Amazon (AMZN) has announced its plan to open its first fulfillment center in Turkey as it pursues more international growth opportunities.
The company, co-founded by Jeff Bezos, operates an online marketplace where consumers and businesses can shop for a variety of products. It sells its own brand of items and hosts third-party sellers as well. Amazon also provides cloud computing services under the Amazon Web Services brand.
Amazon’s Turkey fulfillment facility is expected to open in autumn 2022 in Istanbul. The company plans to invest $100 million in the project to meet growing customer demand in the country. According to Amazon, the facility will provide its customers with fast and reliable delivery while supporting independent small businesses in Turkey, helping them increase sales domestically and abroad. Amazon says small businesses account for 60% of its sales on its platform globally.
Vice President of Operations for Amazon Europe, Stefano Perego, said, “We are delighted to be opening our first fulfillment center in Istanbul, demonstrating our commitment to the people and communities of Turkey. We are thrilled to bring in 1,000 new jobs offering competitive wages, excellent benefits and a modern, safe and engaging work environment.”
Turkey’s E-Commerce Market to Exceed $46 Billion By 2025
In 2021, Turkey’s e-commerce market revenue reached $22.1 billion and is on track to hit $26.5 billion in 2022 and $46 billion in 2025, according to Statista data. Electronics and fashion products are the most bought items online in Turkey.
Amazon’s international revenue, from markets like Turkey, rose to $127.8 billion in 2021, against $104.4 billion for previous year. International business accounted for 27% of the company’s total revenue in 2021.
Wall Street’s Take
Consensus among analysts is a Strong Buy based on 34 unanimous Buys. The average Amazon price target stands at $4,185.75 and implies upside potential of 27.9% to current levels. Shares have gained more than 7% over the past year.
Hedge Funds
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Amazon is currently Very Positive, as 88 hedge funds increased their cumulative holdings of AMZN stock by 445,600 shares in the last quarter.
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