Mighty morphing Amazon.com...
[...] Wall Street is beginning to view Amazon more as a technology company, with the attendant high-multiple valuation, than a plain old low-margin retailer. And one significant contributor to that perceptual shift is the growth of Amazon’s Marketplaces business, which lets visitors to Amazon buy from third-party merchants, instead of directly from Amazon.com.
This growing business – 30 percent of Amazon’s sales, up from 29 percent in the same quarter last year – allows the site to offer more of a selection and to boost its operating margins, since it does not have to stock or ship these products.
It also places Seattle-based Amazon in direct competition with eBay, the auction giant of San Jose.