In
his book “The Everything Store”, author Brad Stone said, “It is
easier to invent the future than to predict it” while describing Amazon. In
2010 when the book was released “Jeff Bezos” advised the author that he had written
the book too early. Today after eleven years, when Amazon’s revenue increased
by 11 times, and it has built a global empire, it turns out that Bezos was
right.
Amazon,
a company founded in a garage and opened as an online bookselling platform, has
become a world in its 26 years of journey. The global conglomerate has an array
of industries in its portfolio, and numerous businesses are flourishing under
the axis of the e-commerce giant. Amazon is operating in e-commerce, IT, Print,
OTT, Consumer electronics, Video games, software development, Social developing
services, and corporate venture capital with the help of its around 110
subsidiaries across the world. But is this astonishing success of amazon merely
a” Right Time, Right step” method or the sheer brilliance of “Jeff Bezos”,
which has helped the brand to become” Big Five” and is considered as the world’s
largest software maker.
Bezos
has recently stepped down as CEO of Amazon and exploring his other dreams. Looking
back to his 24 years of journey, here are some brilliance and strategic moves
of the world’s richest man, changing the business world.
A
Visionary Mission
If
you go to a web browser and search “Relentless.com”, it will take you to the
Amazon site, precisely the efforts Jeff Bezos has put to outperform the
competitors and played hardball wherever possible. From the beginning of his endeavors,
Bezos ambitions are endless. He has planned to sell everything to everybody
everywhere; Amazon never tried to play safe and sitting still happily; instead,
the brand always pushed itself to embrace new technology and creativeness.
Bezos’s knack for perceiving people’s future desires and the market’s needs was
commendable. The products and services such as Kindle, AWS, and Alexa’s launch
and success are prime examples of his visionary thinking. He disrupted his
marketplace to enhance his company’s horizon. Bezos always has this idea that “Success
breeds success” and for success “Timing is everything” and for so he
invested endless money and resources when he felt it is imperative and there
are certain times when these unlimited resources obtained no returns; however,
these failures founded a worth implementing solutions for the company which
eventually leads to its exponential growth.
People’s
Entrepreneur
Jeff
Bezos repeatedly stated that if you are selling products or services, you must
be involved with the people you are serving. For that, you need to focus on
consumers' reviews of your product and services rather than focusing on your
competitor’s performance. Since Amazon’s inception, Bezos was passionate about
understanding his products and services version from a consumer perspective. He
always worked upon his products and services quality improvement, simplified
functioning, cheaper cost, and quick deliveries. His relentless efforts to
create its brand consumer-centric helps Amazon to win “Share of Heart”, which
leads to its market share increment.
In
its more than two decades of service, Bezos has made Amazon a powerhouse that
we can assess in numbers as the brand has grown its market capitalization 2000
times and growing with a 45% CAGR in 21 years of its public company
tenure. Amazon is the world’s most
significant player in e-commerce, web services, voice assistance, and 2nd most
significant player in the video streaming platform. Still, apart from these
numerical heroics and financial efficiency, Amazon has something which every
organization of the 21st century wanted to have in their kitty, an
enormous amount of consumer loyalty across generations and its commitment
towards creativeness.
“We
do not make money when we sell things, we make money when we help customers
make purchase decisions” - Jeff Bezos
Sayonara!
Until next time.
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