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Amazon Case Study Last updated: August 2002 Amazon.com Case Update Amazon.com Inc. (stock: AMZN) is undoubtedly the poster child for Internet retail businesses. It is the No. 1 Internet retailer of books, music, DVDs and videos, and has 26 million active customers in more than 220 countries as of first quarter 2002. In 2001, Interbrand's annual World's Most Valuable Brands survey ranked Amazon.com as the 76th most valuable brand in the world, ahead of Burger King and Shell, among others. According to MMXI Europe Audience Ratings Report, the Amazon.co.uk, Amazon.de and parent Amazon.com site are the top three online retail sites in Europe, based on reach. Amazon's founder and chairman, Jeff Bezos, was Time magazine's "Man of the Year" in 1999. Amazon.com has evolved from an online bookseller to a general merchant, and today is the largest online retailer. It claims that it has “the Earth’s biggest selection” of products in categories such as books, music, DVDs, videos, toys, electronics, software, video games, lawn and patio, kitchen and home improvement. The company has also created Web-based marketplaces, including Amazon Marketplace, Amazon.com Auctions and zShops, where businesses or individuals can sell virtually anything. The Amazon.com family of websites also includes Internet Movie Database (www.imdb.com), a comprehensive source of information on more than 300,000 movies and entertainment programs and 1 million cast and crew members dating from 1892 to the present. Amazon Anywhere (www.amazon.com/anywhere) marks the company's entrance into mobile e-commerce. It provides access to all of Amazon's sites from wireless phones, PDAs (personal digital assistants) and other handheld devices. Finally, the company has invested in and developed strategic relationships with several e- commerce companies to expand its customer offering. Industry Barnes & Noble stores and Barnes & Noble.com (also called BN.com) are Amazon.com's primary competition in the books, music and video arenas. BN.com's online bookstore — with more than a million in-print titles, supplemented by 20 million listings — exceeds that of Amazon.com. With more than 6 million unique visitors a month, BN.com has the largest audience reach of any bricks-and-mortar company with an Internet presence. Forbes.com rated BN.com as the best bookselling website and the best music website. Borders Group Inc. has so far been a minor player in the online space; in fact, the company has been struggling with its online bookselling business since its launch in 1998. Borders.com is the third-largest online bookseller behind Amazon.com and BN.com (the fourth-largest is Books-A-Million). In April 2001, Amazon.com took over Borders' online operations as part of a new partnership between the two companies. A new co-branded Borders.com website was launched in August, with Amazon.com providing inventory, fulfillment, content and customer service. In April 2002, Borders and Amazon extended their alliance to provide Amazon.com customers with the option of picking up books, CDs and DVDs at Borders’ 365 stores nationwide. A second agreement between the companies will 1 Copyright 2002 by Marketspace LLC, a Member of the Monitor Company Group LP. Limited classroom use of this publication for educational purposes is granted to registered members of www.marketspaceu.com. The express permission of Marketspace LLC is required for all extra-classroom use – including any and all publication or recording. Last updated: August 2002 create a new co-branded Waldenbooks.com website, similar to the current Borders.com. Both of these new features will be available by the 2002 holiday season. As a general merchant, Amazon.com faces competition from Walmart.com and iQVC, department stores such as Macy's and JCPenny, category specialists such as Best Buy, CDnow and eBay, not to mention the e-commerce stores of leading Web portals Yahoo, Microsoft and AOL Time Warner. Amazon.com Performance In January 2001, Amazon.com began disclosing its financial information in four business segments: (1) US books, music and DVD/video, (2) US electronics, tools and kitchen, (3) services (i.e., managing the Web presence for Borders and Target) and (4) international segment. After losing $2.8 billion since it was founded in 1995, Amazon.com reached a milestone in January when it reported a $5 million net profit for the fourth quarter of 2001, well ahead of analysts’ expectations. The company posted full year 2001 net sales of $3.12 billion, up 13 percent from $2.76 billion in 2000. Amazon.com served 25 million customer accounts in 2001, compared to 20 million in 2000 and 14 million in 1999. In the first quarter of 2002, revenues increased by 21 percent to $847 million, and net losses totaled $23 million – down from $234 million the year before. The book and services units were profitable, while the electronics and