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Money Talks from The Economist

Money Talks: Can Amazon still deliver?

Money Talks from The Economist

The Economist

Finance & Economics, Business News, Economy, News, Business

4.41.2K Ratings

🗓️ 23 June 2020

⏱️ 34 minutes

🧾️ Download transcript

Summary

The coronavirus has turned Amazon into one of the world’s essential firms. But while proving the company’s strengths, the pandemic-fuelled digital surge has also revealed its vulnerabilities. Tamzin Booth, The Economist’s technology and business editor, talks to insiders, critics and the competition, to find out whether Amazon can carry on dominating e-commerce and triumph in the coming cloud wars. 


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Transcript

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0:00.0

Jeff Baysosos likes to say that at Amazon it is always day one.

0:04.0

His company may be about to turn 26, but he argues it should always be hustling like a young startup.

0:10.0

Day two is stasis followed by irrelevance, followed by excruciating painful decline followed by death.

0:28.4

The coronavirus pandemic

0:30.4

has elevated Amazon into one of the world's most essential firms as the ability to order almost anything online became a lifeline for hundreds of millions of people.

0:39.0

But as day two dawns, can Amazon still deliver?

0:45.0

You're listening to Money Talks from Economist Radio.

0:48.0

I'm Tamsen Booth, The Economist's Technology and Business Editor.

0:52.0

In pulling forward the retail world's digital future,

0:54.6

the pandemic has highlighted Amazon's strengths, but also revealed some vulnerabilities.

0:59.8

At the end of the day, who could be against what Amazon is offering you know wide selection decent prices and fast delivery all those are great things but there is a cost

1:07.5

The company is finding that old tricks would always work in new markets

1:12.1

It can have warehouses, but it can't have inventory.

1:14.8

You know, there's just impediment after impediment after impediment.

1:18.4

And it's facing young competitors with bold new visions

1:21.6

for the future of e-commerce.

1:23.0

We're trying to democratize technology that's typically only reserved for very large enterprises

1:29.0

and we want to make that available to everyone. The pandemic has precipitated a mind-boggling

1:39.2

digital search as lockdowns forced closures of physical stores, many companies that had only

1:44.6

dabbled in e-commerce had to focus all their efforts online. I've always looked

1:50.1

for a tipping point for our online business. My name is Ann Cantrell and I own

1:55.8

Annie's Blue Ribbon General store in Brooklyn, New York. We sell fun, fun and

...

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