If you follow even the slightest bit of corporate news, you’ll know that Amazon recently bought food retailer and grocery store Whole Foods for the hefty sum of $13.7 billion. Although Amazon had already begun its baby steps into food delivery service–think Amazon Fresh–the acquisition deal was, by far, Amazon’s largest and most prominent venture into the food industry.
And it looks like it wasn’t just by chance. Amazon just executed an extremely well-calculated move, one that shows how far the online retailer excels at always staying one step ahead.
Wondering why? Here’s the explanation in one sentence:
In a rising millennial generation that’s consistently demonstrated a growing interest in food, Amazon took the industry’s reins into its own hands with its purchase of a gourmet grocery retailer with an already established reputation.
While it’s no secret that Americans spend a great deal of money on food–according to the Bureau of Labor Statistics, apparently 12.5% of the annual American family’s budget is spent on food–millennials have shown an even greater interest in the act of eating than their predecessors before them. In fact, it’s even been reported that American millennials collectively spend $96 billion at restaurants–more than half of the total amount Americans spend dining out in the United States.
The recent surge in food-delivery options over the last five years is just another indication of millennials fervor for eating good, high-quality food–with all the convenience of a smartphone and the comfort of your own couch.
Amazon’s ability to predict this trend as a lasting one before everyone attempted to join the industry says a great deal about the company’s keen foresight, and its ability to move quickly and take action before the opportunity is lost.
In a world that changes every single day, Amazon’s prowess at staying nimble on its feet acts as inspiration to us all. We too should constantly be looking for trends that we can get ahead on, maybe even jumping into industries that we know are going to boom in the coming years.
Who knows, sometimes, thinking ahead is a risk that pays off–big time.