Amazon CEO Jeff Bezos. Photo: Ted S. Warren / AP
Amazon likes to call itself "the everything store," but it's also on it's way to being the everywhere store, launching its 12th global marketplace Tuesday in Australia. But the retail reckoning that many observers had predicted when Amazon finally unveiled its Australian website didn't materialize, as customers shopping on Amazon.au found selection to be lacking and prices high, Reuters reports.
Why it matters: Stocks of Australian retailers like Myer Holdings department store rose on the news of Amazon's lackluster debut, but Australian retailers shouldn't get too comfortable. As the Australian Financial Review warned earlier this year, "While other companies dread making colossal mistakes, [Jeff] Bezos seems just not to care," arguing that Amazon's deep pockets and long-term outlook allow it to profit from the lessons learned through initial failure.