Does Amazon even need an introduction? At least we all have heard about the world famous e-commerce store Amazon where sellers showcase their products and buyers buy the products they want. But you might not know that the company has a wide range of products including Amazon go, Amazon Prime Video and Amazon Pay.
Nowadays, online shopping is an essential part of the daily life of most of us. Thus, the number of e-commerce companies is increasing across the world, but no company has been able to compete with Amazon. Amazon is still the top e-commerce platform where all businesses big and small display their products, and shoppers prefer to shop online.
But the question arises, how did Amazon become so successful? How did an aspiring entrepreneur build a worldwide empire by starting a business specializing in selling books? Let us find your answers in this article, in which we will tell you how Jeff Bezos made this company a success.
Amazon Launch
In the United States, Jeff Bezos founded Amazon.com in 1994. It is an e-commerce company that has joined the 1 trillion valuation club. After that, it expanded to other countries to expand its market. Amazon started in India in 2013 and soon became one of the largest e-commerce platforms. When the company started, it sold books and after some time it started selling electronics, jewelry, toys, clothing, gaming accessories and more.
However, apart from being an e-commerce company, Amazon has broadened its horizons by jumping into multiple domains such as cloud computing, publishing, on-demand music, consumer electronics and video streaming.
AWS (Amazon Web Services)
Amazon Web Services is Amazon’s cloud platform that provides IT infrastructure services to businesses in the form of web services, primarily known as cloud computing. Amazon introduced its web services to the world in 2006 and on March 2, 2021. The PGA Tour selected it as its official cloud provider.
Amazon Go
Amazon launched in 2018 and is a series of convenience stores that run under Amazon. These stores are in the United States and the United Kingdom. The idea behind the stores is that customers do not have to deal with cashiers in the store. Customers can pay for the shopping at the self-checkout stations there.
Amazon Prime
Amazon Prime is an OTT video streaming platform by Amazon, where you can watch television series, movies, web series and other video content by subscribing to it and paying for a monthly subscription. It was introduced to the world in 2016, but is not available in some countries such as North Korea, Syria, Cuba, Iran and China
Amazon Pay
Amazon Pay is an online payment service provided by Amazon, which was launched in the year 2007. Using this payment service, you can pay for your needs with your Amazon account. Fraud protection technology supports this payment service so that you can complete the transaction securely.
Founder, as well as former CEO of Amazon-Jeff Bezos
Jeff Preston Bezos, an American entrepreneur and industrialist, founded Amazon in 1994. He graduated from Princeton University in 1986 with degrees in electrical engineering and computer science and worked for financial communications startup Fitel. Fitel was working on creating a system for international trade. Later, Bezos became head of development and director of customer service.
Jeff Bezos became Amazon’s executive chairman after stepping down as the company’s CEO.
Head of cloud computing and current CEO of Amazon-Andy Jassy
Jesse became part of the Amazon family in 1997. He holds an MBA from Harvard Business School and is behind the launch of Amazon Web Services (AWS).
How did Amazon start?
In 1994, Jeff left his job as Vice President of DE Shaw & Company to start his own startup. He wanted to take advantage of the Internet boom, slowly taking the world by storm. Jeff Bezos jokingly referred to Amazon’s setup as a “framework for mitigating regret.”
While moving from New York to Seattle, Jeff developed the first plan for his company. Initially, they called it Cadabra, Inc. said, but Jeff changed it to relentless.com when he realized people heard it as Lash (which means corpse). The company was eventually renamed Amazon because his friends didn’t like the name.
Initially, Jeff Bezos’ parents invested $250,000 in his venture. In 1998, Amazon acquired Junglee Corporation, a database technology provider that helps shoppers find products online. In addition, it also acquired “Planet All”, a social networking, calendaring and address book website, to expand itself.
In 2005, Amazon entered the crowdsourcing business with the help of “Amazon Mechanical Turk”. Additionally, in 2006 Amazon finally entered the field of cloud computing with “Amazon Web Services” (AWS), seeing the wide scope of this field as well as, in the same year, the video-on-demand field with Amazon “Amazon Inbox”. I entered.
Amazon’s first e-reader, the Kindle, was released in November 2007, to much acclaim, the same year the world became aware of Amazon Music. Another well-known Amazon product is Alexa, “a virtual assistant AI technology founded by Amazon.
Logo of Amazon
Jeff Bezos’ mission was to make his company the foremost e-commerce shopping platform. That’s why he named it “Amazon”. The company’s logo has remained the same since 2000 and features an A to Z arrow, indicating that the company aims to provide every product the buyer desires. Also, the arrow creates a smile, indicating that customers will be happy after making a purchase from Amazon.
Amazon’s growth and revenue
Amazon started as a small online bookstore but is now the largest marketplace in the world. This is because the company experimented with diverse and multiple horizons and worked exclusively on its own foundations.
If you look at Amazon’s sales, you’ll see that its sales have grown exponentially. On the other hand, diversifying its products and seeing the bright future of online shopping and e-commerce business at the right time helped it become a giant.
Amazon’s Competitors
As the world slowly evolves, so do many of Amazon’s competitors. It has competitors in various sectors such as web services, merchandise, media and electronics. His list of competitors includes:
Alibaba Group
apple
Netflix
Ebay
Flipkart
Oracle
Amazon’s Keys to Success
Amazon is doing a great job in expanding its market around the world. Amazon’s overnight delivery, quality product packaging, talented management, incredible customer service, free shipping and returns, make it trusted and trusted among consumers. According to Jeff Bezos, the key to Amazon’s success rests on four key principles:
Customer passion
According to Bezos, to be a successful entrepreneur and stay in the market for a long time, you need to focus on your own innovations and ideas rather than your competitors. If you strategize based on your competitors, you won’t survive long.
Passion to invent
Jeff Bezos says, “We need to be something different and unique – something that appeals to consumers.” To be a successful entrepreneur, you have to see the problem, but try to invent opportunities and solutions.
Long term relationships
While basic planning and patience are key factors in building any large company, Amazon’s success is entirely dependent on long-term planning that helps it retain customers for the long term.
Excellence in work
Amazon’s values are exceptional, and systems are well planned, updated and tested as needed. Such systems, Bezos says, will identify defects at the root and fix them before a major problem emerges. Using smart systems saves energy, money, time and your reputation.”
Amazon’s Future Prospects
Amazon’s prospects include expanding into the fields of machine learning, robotics, home automation and space exploration. However, it also plans to enter the health technology and food delivery business later in the future.
Although Jeff Bezos also claimed to have launched an “Amazon Prime Air drone delivery service” to use drones to deliver lightweight packages to customers. The company is even trying to make its delivery system eco-friendly by adding electric vehicles to its delivery system.
Keeping Amazon’s plans for India in mind, the company plans to create 1 million new jobs in India by 2025. In January 2020, Jeff Bezos claimed that Amazon was looking to invest $1 billion in India to help 10 million merchants expose their businesses online.