The rise of tech giants like Amazon has largely coincided with their development of entire markets that they control. There's so much money to be made establishing the market and taking small transaction fees as opposed to just bringing a product to an existing market.
Not only did Amazon make money by creating the go-to online marketplace, they captured tremendous amounts of data on what people were and weren't buying. This allowed them to spin off cheaper versions of competing products, undercutting the businesses that they were already making money from. They dominate the sales channels, and now they're going after the vendors directly, starting with the small, low-hanging fruit.