For years, Amazon was primarily viewed as a retailer.
Then it became a marketplace.
Today, it may be becoming something else entirely.
A commerce infrastructure platform.
This distinction matters because it changes how we think about competition, growth, and Retail Media.
More importantly, it changes the questions commerce leaders should be asking.
The Number That Changes the Conversation
In the first quarter of 2026, approximately 60% of paid units sold on Amazon came from third-party sellers.
Not from Amazon itself.
From millions of businesses using Amazon’s ecosystem to reach consumers.
On its own, this statistic is not surprising.
The trend has been building for years.
But when combined with another figure, the picture becomes much more interesting.
According to Amazon financial data reported by Statista, Seller Services revenue grew from approximately $16 billion in 2015 to more than $170 billion in 2025.
That category includes marketplace commissions, fulfillment services, logistics, and other seller-related services.
Taken together, these numbers suggest something important.
Amazon is no longer primarily generating value by selling products.
Increasingly, it is generating value by helping others sell them.
That is a very different business model.
And it may be one of the most important shifts happening in commerce today.
What Infrastructure Actually Means
When we think about infrastructure, we usually think about roads, railways, ports, electricity grids, or cloud computing.
Systems that become so embedded in daily operations that entire industries begin building on top of them.
Not because alternatives do not exist.
But because participation becomes easier than replacement.
Amazon increasingly resembles this type of system.
Fulfillment.
Discovery.
Advertising.
Payments.
Returns.
Customer trust.
Prime membership.
Each of these capabilities creates value on its own.
Together, they form something much larger.
A commerce infrastructure layer that millions of businesses now rely on to operate.
This is not a criticism.
Nor is it a prediction.
It is simply an observation about how successful platforms evolve.
The most influential platforms rarely remain products.
Over time, they become environments.
What Changes When the Platform Becomes Infrastructure
For many years, Amazon was primarily viewed as a channel.
A place where brands could list products, acquire customers, and generate sales.
That perspective still matters.
But it may no longer be sufficient.
As platforms mature, competition changes.
Visibility remains important.
So does advertising.
But operational capabilities begin playing a larger role.
Inventory availability.
Fulfillment performance.
Content quality.
Pricing execution.
Review generation.
Forecasting accuracy.
These are no longer operational details happening behind the scenes.
They increasingly shape commercial outcomes.
Infrastructure rewards those who treat it as infrastructure.
In my experience, the organizations that adapt most successfully to infrastructure-based ecosystems are rarely defined by budget alone. What often separates them is their ability to view growth as a system rather than a collection of independent functions.
The Competitive Advantage Is Shifting
For years, competitive advantage on Amazon was often discussed in terms of visibility.
Who ranks higher.
Who wins the Buy Box.
Who captures more traffic.
Those factors still matter.
But infrastructure ecosystems reward a different capability.
Coordination.
As platforms mature, growth becomes increasingly dependent on how well multiple functions work together.
Media influences demand.
Demand influences inventory.
Inventory influences availability.
Availability influences conversion.
Conversion influences profitability.
The question is no longer whether each function performs well individually.
The question is whether the system performs well collectively.
This may be one of the most important shifts happening in commerce today.
The competitive advantage is moving from campaign execution to system execution.
Retail Media Is Part of a Bigger Story
Retail Media continues to attract significant investment.
For good reason.
The growth is real.
The opportunity is substantial.
But Retail Media is not the story.
It is one layer within a broader commerce system.
Advertising drives visibility.
Visibility drives demand.
Demand creates operational pressure.
Operations influence availability.
Availability impacts conversion.
Conversion shapes profitability.
Every layer influences the next.
Looking at Retail Media in isolation can therefore create an incomplete picture.
The more integrated the ecosystem becomes, the more interconnected these decisions become.
This is one reason why discussions about Retail Media are increasingly becoming discussions about commerce operating models.
The platform may look like an advertising environment.
But underneath, it functions as an interconnected system.
Beyond Amazon
While Amazon remains the most advanced example, the broader trend extends beyond a single platform.
Retail media networks across North America and Europe continue investing in advertising capabilities, fulfillment infrastructure, data assets, and marketplace ecosystems.
The pattern is becoming increasingly visible.
Retailers are not simply building media businesses.
They are building commerce operating systems.
The pace may vary by market.
The direction appears consistent.
Walmart is investing heavily in its ecosystem.
Carrefour continues expanding its Retail Media capabilities.
European retailers are increasingly combining commerce, data, fulfillment, and advertising into integrated platforms.
The infrastructure model is spreading.
Amazon simply happens to be the clearest example today.
A Final Observation
The brands that understood the internet as infrastructure built different capabilities than those that viewed it primarily as a marketing channel.
The brands that understood mobile as infrastructure built different organizations than those that viewed it primarily as an app ecosystem.
The same pattern may now be emerging in commerce.
The question is not whether Amazon has become infrastructure.
The data already suggests that it has.
The more important question is whether our organizations are still structured for a world where Amazon was simply a retailer.
Because if the platform has evolved faster than the organization, growth may become harder to sustain—regardless of how much media we buy.
Retail Media & Commerce Growth Leader with 8+ years across Amazon and leading marketplaces. I design full-funnel strategy, governance, and measurement—building operating models and developing teams to scale performance across markets. I share practical frameworks and tools for sustainable growth.