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When Amazon started back in 1995, it didn’t do much, except sell books. From those humble beginnings, the business exploded, and it’s founder, Jeff Bezos is now the third richest man in the world.
But Amazon did more than just get big. It redefined what it meant to be an ecommerce business, and it changed the way we think about shopping forever. Not even Walmart is safe from this company.
But why was Amazon so successful? And could your business emulate that success?
Jeff Bezos built Amazon at a time when many other internet companies were starting up, and most of them were failing. Bezos had started out as a successful VP at an investment company, but he decided that he was going to take the plunge and try to make money in this new and exciting world of the internet. He dumped everything and threw himself into building Amazon, despite the risks. And he focused on minimizing his regrets, simply striving to achieve greater profitability for his company in the future. This attitude, he told Time magazine, was what had helped him claw his way to the top of the internet food chain.
Amazon has always been a company that has tried to innovate rather than compete. Sure, in the early days there were lots of companies selling books online. But Amazon was the first that allowed people to buy books with just one click or read digital books using their own in-house app, Kindle.
Now Amazon continues to innovate, and not just in the traditional areas. For interest, it’s spent the last five years improving indoor navigation in its warehouses, replacing workers with little robots that spend all day transporting shelving units from one part of the warehouse to another. This has allowed Amazon, despite its size, to continue to offer low packing and shipping costs to its customers and undercut the rest of the market. And while everybody else is trying to catch up, Amazon is vacuuming up all the profits.
Amazon made a success of itself in the late 1990s because of the way it treated its customers. Bezos told Wired magazine in an interview that, despite all the digital tools at businesses’ disposal, word-of-mouth was still the most powerful tool in their arsenal. He said that if a person has a bad experience with a particular company in the past, then that one person could perhaps reach six other people. But with things like online reviews, that one person could potentially reach six thousand.
Work On Execution
Like most ecommerce businesses trying to make waves, Amazon had growing pains to begin with. But over time, it got better and better at fulfillment to the point where its customers now fully trust it. In many ways, it’s an incredible turnaround, especially since it is now the largest retailer in the world.
The company is hoping to make its execution even better by implementing things like drone delivery that could deliver packages from local depots in as little as 15 minutes.
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