The world’s richest man with a net worth of $145.3 billion – Jeff Bezos amazon ceo has conquered wealth worldwide with his prospering company, Amazon.
A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.
Initially started up with the motive of making it the world’s largest book store ever, Amazon has not restricted itself to just selling books and is selling all kinds of products ranging from electronics to clothes, items of daily use and the list seems to not end. Amazon is now the largest e-commerce marketplace and cloud computing platform in the world as measured by revenue and market capitalization.
The name Amazon was named after the Amazon River, aiming it to make the biggest bookstore in the world. However, fate had different plans for Amazon as it turned out to be more than just a book selling company rather became the largest internet company by revenue in the world. So how did this happen?
- Quality Products, Quality services – the basis for any company to prosper is achieved by Amazon with its quality goods and enables the customer to assess it themselves by seeing the reviews and ratings given by the side of the products.
- The fear of anonymity no longer persists- People often found the medium of internet buying scary as they weren’t aware of the seller of the product and thus in turn scared about other factors such as the quality, quantity and feared it to be a fraud and a loss of money.
- However, with Amazon coming into existence and its flexible features potential buyers have turned into actual buyers as customer services is one of the top most priorities in Amazon.
- Thus, by enabling features like tracking the order, quick returns or exchange facility has aided in building trust with the customers.
- A proper tie with retailers from around the world and staff has enabled the door to step delivery of the good on time leading to customer satisfaction.
- Innovation – the foundation of success; by constantly innovating their stream of supply ranging from investing in Echo units or digital streaming platform like Amazon prime.
Such innovations in turn lead to success and higher revenue for Amazon. Fact: 22 million units of echo were sold in 2017 alone; there are around 10 million subscribers of Amazon prime video. This largely speaks about how innovations can significantly contribute towards success.
- User friendly- in an era of internet, Amazon has targeted the heart of the world using it as a medium to generate revenue in an effective manner. The website, being attractive yet simple has made customers to purchase the products easily away from one tap.
- Cost worthy- since it compares a variety of products from distinct sources; the cost is effective which makes it even more popular among consumers.
Overall, Amazon has looked into the main 4Ps- production, place, price and promotion in a profit maximizing manner. (The first 2 Ps although not directly taken care of yet indirectly done in an effective manner).