Analyst Keith Benjamin figures online mall CUC NetMarket's model -- where customers pay an up-front fee to receive bigger discounts on all subsequent book purchases -- might prove more profitable.

FORBES: Does Amazon.com really matter?

CUC, of Stamford, Connecticut, is a big direct-marketer, selling discount goods, travel and financial services to its 68m fee-paying club members.

ECONOMIST: All in the same bunch