Amazon profits plunge 77% but sales rise as it looks for marketplace domination

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Retail juggernaut Amazon has suffered a hefty 77% hit in profits but increased its sales as it looks to delve further into multiple retail areas, including mobility products and living aids.

The group has been investing heavily in new products and services and has spent around 30% more compared to last year on expansion. The e-commerce giant is well-known for its focus on investing in growth at the expense of profit.

The group already lists around 19,000 access and mobility products on its site. This includes: 12,000 living aids; 862 walkers and rollators; 2,763 walking sticks; 150 ramps and 2,486 wheelchairs and mobility scooters.

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Many of the mobility products it retails are as much as 50% cheaper than regular retail price and even though customer are urged to be assessed before purchasing specialist products, Amazon is presenting increasing competition when it comes to less-specialised aids.

“Our teams remain heads-down and focused on customers,” said Amazon founder Jeff Bezos. “It’s energising to invent on behalf of customers, and we continue to see many high-quality opportunities to invest.”

The company declared its intentions to continue spending and expanding into new and current markets, which include the mobility sector.

Amazon announced recently its plans to bring in thousands more workers, engineers and sales teams while at the same time opening new warehouses.

Meanwhile, Brian Olsavsky, Amazon’s chief financial officer, said the company is looking to increase the capacity of its Fulfillment by Amazon shipping service for third-party sellers.

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