Amazon CEO Jeff Bezos plans to tell members of Congress that the company’s size is actually a good thing, and that it still faces plenty of competition, according to prepared remarks posted to an official Amazon blog on Tuesday.
“Just like the world needs small companies, it also needs large ones,” Bezos plans to say. “There are things small companies simply can’t do. I don’t care how good an entrepreneur you are, you’re not going to build an all-fiber Boeing 787 in your garage.”
Bezos is also expected to argue that Amazon competes in a global retail industry that is “strikingly large and extraordinarily competitive,” and that the company captures only captures single-digit market share in the sector. He plans to name several firms as competitors, including traditional retailers like Walmart, Target, Costco, and Kroger, as well as e-commerce companies like Shopify and Instacart.
Source: Business Insider (2020)