Amazon marks 20 years as a public company

Amazon is celebrating two decades as a public company in a big way — as an enterprise worth nearly $460 billion.



The retail giant, which began as a modest online bookstore, went public on the Nasdaq in an IPO valued at a modest $438 million. Today, Amazon has grown into an empire that not only sells books, but has become a major player across categories, including clothing, food, furniture, jewelry, private-label goods and electronics, among other segments.



Last month, Amazon posted its eighth straight quarter of net profitability, fueled by growth in e-commerce sales and its lucrative cloud service platform, Amazon Web Services. Online sales in North America, Amazon’s biggest market, increased 23.5% to $20.99 billion, a jump that can be credited to its Amazon Prime members. This group of shoppers pays a $99 membership, and in return, receives free two-day shipping, as well as same-day shipping for Amazon Prime Now orders, a service that delivers daily essentials and groceries.



Amazon is also known for putting pressure on the industry for its ability to shorten delivery windows and eliminate operational costs from the equation. Among the ways Amazon is pulling out the stops is by leasing trucking and air fleets, managing ocean freight, conducting drone deliveries, and most recently, testing the value of self-driving vehicles to improve workflow across forklifts, trucks, and drones.



The company is also now making a move as an offline player, as it increasingly bolsters its brick-and-mortar presence. The retail giant launched Amazon Go last year, a checkout-free convenience store. It has since introduced two AmazonFresh Pickup grocery stores in Seattle that enable customers to order food online and schedule an in-store pick-up.



Ironically, its strongest brick-and-mortar push is an homage to its roots. The company’s Amazon Books division currently operates six locations in Chicago, Seattle, San Diego, Portland, Oregon, and in Dedham and Lynnfield, Massachusetts. Additional locations planned to open this year include Garden State Plaza, Paramus, New Jersey; Shops at Columbus Circle, New York City; and two stores in the greater Boston area. It also recently secured a lease at a 10,000-sq.-ft. space in the Georgetown section of Washington, D.C.



All endeavors keep Amazon in a seemingly daily battle aiming to unseat omnichannel rival Walmart. It took the company 18 years as a public company to catch up to Walmart’s market cap, but only two years to surpass it, according to ReCode, which added that Walmart opened for trading on May 15, at $228 billion.



The online retailer is also blamed for contributing to many store closures and bankruptcies of other traditional retailers, according to CNN Money.