Word: internetted
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Dates: during 1990-1999
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...lucrative job at a New York City investment firm, packed up and, with his wife driving, made a now legendary voyage to Seattle to start what he thought would be a good business. By the time he arrived there he had a plan to sell books over the Internet. Investors thought he was crazy...
...Amazon's losses are also a sign of the New Economics of Internet commerce. These new rules spring from the idea that in the new global marketplace whoever has the most information wins. While it used to be sellers who had all the information, buyers are getting smarter and smarter. At sites like mysimon.com it's possible to go shopping and search not only Amazon but also the collections of two dozen other booksellers to find the best deal. And in coming years--heck, at Net speed, in coming months--it will be possible to find the cheapest price...
...about 100 years old. Before then nearly everything was negotiable. The last great retail revolution was mail order, led by Sears, Roebuck in the 1890s, and it solidified the idea of fixed prices, since buyer and seller were often separated by hundreds of miles of rail track. In the Internet age even buyers and sellers separated by 10,000 miles of fiber-optic cable are closer than those prairie purchasers were to Mr. Sears. They are nanoseconds away, and, as is becoming increasingly apparent, speed kills. It kills old economics, it kills old companies and it kills old rules...
Here in Coffeyville is another piece of the proof that Bezos' early and fervent belief in the Internet--that it would rock retailing, that it would change the way we live--stands as one of the more prescient assumptions ever made by a businessperson. "We're trying to build something lasting," Bezos says, looking at this 850,000-sq.-ft. monument to free trade. The warehouse is stocked with books, CDs, TVs, stereos, video games, software, toys. And yet only 10% of the area is being used. The rest is stretch space, here for the ongoing e-commerce revolution...
Most of the market is betting that Bezos wins and that Amazon emerges from what will surely be massive carnage among Internet retailers over the next few years. During the past two weeks, with holiday sales booming, Amazon's stock price has soared to $94. The stock has split three times. Sales are expected to crest $1 billion this year. "We firmly believe," says Salomon Smith Barney's Holly Becker, "that Wall Street will look back on these growing pains and realize management's foresight in developing one of the smartest strategies in business history...