Amazon’s Secret to Success Journey
There’s no guarantee that Amazon.com can be a successful company. What we’re trying to do is very complicated
said Jeff Bezos (founder of Amazon) in 1999, just five years after launching the online firm.
25 years after it started, Amazon is one of the most valuable public companies in the world, with Mr Bezos now the world’s richest man, thanks to his invention.
What started as an online book retailer has become a global giant, with membership subscriptions, physical stores, groceries for sale, its own smart devices and a delivery system which can get things to customers in just an hour.
Amazon’s market value has been increasing ever since it was started and has seen no signs of decline. Even in 2021, its stock price continues to skyrocket.
What are its secrets?
1. Start by exploiting a golden opportunity
When the internet began to gain traction in the late 1990s, Bezos found a golden opportunity – selling books through the internet. Books were a standardised product that was the same whether or not they were purchased online or from brick and mortar stores. Hence, Bezos offered books online, providing consumers with convenience, selection choices and reasonable customer service to build up his customer base.
2. Continuing to increase its product and service offerings to consumers
Amazon continued to build up their customer base and retain existing customers by becoming a one stop shop for customers. They did this by providing many more products customers appreciated through Amazon.com and diversifying into other fields such as AmazonFood (offering fresh food via delivery), Amazon fashion and even Amazon’s own drama series!
3. Always keeping consumer interests at the forefront
Every new venture Amazon had was done while keeping consumers’ interests in mind. Although business model calculations advised Amazon to increase its prices, Bezo strongly believed against it. He believed that doing so would erode customer loyalty. When coming up with Amazon’s drama series, Amazon also used customer feedback to decide on storylines.
What will Amazon be in another 25 years? We’ll have to wait and see but you success story, let GetLinks take care of that!