One of the things that’s clear from Amazon’s most recent earnings report is that its e-commerce business is in trouble. Its North American e-commerce business saw sales increase just 8% to $69.4 billion. It reported an operating loss of $1.6 billion. International e-commerce had revenue of $28.8 billion, down 6%, and the unit had an operating loss of $1.3 billion.

The bright spot in revenue came from results from Amazon Web Services (AWS), the largest cloud services company in the world. Revenue rose 37% to $18.4 billion. Operating profit reached $6.5 billion, up 57%.

Amazon’s e-commerce business may be past its best days, at least in terms of rapid growth. It has hundreds of smaller competitors, likely led by Walmart. Its consumer electronics products are among the most advanced on the market. That doesn’t seem to have helped him much in the most recent quarter, however.

Amazon Prime, part of the e-commerce business, is facing growing competition from such…

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