From a Wall Street Journal review by Marc Levinson headlined “‘Winner Sells all’ Review: Battle of Bricks and Clicks”:

In 1995, a startup called Amazon.com began selling books on the World Wide Web from the garage of a house near Seattle. A few months later, Walmart, the world’s biggest retailer, tiptoed into the future by offering holiday gift baskets on the web. Neither venture enjoyed instant success. Amazon, wildly burning cash to build its business, would not book substantial earnings for another two decades. Walmart would churn through strategy after strategy as it struggled to mesh online retailing with its very profitable base of almost 5,000 U.S. stores.