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The world’s largest online retailer, Amazon.com Inc. (AMZN - Analyst Report) has recently announced the launch of its wearable technology store, giving customers access to a broad selection of the most popular electronic gadgets — wearables.

The technology store offers wearable gadgets from all technology hardware makers, including Samsung, GoPro, Jawbone and others. These include smartwatches, activity trackers, healthcare devices, wearable cameras and wearable trackers for pet animals.

Additionally, the store features an online Learning Center helping consumers to get a complete idea about all the wearables available in the store and select the right product. Additionally, buyers will be able to go though descriptions and commentaries on these products at the Editor’s Corner before buying.

Wearable technology has become a growing market in the past few months, with wearable applications such as remote heart-rate monitoring making a significant impact in healthcare industry. Additionally, these gadgets appeal to consumers as smart fashion accessories. Lately, several technology companies like Google (GOOGL - Analyst Report) and Apple (AAPL - Analyst Report) have joined the race to develop wearable technology.

According to a report from Transparency Market Research, the wearable technology market is poised to expand rapidly in the next several years. Per the report, the global wearable technology market stood at $750.0 million in 2012 and is expected to reach $5.8 billion in 2018, at a CAGR of 40.8%.

We believe the wide selection of new wearable gadgets offered at the technology store will help Amazon tap a promising market by attracting new users. This is expected to help the company garner several billion dollars in revenues annually.

We believe Amazon’s heavy investments in new markets, new product categories, digital business and fulfillment centers will likely weigh on its near-term results.

Nevertheless, we commend Amazon’s prospects, especially its platform approach (Kindle, Prime and AWS). We believe that Amazon is performing true to form — generating solid revenues and strong cash flow quarter upon quarter (discounting seasonal variations).

As such Amazon remains one of the leading players in the fast-growing e-Commerce market. We think that this has been possible because of the broad selection, free shipping and user experience that Amazon has consistently provided. This has enabled the company to gain from the shift from offline to online consumption.

Amazon currently retains a Zacks Rank #3 (Hold). Another stock that has been performing well and is worth considering includes IAC/InterActiveCorp. (IACI - Snapshot Report), with a Zacks Rank #2 (Buy).

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