Title 楽天とアマゾンの成長戦略の比較 Sub Title Author 湯, 志華(Tang, Zhihua) 磯辺, 剛彦(Isobe, Takehiko) Publisher 慶應義塾大学大学院経営管理研究科 Publication year 2016 Jtitle Abstract Notes Genre Thesis or Dissertation URL http://koara.lib.keio.ac.jp/xoonips/modules/xoonips/detail.php?koara_id=KO40003001-00002016 -3176

Powered by TCPDF (www.tcpdf.org)

2016

1

EC EC 2 3 4 3 4 4 5 M&A 6 7

2

1. ...... 4 1-1. ...... 4 1-2. ...... 4 1-3. ...... 5 1-4. ...... 5 1-5. ...... 5 2. ...... 6 3. ...... 7 3-1. ...... 7 3-2. ...... 8 4. ...... 9 4-1. ...... 10 4-2. ...... 11 4-3. ...... 14 5. ...... 17 5-1. win-win ...... 17 5-2. ...... 20 5-3. ...... 22 5-4. ...... 24 5-5. ...... 26 5-6. ...... 29 6. ...... 30 6-1. ...... 31 6-2. ...... 32 6-3. ...... 33 6-4. ...... 35 6-5. ...... 36 6-6. ...... 37 6-7. ...... 39 6-8. ...... 41 7. ...... 42 8. Exhibit ...... 44 8-1. 1 ...... 44 8-2. 2 ...... 46 8-3. 3 20002016 ...... 58 8-4. 4 amazon.com 19982016 ... 61 8-5. 5 ...... 76

3

1. M&A 20

1-1. 1990 EC EC www.amazon.co.jp EC

1-2. 20 1 CEO

4

1-3. 20 Bottleneck

1-4. OB

1-5. EC

5

2. GDP 6 2016 2-1 B2C-EC 2005 2015 GAGR 13.29%

2-1B2C-EC

160,000 0.2 145,000 17.38% 0.18 140,000 127,970 16.31% 0.16 111,660 120,000 14.61% 13.94% 0.14 95,130 100,000 12.46% 13.31% 84,590 0.12 77,880 CAGR=13.29% 80,000 0.1 66,9609.97% 60,890 8.62% 0.08 60,000 53,440 36,950 37,680 0.06 40,000 0.04 20,000 0.02

0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

2-2 2014 1 0,018 82.8%

2-2

12,000 90.0% 82.8% 82.8% 78.0% 78.2% 79.1% 79.5% 80.0% 10,000 75.3% 72.6% 73.0% 70.8% 10,044 10,018 70.0% 66.0% 9,462 9,610 9,652 64.3% 9,091 9,408 8,000 8,529 8,754 8,811 60.0% 7,948 7,730 50.0% 6,000 40.0%

4,000 30.0%

20.0% 2,000 10.0%

0 0.0% 03 04 05 06 07 08 09 10 11 12 13 14

6 3. 2010 3-12015 7,136 9,999 CAGR 15.57% 17.51%

3-120102015

30,000

CAGR23.47% 27,000

CAGR:15.57% 25,000 CAGR17.51% 20,100 20,000 17,678

14,460 15,000 12,540

9,409 10,000 9,999 8,454 7,536 7,136 5,986 6,304 5,186 5,316 4,435 5,000 3,461 4,462 3,799

