In the two years since our inaugural “Power of Amazon” report, Amazon has maintained its status as a retail and tech powerhouse—but it hasn’t been immune to economic uncertainty, shifting consumer behaviors, or increased competition. Here we examine how Amazon’s 19 business divisions have changed (if at all), what that means for its flywheel, and how these new developments might affect your industry.

Key Question: How have the past two years of economic uncertainty impacted Amazon’s position across 19 divisions?

KEY STAT: Amazon’s largest revenue stream—online stores—was the only division to post negative growth, while AWS saw the strongest revenue growth in fiscal 2022.