technically speaking youre right. If you define a company by what they sell. If you get a bunch of engineers together and they sell something, you could call them salesmen. But they are really engineers and they can build stuff too. Thats what amazon is and thats why they confound everyone who just looks at the surface.
Because the stock has been run up by the institutions and funds that buy up large blocks of individula sotcks and then run up the bid and ask. AMZN is up over 20 percent in 30 days. One month. A very questionalbe rally for a stock all ready overprice and holing very hig valuations.
Traders have isolate a grou of individula stock and have run them up in order to entice retain investors to throw their money back into the pit. The market is corrupt and stocls like NFLX, AMZN are the tools of manipulation dirven by greed.
I don't expect margins will ever go up. As Amazon finds ways to lower costs, they just lower prices which drives increasing sales which leads to further cost reductions. And since Amazon is the number one on-line shopping destination, other sellers end up selling on Amazon and competing with Amazon and each other with lower prices which attracts even more customers. It's all feeding on itself.
It's pretty clear to me that in the long run, Amazon will be the center of e-commerce with distribution centers near every major city offering free next-day (or same day) shipping with generally the lowest prices either directly or from third-party sellers while providing customers with great service. There really won't be a way for other retailers to challenge Amazon in any meaningful way - they won't be able to provide better service or undercut Amazon's prices without taking significant losses. Margins will always remain low, but revenues will be huge.