After spending twenty years applying a combination of price cuts, smart logistics, and ruthless efficiency
You forgot: underpaying workers, underpaying suppliers and using tax numerous dodging strategies.
Amazon's online shopping model is fundamentally flawed because individual delivery incurs very high costs. This is why margins have always been terrible.
To his credit Bezos has always been clear about his aims and impressive with innovation. AWS was an interesting development due to Amazon's need for massive computing power to cope with peaks such as Thanksgiving in America and Christmas around the world. Kindle and LoveFilm are both attempts to get out of the ruinous business of storing and shipping physical goods individually. Publishing and investing in video production are attempts to move up the value chain.