Amazon (AMZN) just released their shareholder letter. It's a must read even if your not a shareholder - always has some good insights, and what the landscape looks like. Bezos gives a nice portion of the letter on discussing their 3P (third-party) sales. Here's one quote that stood out to me.
Third-party sellers are kicking our first party butt. Badly
Inside, I know Bezos is loving that 3P is gaining larger share and momentum. A capital light model layered on top of a more capital intense business seems like a durable business to me. Getting paid to hold inventory is much better than having your own inventory sit in a warehouse to sell.
Exhibit 1 3P Model
Anyway, I figured I would highlight the letter is out for those who missed it.
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