On July 5, 1994, Jeff Bezos, the firm's creator, launched Amazon as an online book seller. Since then, though, the company has expanded to offer nearly everything. Currently, one of the most valuable companies in the world is Amazon.
Why
amazon is named as Amazon?
When someone misheard Jeff Bezos' company's original
name as Cadabra but after someone
misheard it as cadaver and so later a friend advised that his other
option of relent less seemed too
ominous.
Bezos opened a dictionary and chose the word Amazon
since it began with a and would be at the top of many lists. Bezos also liked
the name's exotic sound and the idea that the enormous Amazon River may
indicate he owned the largest collection of books in the entire globe.
TIME LINE OF AMAZON:
- 1994: Launch of Amazon
- Amazon IPOs in 1997 at $18 per share,
and on May 27, 1998, IMDB is acquired.
- Aug. 5, 1998: Goes beyond books
- Launch of zShops in 1999
- 2002: Barnes & Noble was sued.
- A9.com is launched in 2003.
- Acquires Joyo in 2004
- 2005, February: Launch of Amazon Prime
- Amazon Mechanical Turk, November 2005
- Launch of Amazon S3 in March of 2006
- Launch of Amazon Elastic Compute Cloud
on August 25, 2006
- 2007, August: Launch of Amazon Fresh
- 2007-09-25: Launch of Amazon Music
- Launched on November 19, 2006, the Amazon Kindle will prove to be a significant turning point in Amazon's history.
- Acquires Audible in 2008
- 2009: Purchase of Zappos
- 2010: Hardcover books on Amazon are
outsold by Kindle e-books by over 50%.
- Launch of Amazon Instant Video in
February 2011
- 2011, May 2: Opening of the Amazon
Appstore
- August 25, 2014: Acquires Twitch
- 2015, August 26: The debut of Amazon
Underground
- 2015, November 2: Amazon opens its first
physical shop ever.
- Amazon Prime Air to debut in 2016
- 2017 Jun: Whole Foods is acquired.
- Amazon announces a hunt for a second
headquarters on September 7, 2017.
- Jun. 1, 2018, acquisition of PillPack
- Sept. 4, 2018, saw the market value hit
$1 trillion.
- 2018 October 2: $15/hr minimum wage
- NY and Virginia will become Amazon HQ2
in 2018, November
- 2019.02.01: Plans for the NY HQ are
cancelled
- 2019 July 5 is the 25th anniversary.
- Sep. 24, 2019: Amazon Care debuts
- 5 July 2021: Jeff Bezos leaves his
position as CEO
- 17 March 2022: Amazon purchases MGM.
- A new rocket will carry the long-awaited
Amazon broadband satellites into orbit in 2023.
Why is Amazon the
most successful?
Amazon has a culture of invention that encourages
people to be creative without worrying about failing, according to Bezos, who
believes this is the fundamental factor in the company's success.
From the standpoint of the customer, Amazon's
success is simple to comprehend. Because it has the best customer experience,
Amazon is the biggest and most prosperous retailer in the West. Customers who
shop online anticipate three key things:
- Multiple
Options: Customers always want to find what they're looking for, and it should
be available, of course.
- Low
cost: Customers like to spend as little money as feasible on a product.
- Fast
delivery: Customers expect their products to arrive as soon as possible.
Amazon STRATERGY:
- Customers will return frequently and
even refer their friends to the site if they have a wonderful (and consistent)
purchasing experience there. Traffic is created by it.
- Sellers must get their goods in front of
customers, thus they must always follow the flow of traffic.
- More vendors equals a wider range of
goods.
- Better consumer satisfaction is
correlated with greater product variety ("they have it all!").
You now benefit from economies of scale as a result of these four drivers propelling the platform's expansion. This results in a cheaper cost structure, which drives down prices, which speeds up the growth cycle once more by giving clients the greatest possible experience.
Finally, Amazon has
succeeded in creating a haven for shoppers. In comparison to other stores and
platforms, they charge significantly less and provide significantly more: the
broadest selection by combining the retail and marketplace industries, the best
pricing through the use of the "buy box," and the fastest delivery
through the provision of FBA to their sellers. According to the "fly to
success" method, Amazon's chances of success increase with its level of
success. This e-commerce behemoth, which now holds a 50%
market share in the US and is expanding, is here to stay. What does this entail
for Amazon sellers and sellers, then?
Your brand has to be
set up to develop with Amazon as it becomes a more significant source of online
sales. Being an all-in-one platform, seller, and brand, Amazon has a
scalability that should be understood. Consider Amazon your ally in the severe
competition you face, and keep in mind that your chance of success rests on
your capacity to meet their most crucial success metric: customer happiness.
Amazon Deliver So Quickly
One of the world's most
cutting-edge distribution networks, Amazon, has led to: Amazon
Robotics-powered, advanced logistics and the 175 distribution facilities
working across the world 24 hours a day.
The fact is that Amazon
holds the finest in the world to a standard that is unreasonably low.
Currently, the company is significantly investing in new technologies, such as
AI, to enhance this already amazing system and outperform that of venerable
transportation and logistics firms.
Sellers should be aware
that Seller Filled Prime—an alternative to FBA—allows for Prime eligibility.
But most individuals would find it difficult to live up to Amazon's demanding
standards. Despite their greatest efforts, rivals find it difficult to
replicate this metric of success.
Conclusion:
Since Bezos created Amazon 29 years ago, the
corporation has established companies in cloud computing, food, artificial
intelligence, continuous communications, and has become associated with online
shopping. The business, which has a market worth of $1.7 trillion, has grown to
be among the most significant ones globally.