international units lost money. CEO Jeff Bezos said the company’s series of price cuts were the principal driver of its sales growth. “Last July we lowered book prices to 30 percent off books over $20, then six months later we introduced free Super Saver Shipping on orders over $99. Today, we’re thrilled to extend our 30 percent discount to include books over $15,” said Jeff Bezos.1 In its most mature business — US books, music and videos — the division showed an increase in sales of 8 percent to $443 million, representing half of Amazon’s revenues. Q1 revenues for its next largest category and its hope for the future – US electronics, tools and kitchen segment – were $126 million, an 8 percent increase from the first quarter of 2001. Net sales from the international segment rose 71 percent to $226 million, and now accounts for 27 percent of total sales, up from 19 percent in the first quarter of 2001. Amazon continues to increase its international business, which it expects to account for 50 percent of sales by 2005. Revenues for the service segment increased by 25 percent to $52.7 million in the most recent quarter. Sales in this segment include revenues from strategic relationships with Toysrus.com and Target, and amounts earned through Amazon Auctions and zShops. Analysts expect this number to grow as Amazon strikes more alliances, such as deals with Toysrus.com and Borders.com. 1 Amazon Q1, 2002 Financial Results, Press Release, 23 April 2002. 2 Copyright 2002 by Marketspace LLC, a Member of the Monitor Company Group LP. Limited classroom use of this publication for educational purposes is granted to registered members of www.marketspaceu.com. The express permission of Marketspace LLC is required for all extra-classroom use – including any and all publication or recording. Last updated: August 2002 Amazon.com Prep Questions and Answers 1. Analysts say that Barnes & Noble is the model for merging bricks and clicks in the bookselling market. How can Amazon.com combat BN.com's move toward service integration? BN.com's service integration allows customers to use a Barnes & Noble store to return or pick up books and CDs ordered through BN.com. This convenience will appeal to at least one segment of customers: customers who have a purchase urgency need are likely to find service integration particularly valuable because they can order a product online and pick it up the same day, if available at a Barnes & Noble store. The opportunity to return merchandise at stores will likely be promoted by BN.com as a distinguishing feature. Many customers prefer to return merchandise at a physical store rather than repackage and mail it. However, it is not yet known what percentage of customers return products such as books and CDs. These products can be sampled on the Web and, thus, one expects that customers return only a small percentage. Therefore, it remains uncertain whether this service will be an important distinguishing feature. Amazon.com, which has no bricks-and-mortar operations, found it challenging to match BN.com's actions. However, Amazon's partnership with Borders, the No. 2 US book chain, will provide an opportunity for Amazon’s customers to reserve a book online and pick it up at local Borders store. In April 2001, Amazon.com took over Borders' struggling online bookselling operations, and re-launched a new co-branded Borders.com website in August, handling its inventory, fulfillment and customer service. In April 2002, both companies extended their alliance to provide customers of Amazon.com with the option of picking up books, CDs and DVDs at Borders’ 365 stores nationwide. A second agreement between the companies will create a new co-branded Waldenbooks.com website, similar to the current Borders.com. Both of these new features will be available by the 2002 holiday season. Indeed, it may be possible for Amazon.com to use its partners to offer the same type of convenience not only for books, but additional products. For example, it has partnered with Toysrus.com to create a co-branded toy and video games store. Amazon.com could potentially arrange with Toys "R" Us to pick up toys purchased at this site and accept returns at physical stores. In fact, because Amazon.com is aggressively expanding into new categories, it may be even more important for Amazon.com to offer return convenience than it is for BN.com. Several of these new categories (electronics, for example) have high return rates, and bricks-and-mortar competitors with online stores in these categories are likely to offer such convenience. Gartner analyst Adam Sarner said that with Internet-only companies and old-line businesses recognizing the new economy's demand for online and offline service, pairings such as Amazon and Borders.com, or Amazon and Toysrus.com, will become 3 Copyright 2002 by Marketspace LLC, a Member of the Monitor Company Group LP.
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