In this, we are going to discuss about the world’s largest retail store “Amazon” and how is built. And we are looking at how Jeff Bezos Strongly built the world’s largest retail store “Amazon”.
In this, we discussed about the strategies of Jeff Bezos, the struggle he had and the story of this largest retail store “Amazon”.
About Jeff Bezos and Amazon
The founder and CEO of Amazon “Jeff Bezos”. The current net worth of Jeff Bezos is “10,620 crore USD”. Amazon is the largest online retailer and the world’s largest company by market value amazon with its 6,47,500 employees and generates approximately 233 billion dollars revenue also with different industries such as gaming, clothing and food.
Due to its involvement in different industries amazon is defending Alibaba groups, Walmart, Google, Microsoft, and many more companies. But how Jeff Bezos leads such companies against those kinds of top competitors to know about this please continue reading this article.
The Beginning of Amazon
Jeff Bezos was born in 1960s. From his young age always shows interest in science and technology at one time creating an alarm system to keep his sibling to keep out of his room.
During his high school years when his family moved to Florida he was part of the University of Florida student science and technology program where he awarded by the Silver Night award and national merit scholar. He later moved to Princeton University and graduated with a degree in electrical engineering and computer science.
After graduating from Princeton University he found himself sawed after numerous firms from telecommunication startups to banks and by the age of 30 he was the senior vice president of Shawn Company.
But in the ’90s when Jeff Bezos started to his own online book store a year later he resigns from his company and founded Amazon it said that he wrote his business plan for amazon. Inspired by the Amazon river he started his company.
After three years in business Jeff took amazon public raising approximately 54 million dollars and used it for began his expansion he diversifies into consumer goods, online music and video sales.
The Struggle period of Jeff & Amazon
Starting an online business during a time when 100 companies were learning the potential of the internet came with its own set of problems.
Amazon had to survived through the .com bubble which it did due to its business structure amazon simply sold retail to consumers that paid with credit or debit cards which mean the payment is instant there was no gap between payer and supplier to receiving payments from customers a lot of other businesses suffered during that time and went out business.
In early 2000 at the peak of the .com bubble sales slowed it affected amazon revenue causing them to lay off workers and almost go bankrupt. However with the loan from the bank by the following years of the amazon recovered and back.
To generating profit were also made a difficult begging was the fact that Amazon did not own any of the books they sold and had inventory after an order was made Jeff Bezos has searched for the item from all the book stores himself before shipping it.
Strategies & plannings of Amazon
Go big and Go fast was Jeff Bezos mind-set from the on side taking of his company public in late 90’s Jeff Bezos begin acquiring smaller competitor and diversifying the business to the wider demographic.
He soon launched his subsidiary and product Amazon web services compelled data from channels and website traffic then he launched the amazon kindle which transform the way we read books the kindle gave us the ability to read book in digital version.
However through every startup there were common trend that Jeff Bezos did he did not focus on competitors or technology he focused on what consumers wanted which was basically wide selection of items and low prices that they could receive quickly by an order.
Consumer desires that Jeff Bezos believes with never change so instead of trying to engage his competitors his goal was to always stay a head off toward his customers.
“If your competitors focused, you have to wait until there is a competitors doing something. Being customer-focused allows you to be more pioneering.”- Jeff Bezos
The Defining moment
The first book that sold so the launch of the online retail giant defining moment came here later when they launch amazon web services. It was these services that allowed people and companies to see the potential of the Internet. Its earliest version was free and helped businesses develop applications that will allow them to create amazon services into their websites.
Now the world couldn’t only shop on their website but sell their products using amazon as well. This transformed not only online retail but also the IT industry in the round of computing and position them a leader.
The Value and Rising
Before the launch of Amazon, everyone shopped at the stores so if we knew down all things that amazon provide to its customers is convenient. Hence the reason why amazon focuses on satisfying over woring about the competitors.
Amazon achieves this by providing a continuous selection of products combined with the personalized experience and by keeping up with fast service not just in delivery but in response to their websites.
Amazon saw that even a 0.1-second delay causes a drop activity in their site so they have been optimizing a site to prevent such delay. Amazon has kept one of his pillars of keeping prices competitors Jeff Bezos has done numerous things as keeping expense as low within the company so he can pass those savings to their customers. From restricting salaries to keeping old black and white printers to know the body in the company flying first class.
In the Myths of traditional retailing announcing closure amazon has continuously seen growth in the past years and with the growth of prime one or two-day delivery services they are picking up customers that other retailers were losing. In fact, because of losing service other online retailers are trying to do the same proving that amazon has been correct in focusing on providing more to their customers while the competition has been trying to catch up to them.
Controversy and Arguments
From inception despite pioneering the online retail industry amazon has attracted his controversy three years ago amazon filed the case against the amazons third-party sellers, mobile star LLC were selling fake apple product.
Apple purchased and identify 90% of the counter fit items afford apparently amazon doesn’t confirm the source of the items as genuine most star LLC settled with Apple for an undisclosed amount.
Jeff Bezos steered amazon position holds today by listening, innovative and by optimizing and by delivering they continuously improving their process so that could be more efficient to the customers “What’s dangerous is not to evolve”-Jeff Bezos.
Amazon doesn’t sell to customers either they sell them things they didn’t even realize they wanted by serving customers by purchasing history they implemented customer reviews which present items to the customer based on their past purchases, searches, and trends adding into that.
When Amazon introduced the dash button they increased the ease and convenience of the shop online. Put the dash button on the website and within second they confirmed your order via an email and text. And it’s immediately shipped at you.
Over the past 15 years, Amazon has offered a wider product range through a market place recently amazon gained 1.29 million new sellers whose product sale total approximately 1.19 billion dollars.
The Future of Amazon
Amazon is now a lot more than an average online shop it’s been leader services and also artificial intelligence with its echo device and Alexa AI assistant. Amazon continues to grow by acquiring new companies.
Just 2 years ago they acquire 10 startups including harvest AI, games sparks and Blink which heading to develop more AI. Focusing on a virtual assistant, Voice processing and AI as a service and with its innovation computing amazon can position its by cause a platform company. All part of their marketing plan is to increase its market share in physical retail spaces. They already opened physical book stores and launched the retail stores Amazon go.
For the last 3 years, amazon increases its customer services by their drone “Amazon Prime Air” which helps in delivering their products.
By this Jeff Bezos built Amazon successfully and strongly and increased the name and fame of amazon in online marketing.