Amazon Q1 Earnings Scorecard: Winners, Losers, and the Calm Before the Tariff Storm

In this episode, I break down Amazon's Q1 2025 earnings and examine what they reveal about the coming impact of tariffs on the e-commerce ecosystem. I talk about the winners and losers emerging from Amazon's $1 billion forward-buying strategy and what this means for vendors, sellers, and consumers.I share surprising details about Amazon's massive advance purchases from 1P vendors, including reports of purchase orders covering an unusual 10-14 weeks of inventory for China-sourced items. I cover how Amazon's ad business is now its fastest-growing segment at 19% year-over-year growth, outpacing even AWS. I examine the expansion of Amazon Haul, their sub-$20 storefront launched to compete with Temu and Shein ahead of expected tariff impacts.I analyze why consumers are stockpiling while simultaneously trading down to cheaper alternatives. I discuss how Chinese sellers are leveraging AI to compete with US brands, and why Amazon's preparation for tariff disruption signals deeper challenges ahead for the entire e-commerce industry.Key Topics:Amazon's $1 billion forward-buying strategy to beat tariffsThe diverging paths of 1P vendors and China-based sellersHow Amazon's ad business is growing faster than AWSWhy Amazon Haul could dominate as Temu faces 120-145% dutiesConsumer behavior shifts: panic buying on a budgetThe competitive dynamics between Chinese and US sellersWhat Q2 holds for the e-commerce ecosystem post-tariffsSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri on LinkedInCHAPTERS