In total, Amazon should have transacted $35 billion in GMV in 2007 -- roughly 1x its valuation. At the same valuation, Shopify today is transacting 74% more GMV than Amazon did in 2007. To be fair, Shopify converts far less of that GMV into gross profit dollars (1.4% vs. 9.7%), but it has shown the ability to grow its rake of GMV by offering additi... See more

These data highlight the resilience of independent retail in a world where Amazon has grown its market share over time. Among the reasons for this: Independent retailers are nimble and provide a differentiated value proposition from vertical to vertical. The retail businesses most negatively impacted by the acceleration of e-commerce are midsize an... See more