0 2010 2011 2012 2013 2014 2015 4

3-1. 3-1 5 3-1 1 2006

7 R-Stage32006 R-Stage42011 R-Stage4 3-1 1 R-Stage1 1997~2001 R-Stage2 2002~2005 R-Stage3 2006~2010 R-Stage4 2011~

3-2. 1998 2000 3-2 2 2 amazon.com A-Stage2

8 A-Stage32006 2013 9 9 A-Stage42014

3-2 A-Stage1 1998~2000 A-Stage2 2001~2006 A-Stage3 2007~2013 A-Stage4 2014~

4. 1 amazon.com amazon.com

1

9 20 2

4-1. 4 9 2 4-1

4-1

2 Kindle 2012.10 22/292

10 BS/PL 3

4-2. EC EC EC 4-2 4-2

2-2 EC

2000 M&A EC 1997 EC EC Fintech EC

11 EC 4-3 M&A 2000 2016 20 M&A 4-3 3

M&A 3 2016 4 34 EC 8 6 4 SNS 3 3 12 M&A 4-4

, 1, 1 , 1 , 1 EC, 8 CLOUD, 1

, 2

, 2

, 3 , 6

SNS, 3 , 4

3

12 EC 4-5 4-5 1. 20~50 2. off-line EC off-line 20% EC EC

13

4-3. amazon.com 4-6 EC

n, n≥0 Amazon

1995 1 1 A-Stage32006 13 2013 9 EC 2

14 EC AWS EC 20 2010 2015 2% 4-7 2 4-7

EC AWS

Amazon Web Service 9

M&A amazon.com M&A amazon.com M&A 4-8 amazon.com

, 1 , 2 , 1 , 2 , 6 , 2

, 27

, 24

, 2 , 9

15 4-8 amazon.com 2015 77 M&A 2 1 1 4-9

4-9 1 0

16 EC M&A

5. 5 9 5

5-1. win-win CEO win-win 5-1 2008~2015

45,000 40,000 35,000 41,996 41,536 41,489 37,173 38,553 40,735 30,000 25,000 31,543 20,000 25,341 15,000 10,000 5,000 0 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12

17 EC win- win 5-1 2015 EC win-win 5-1 win- win

18 5-1 win-win 9 15 9 42601 14 12 41,442 1,159 1 1 1 2 2 3 3

4 4 5 5 1 1 2 3 2 4 3→→ 5 4

4 NHK p19 2016

19 5-2. 9 EC 2 2

20 5-2 EC EC Off-line APP 1 1 2 2 3 3 4 4 5EC 5 1 1 2 2 3 3

21 5-3. EC 1 EC 100 17 10,000 700 2 700 2016 amazon 540 100 1 100 57

22 5-3 1 1

2 2 3 3 4 4 5 1 1 2 2 3 3 5 4 6 5

23 5-4. EC 4-5 4-9 1 EC

24 5-4 76% 72% 60 35% 1 1 2EC 2 3 3 4 4 5 6 1 1 2 2 3 3 4 EC 5

25 5-5. 20 5- 2 8.65%

5-2 2007~2015

120.0 CAGR=8.65% 100.0 80.0 60.0

40.0

20.0

0.0 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12

1 2

26 20%

5-3

2003~2012

100% 0.1% 25.0%

14.3% 23.0%19.0% 18.4% 90% 18.9% 18.6% 16.3% 26.3% 26.9% 33.0% 21.0% 80% 19.8% 20.0% 18.5% 70% 17.8% 17.0% 15.7% 60% 14.8% 81.5% 15.0%

59.0% 76.5% 61.1% 50% 72.2% 78.3% 61.6%

65.1% 62.2% 40% 9.6% 57.1% 10.0%

30% 7.8%

20% 5.0%

22.1% 22.6% 10% 18.5% 23.5% 21.7% 19.8% 13.4% 8.6% 9.9% 11.0% 0% 0.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0 2

27 5-5 9 last 1km APP 2 1 1 2 2 3 3 4 4 5 5 1 1 2 2 3 3 4 4

28 5-6. 5-6

5-6 win-win win-win 2

1 EC 20

29 6. 3 Stage3 Stage4 2011 R-Stage4 2014 A-Stage4 6-1

6-1 No. 1 2 EC 3 PB 4 5 B2B 6 7

30 6-1. 4 4 4 PB 6-2

6-2

4 TOP500 4 1

31 4

6-2. 20 10 6-1

6-1

32 0

6-3. 5 9 23 1

5 Wikipedia

33 6-2

6-2

23 1

2 TransplantingGrafting 25km 1 0.5

34 6-4. 20% 10% 6-3 Fintech

6-3

35 6-5. 2011 6-3 R-Stage42012

6-3 2014.05 Off-line & 2014.06 ROOM 2014.10 Off-line R 2014.10 2014.11 EC-C2C 2015.07 Voyagin Pte. Ltd. 20 2015.08 EC- ! Android™ OS 2015.08 EC-B2B 2016.04

36 EC B2BC2C 20 23 1250 20 24 Off-line EC Off-line

6-6. 2013 9 2 6-4

6-4 2013.10 2014.02 Amazon 2014.02 Amazon MasterCard 2014.02 2014.04 2014.06 3 PB PB 2014.07 2014.08

37 2014.09 2014.09 9 2014.11 2015.03 BMW EVi3 2015.04 2015.04 2015.06 2015.08 2015.09 2015.11 2016.06 EC 2016.11 2016.11 23 2016.12

38 Wedding 1KM EC EC

6-7. 6-4 4 5 15 5 2

6-4

, 2 , 5 , 4 , 5 , 15

39 AKB48 AKB48 AKB48 6-5 AKB48 20

40 6-5 IPO

AKB48

6-8. EC 15

41 2006 A-Stage3 2013 R-Stage3 M&A Stage4 3 AWS VRIO 5 3

7. EC

42 5 M&A amazon.com M&A

43 8. Exhibit

8-1. 1

-

1997 1997 -1999 : 1997 1998 · 1999 2000 2000 M&A 2001 1 2001 2001 360 1 2011 1 2002 2002 Win-Win 5 6,000 2003 2003 : 2004 : 2004 50 2005 : EC 2005 LinkShare Corporation MARKETING LLC 2006 : 2006 2007 : 2007 10

