Three years ago, Amazon (NASDAQ: AMZN) looked invincible. The stock was setting record highs in late 2020 as investors predicted that the soaring growth rates from the pandemic would continue, even as costs remained low.

Both forecasts turned out to be flat wrong. Inflation pressured consumer spending while driving costs higher over the last few years, instead. Rising interest rates amplified these challenges and helped keep Amazon's stock below those record highs.

The next few years could be just as volatile for the e-commerce giant's business, and there's plenty that investors don't know about that future. Yet several big trends promise to shape Amazon's wider results from here, along with its stock returns.

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Source Fool.com