Retail isn’t growing, but it still accounts for 80-90% of sales in almost every industry. Online sales will probably overtake brick and mortar… in 5 to 10 years—in the US.
Amazon is big, but only really in he US. And only certain verticals. And only typically among affluent urban households.
That’s why their stock has always been so high. Amazon has, and still has, massive growth potential. When you get everything from Amazon you assume everyone else does. But the reality is that you (and I) are an extreme minority.
You forget how many people pay cash in the US. And how many people international have shit or extremely poor/expensive mail service. And how >3 billion or so people live in countries with import tariffs that are 40% or more. And while internet access is prevalent, buying everyday items online is not. It’s really easy to lose sight of how the vast majority live when you live in an urban area and work at a technically progressive company.