Amazon Go must be great – the company’s planning an expansion one month in!
You probably know what Amazon Go is already: the most Amazon-like type of brick-and-mortar shopping you can imagine. For those not in the know, it’s a cashier-less grocery store with a preference for fresh, hip, and healthy, foods, where customers are trusted to pay by waving their mobile phones around as they leave. The company opened its first Amazon Go a month earlier in Seattle. It must be doing well, as the company is reportedly planning to open another six in major U.S. cities this year.
Amazon’s share price has appreciated by almost 80% over the last year
SOURCE: Yahoo Finance
To be clear, the most exciting thing about Amazon Go is probably the “just walk out” technology that it’s pioneering. It is absolutely plausible to think that this tech could become the next standard in convenience stores around the world, as people pop in on their way home from work for things they can’t order online. But we don’t even need to look that far into the future to get excited: plenty of investors are speculating if this approach to shopping could be rolled out over Whole Foods, the cool grocer Amazon acquired last year.
Amazon Go is popular, no doubt. In its earliest days, lines full of excited customers downloading the Amazon Go payment app stretched back outside the store. At the moment, it has a rating of 4.5 stars on Yelp from 31 reviews.
Amazon Go is the latest iteration of a concerted move into the physical retail space by Amazon. In addition to the innovative shop-and-go stores and Whole Foods, the company has 13 bookshops around the country and three more on the way. Amazon already owns the online space – looks like it’s innovating the offline one too!
Dominion holds Amazon in its Global Trends Ecommerce Fund.
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