Morningstar: aandeel in de kijker is Amazon.com (07/05/2014)

We expect Amazon will be disruptive across the traditional retail and technology industries.

Amazon has played a prominent role in the structural shift away from brick-and-mortar retail, and it may lay waste to several other retailers in the years to come. Without the cost burden of physical stores, Amazon can price below traditional rivals and drive recurring traffic online. Even with the threat of online sales tax collection, we believe Amazon can maintain its value proposition through other means, including adjustments to shipping policies or Amazon Prime. Aided by the network effect inherent in 244 million active users and recent fulfilment infrastructure, technology, and content investments, Amazon owns one of the wider economic moats in the consumer sector and will likely remain a disruptive force within the retail, digital media, and cloud computing categories.

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