank you for supporting in-depth local journalism with your subscription to the Springfield News-Sun. Get more news when you want it with email newsletters just for subscribers. Sign up here.