44 2008 : EC 2008 EC 2009 : 2009 2010 : 2010 2011 : 1 14 3 8 1 2011 2012 : Kobo Inc. Rakuten Kobo Inc. 2012 kobo 1 2013 : 2013 2014 : O2O 2014 O2O Ebates 2015 : 2015

45

8-2. 2 1998.09 2001.01 2001.04 Amazon 2001.05 DVD 2001.06 5,000 500 8,000 2001.10 2 TV Amazon.co.jp 2001.11 2002.11 Amazon 2003.07 100 2003.11 DVD 20%OFF 2003.12 2004.02 Amazon.co.jp 4 3 18 XML Amazon Web Microsoft Office System 2004.03 Microsoft Office System Amazon.co.jp PC 15 2004.03 Amazon 10 PC 1 Amazon PC PC 24 365 2004.06 PC 2004.09 100

46 iPod 150 iPod iPod 2004.10 Amazon 76% 29% 2004.10 2004.11 Amazon TM 2005.03 2005.04 4,000 2005.11 4 70,000 2006.04 ATM 24 2006.06 Amazon e 2 Amazon 1,000 2006.07 15 17 2006.08 Amazon ampm 2006.10 Amazon 2007.02 Amazon 2007.03 3,000

47 @amazon.co.jp 2007.04 @amazon.co.jp 2007.04 Amazon 3,900 2007.06 FC 2007.07 34,145 m210,347 Amazon.co.jp Amazon.co.jp 2007.08 Amazon Web 2007.09 Amazon 2007.10 2008.04 2008.04 by Amazon 2008.05 2,800 2008.07 Amazon iPhone / iPod touch 2008.08 2008.10 Amazon.co.jp 2008.11 Javari.jp Javari.jp 2009.04 3 Amazon.co.jp 2009.04 1 5,000 2009.05

48 Amazon CD DVD Amazon 2009.06 1,600 Amazon 2009.06 Fami Amazon.co.jp ↑ 2009.07 ↑ Javari.jp 2009.07 50 400 Amazon.co.jp Amazon K 2009.08 8 3 K Javari.jp BALLYManolo 2009.09 Blahnik () 23 256 FC 2009.10 FBA 2009.10 FBA Amazon 2009.11 Amazon Amazon.co.jp Amazon 2009.11 FFP

49 30 2010.01 Javari.jp Twitter 30 DANNER() KEEN 100 2010.03 Javari.jp 2010.04 22,000 iPhone/iPod touch iPhone iPod touch 2010.06 Amazon iPhone Apple App Store 30 870 2010.06 Javari.jp Javari Amazon EC2 2010.06 2010 2010.06 Amazon Vine amazon Amazon Vine 2010.06 2010.07 4 2010.08 350 2010.09 2010.11 FC 2010.11

50 DRM 2010.11 Amazon MP3 6 2011.01 2011.03 Javari.jpJavari Javari 365 365 FC 2011.04 Amazon.co.jp 2011.04 iPad Amazon 2011.04 Amazon 2011.05 Android(TM) 2012 10 2011.06 2011.07 2011.08 PC 2011.08 1300 FC 2011.09 2011.10 10 FC 2011.11 FC 2011.12

51 2012.02 1000 2012.03 2012 11 Amazon 2012.05 FC 2012.05 2012.06 3900 2012.08 2000 1900 Amazon.co.jp 2012.09 Windows Phone Amazon Windows Phone 9100 2012.10 Amazon Cloud 2012.11 Player FC 2012.11 2012.11 Amazon Cloud Player FC 2012.11 2500 200 2013.01 2013.05 2013.07

52 2014 2013.09 2013.10 2013.10 300 Javari 2013.11 Amazon 2013.11 5 19 FFP 20 2013.12 Amazon FFP 20 Amazon 2014.02 Amazon MasterCard 2% Amazon 2014.02 Amazon 5000 2014.02 15 2014.04 100 2014.05 2014.05

53 2014.06 3 2014.07 300 / 1 2014.08 2014.09 448 10 2014.09 2014.09 2 2014.10 2015 2014.11 10 2014.11 514 2014.11 3000 3900 2015.03 2015.03 4000

54 400 2015.03 5000 BMW EVi3 2015.04 2015.04 11 300 26 2015.05 2015.05 100 2015.06 2015.06 40 2013 2015.08 17 31 2015.08 300 / 2015.08 30 50 2015.09 2015.09 3900 2015.09 960 3900 / 2015.11

