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Amazon (AMZN) stock jumped 2.85% on Wednesday but today the stock is down. The company announced that it had opened its first Amazon Fresh grocery store in Los Angeles, with many more anticipated to be opened in different places to compete with Walmart.
Leading e-commerce, cloud computing, digital streaming, and artificial intelligence American multinational company Amazon.com Inc (NASDAQ: AMZN) continues to see its business broaden with the ongoing pandemic. Amazon shares added around $95.36 during the day on Wednesday to close the day trading at 3441.85. However, today AMZN shares are in the red, they are trading 0.16% lower at the time of writing. The e-commerce giant opened its first Amazon Fresh supermarket in Los Angeles.
With the lifestyle disruption caused by the ongoing coronavirus pandemic besides the riots, Amazon’s e-commerce business has seen tremendous growth over the past few months.
Whereas other businesses in different sectors are struggling to keep up with the disruptions, Amazon has not only flourished but also made the CEO the first $200 billionaire.
So Far So Good
With a market capitalization of approximately $1.68 trillion, the company’s balance sheet puts it at a position capable of controlling a significant huge sector of its line of business. This has put it at loggerheads with the U.S. legislators who fear the company might be exploiting its huge market dominance to deter other smaller investors posing a threat to its businesses.
However, with the high rate of customer satisfaction, Amazon is set to dethrone competitors like Walmart Inc (NYSE: WMT) from the physical grocery stores. As a result, investors and also Wall Street analysts have high confidence with Jeff Bezos’ ability to deliver with the huge market capitalization and untapped opportunities.
During the first half of the year, Amazon shares have added around 86.26%, they have jumped over 43% in the past three months and up approximately 12.48% in the last one month.
Having reported an increase in its sales and revenue in the first two quarters, and the company’s having promised to add more capital in its business besides protecting its workers against COVID-19, a better result is anticipated in the coming quarters.
Amazon Fresh Future Prospects
In the bid to continue being a leader in its line of business, the e-commerce giant today opened its first Amazon Fresh supermarket in the Los Angeles neighborhood of Woodland Hills.
Additionally, the company also anticipates opening more physical Amazon Fresh supermarkets in Oak Lawn, IL; Schaumburg, IL; Naperville, IL; Woodland Hills, CA; Irvine, CA; and North Hollywood, CA.
The company has reportedly also been looking to develop physical grocery stores in other markets outside of the United States including in the United Kingdom where it recently purchased shares in Deliveroo.