Owner of Amazon and Other Billionaires Made Billions More During These Frightful Times

Ruthanne

SF VIP
Location
Earth
People use online stores like Amazon a lot during these times and look how much richer he's gotten. And others too have racked up more billions, too. I ask myself, why do I keep buying tons at Amazon--I guess everyone else is doing it, too, is one answer. Maybe I should buy from other sellers online that need money to pay their bills, though.

Here's an article on Amazon and others getting billions more during these times.

Article: Richer During Pandemic
 

Ruthanne

SF VIP
Location
Earth
Original Poster
Is it wrong to be rich or successful? I think not.

The thing that bothers me, is price gouging or taking advantage of people.
Never said it was wrong to be rich or successful and I know people who are and am happy for them.
 

Don M.

Well-known Member
Location
central Missouri
Online shopping is becoming more commonplace with every passing year....witness the number of local businesses and even some of the major stores that are in major decline....Sears, Penney's, etc., etc. The people who run these online businesses have had the foresight to recognize the changes in consumer shopping, and have become quite wealthy, as a result. Is that good, or bad???....only time will tell.

Personally, I like online shopping, and the ease of finding things I need without having to run all over the place, eating up time and gas, etc. I've never quite understood the "Magic" of Amazon, however.....I can almost always find a better deal elsewhere. But then, I don't do "routine" shopping online...usually only items that might be a bit hard to find locally. Today, for example, I ordered a new transmission for my old Toro lawnmower.....Amazon price was $63, plus shipping....EBAY was $48, and free shipping.
 

Ruthanne

SF VIP
Location
Earth
Original Poster
Online shopping is becoming more commonplace with every passing year....witness the number of local businesses and even some of the major stores that are in major decline....Sears, Penney's, etc., etc. The people who run these online businesses have had the foresight to recognize the changes in consumer shopping, and have become quite wealthy, as a result. Is that good, or bad???....only time will tell.

Personally, I like online shopping, and the ease of finding things I need without having to run all over the place, eating up time and gas, etc. I've never quite understood the "Magic" of Amazon, however.....I can almost always find a better deal elsewhere. But then, I don't do "routine" shopping online...usually only items that might be a bit hard to find locally. Today, for example, I ordered a new transmission for my old Toro lawnmower.....Amazon price was $63, plus shipping....EBAY was $48, and free shipping.
Yes, sometimes Ebay has better deals. I was pricing thermometers and Amazon was high so I went to Ebay and found one for much less and it was delivered pretty fast. I do look at other places, too, besides amazon. Only to find a better deal, of course. BTW, have you tried to price lawn chairs recently? I recall when they were cheaper but now they are at ridiculous prices Everywhere!
 

hollydolly

SF VIP
Location
London England
I actually think this pandemic will cause many 'high street '' retailers to close down .. not just the obvious ones who haven't survived the financial bashing..or even the larger department stores who were struggling a little bit before the pandemic, and this was the last straw for them , but for example, we're told that when our department and clothing stores open here in 2 weeks times.. trying on clothing will not be permitted, and changing rooms will be closed.

If that's true then why would anyone go to a clothing store, wait in a long queue potentially in the rain.. to pick up some clothing or shoes to try at home, then have all the hassle of having to stand in a long queue again outside the store to return it? It makes no sense.. so people will just buy online from the comfort of their own homes, and there goes another nail in the coffin of the bricks and mortar stores..
 

DaveA

Senior Member
And when our local "brick and mortar" stores finally give up the ghost I think we can expect the on-line prices to slowly increase as a whole layer of sellers will have been eliminated.

Even with having to be competitive with each other, all on-line sellers can all jump up a few notches, pricewise, and if they can - - - they will.
 

C'est Moi

Dishin' it out.
Location
Houston Y'all
Amazon does not pay one cent in taxes. THAT is or should be illegal but it is not.

P.S. ( I do own their stock so I really don't care)
https://www.geekwire.com/2020/amazon-reveals-new-details-federal-tax-bill-shot-across-bow-critics/

Amazon disclosed new details about its U.S. taxes for 2019 in public financial documents and a blog post Friday morning, saying its federal income tax expense for the year was more than $1 billion, in addition to more than $2 billion in other types of federal taxes.

The disclosures appear designed to push back against assertions from politicians and researchers that Amazon does not pay any federal income tax. However, the federal income tax is still a small fraction of the company’s profits, representing about 6 percent of the $14.5 billion in operating income that Amazon reported Thursday in its year-end financial report.
 

Gardenlover

Bedazzled Member
Location
Lost in Space
Do the numbers and "I believe" it will quickly reveal that brick and mortar stores are on the way out. Why, you may ask?
1. A few big warehouses verses stores in every city.
2. No shoplifting
3. Less staff
4. More impulse buying
5. Less taxes (Debatable point)
6. Drop ship directly from the mfg, may not even need a warehouse - see point #1
 


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