55

3900 / 8000 2015.11 2016.01 3900 / 2000 2016.04 350 2016.04 5980 2016.05 2016.05 14 6000 2016.05 2016.06 30 2000 2016.06 2016.06 2015 9999 2016.08 980 2016.08 980 12 120

56 980 2016.10 1200 3900 2016.11 2 2016.11 23 700 2016.12 2016.12 MUJIN

57 8-3. 3 20002016 No. 1 2000.12 Infoseek 100% 2 2003.09 100% 3 2003.11 100% 4 2004.05 100% SNS 5 2004.09 100% 6 2005.06 100% 7 2007.08 IP 8 2009.02 9 2009.03 100% 10 2009.09 TARAD Dot Com EC 11 2009.11

58 12 2010.05 13 2010.07 Buy.com 100% EC 14 2010.07 EC S.A. Ikeda Internet 15 2011.06 EC Software 16 2011.07 Tradoria EC 2011.08 17 Play Holdings Limited 100% EC 9 18 2011.09 OZON.ru EC 19 2012.01 Kobo.com 20 2012.05 EC

59 21 2012.05 Pinterest SNS TV 22 2012.06 Wuaki.TV 23 2012.09 24 2012.1 100% Alpha Direct Services 25 2012.11 S.A.S 26 2013.09 , Inc. 100% 27 2014.03 VIBER MEDIA LTD. 100% VoIP EC Slice Technologies, 28 2014.08 100% cloud Inc. 29 2014.1 Ebates Inc. 100% 30 2015.03 Lyft, Inc. SNS

60 31 2015.04 OverDrive 32 2015.07 Voyagin 33 2015.07 Fits.me 100% 34 2016.04

8-4. 4 amazon.com 19982016

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

8-5. 5 1EC

76 1997 02 6 13 1997 05 1998 07 2000 01 2002 04 2002 11 2003 10 2011 12 1 2012 05 EC 2012 05 EC 2012 09 Shareee 2013 12 JASDAQ 2014 10 R 2014 11 2015 08 20 ! 2015 08 Android™ OS 2 2001 04 2009 03 2012 01 Kobo Inc. Rakuten Kobo Inc. 2015 04 OverDrive OverDrive Holdings, Inc.

77 2016 04 3& 2000 12 Infoseek 2003 09 2004 05 2008 09 2010 05 2012 05 Pinterest 2014 06 ROOM 4 2011 03 2003 09 2006 07 ANA 2015 07 Voyagin Voyagin Pte. Ltd. 5

78 2007 08 IP 2012 06 TV Wuaki.TV, S.L. Wuaki.TV, S.L.U. 2012 09 2013 09 VIKI, Inc. 2014 03 VoIP Viber VIBER MEDIA LTD. 2014 10 6 2003 11 7 2012 10 2013 04 8 2009 02 9 2004 09 2005 06 KC KC 2015 01 10

79 2009 11 Edy 2010 01 Edy 11M&A EC 2008 05 2009 09 TARAD.com TARAD Dot Com Co., Ltd. 2016 2 2010 05 2012 7 2010 07 EC Buy.com Rakuten.com Buy.com, Inc. RAKUTEN COMMERCE LLC 2010 07 EC PriceMinister PRICEMINISTER S.A. PRICEMINISTER S.A.S. 2011 06 PT Global Mediacom Tbk PT.RAKUTEN BELANJA ONLINERakuten Belanja Online 2011 06 EC Ikeda Internet Software LTDA. RAKUTEN BRASIL INTERNET SERVICE LTDA. 2011 07 EC Tradoria Rakuten.de Tradoria GmbH Rakuten Deutschland GmbH 2011 09 EC OZON.ru OZON.ru

80 2011 10 EC Play.com Rakuten.co.uk EC Play Holdings Limited Rakuten UK Shopping S.a.r.l 2012 04 RAKUTEN BRASIL INTERNET SERVICE LTDA. Rakuten.com.br 2012 10 Rakuten Malaysia Sdn. Bhd. Rakuten.com.my 2012 11 Alpha Direct Services S.A.S 2013 10 Rakuten Spain, S.L.U.Rakuten .es 2014 01 Rakuten Asia Pte. Ltd.Rakuten.com.sg 2014 10 Ebates Ebates Inc. 12 R&D 2010 06 2005 12 2011 01 San Francisco Agile Development Center 2014 02 3 2014 06 4 2014 08 EC Slice Slice Technologies, Inc. 2015 07 4 5

81 2015 07 Fits.me Holdings Limited 13Off-line Off-line: O2O 2015 03 Lyft, Inc. 2014 05 2016 04 9200 100

82

83