AMZN, leading the way (while catching up?) to e-commerce

It's hard to say that Amazon has never been a leading indicator of e-commerce growth as this chart might suggest, but it will be interesting to watch how the relationship develops as AMZN charges ahead. On one hand, Amazon continues to diversify outside of e-commerce (ironically dipping its toes into brick-and-mortar while single-handedly destroying the model). Yet this pair is inextricably linked, as for the time being one cannot survive without the other. Correlations remain high and the runway for e-commerce is long.