History of Amazon’s Success
Amazon is an incredible success story in the business world. The largest internet company in the world, founded by Jeff Bezos in 1994, now has over 800,000 employees, more than 100 million Prime users, and billions of dollars in annual revenue. As of June 5, 2023, the company’s market capitalization is $1.216 trillion. Amazon ranks fourth on the list of the US companies with the highest market capitalization, trailing only Apple, Microsoft Corporation, and Alphabet Inc (Google). But how did a company that started in a garage selling books become one of the most successful companies in history?
In early 1994, Jeff Bezos quit his job on Wall Street to start his own business. Initially, he planned to create a website that compared book prices, but later decided to start an online store that sold books directly over the internet. He named his site “Amazon,” after the largest river in the world.
Books were chosen as Amazon’s first product for several reasons. Firstly, they were easy to ship and did not require large warehouses. Secondly, books were easy to find in wholesale warehouses as they were a high-demand product. Thirdly, books were the perfect product for online shopping as customers could choose from millions of books without leaving their homes.
In the first year of operation, Amazon was able to sell books worldwide and generated over $12 million in revenue. However, the company continued to grow and expand its product range, including music, games, and electronics. In 1997, the company went public and was able to raise over $54 million.
In 2007, Amazon began releasing its own Kindle devices, which were created for reading books in electronic format. This was a revolutionary moment for the company as it was able to create its own ecosystem where users could buy books and read them on the Kindle. In addition, the company also released its services in music and video, creating even more opportunities for growth.
Amazon continued to innovate and experiment, such as offering free shipping, cloud technologies, and even introducing a virtual assistant, Alexa. In 2013, Amazon began implementing drone delivery, which can deliver goods within a few hours.
The success of Amazon was not only in its innovations and products but also in the company’s philosophy. They are focused on creating the best experience for their customers, providing them with a wide selection of products and excellent service. The company also adheres to principles of profitability and long-term planning, allowing it to invest in new technologies and innovations.
One of Amazon’s most successful and innovative services is the streaming service Amazon Prime. This service was launched in 2005 and provides its subscribers with many benefits including access to movies, TV shows, music, e-books, and other content.
Amazon Prime also offers free shipping on millions of items, exclusive discounts on certain items, and access to the Twitch service. The Twitch service is the largest platform for streaming video games and online broadcasts.
The Amazon Prime service has become a key element in Amazon’s strategy for attracting and retaining customers. It also helps the company compete with other streaming services such as Netflix, Apple TV, and Hulu.
Today, Amazon manages several brands including Whole Foods, Audible, Twitch, and IMDb. The company also operates in the field of cloud technology, providing services to more than 190 countries. Despite all the challenges, Amazon continues to evolve and set modern business trends. The success story of Amazon is a shining example of how bold ideas and the company’s philosophy can lead to incredible success.
A little about Jeff Bezos’ biography
Jeff Bezos is the founder of Amazon and one of the richest and most influential people in the world. His name became known worldwide thanks to the creation of the largest online store Amazon and the opening of new opportunities for online commerce.
Bezos was born in New Mexico, USA, in 1964. He graduated from Princeton University, where he studied computer science and electrical engineering. After graduating, he worked on Wall Street in finance. But soon Jeff realized that his true passion was computers and technology.
In 1994, he founded Amazon, starting to sell books online. Within a few years, Amazon became the world’s largest online store, offering a wide range of goods and services.
Bezos does not stop at what has been achieved and constantly seeks new opportunities to develop his business. He invested in projects such as Blue Origin – a company that produces space rockets and acquired The Washington Post – one of the most influential newspapers in the United States.
In 2017, Bezos became the richest person in the world, surpassing Bill Gates and setting a new record. His fortune is estimated at over $100 billion.
Despite his enormous success, Bezos remains modest and does not miss the opportunity to help others. In 2018, he and his wife MacKenzie Bezos pledged to donate $2 billion to support families living in poverty and homelessness.
Overall, Jeff Bezos is a shining example of how hard work and perseverance can achieve high results. His main principle is the search for new opportunities and the desire for constant development, which allowed him to create one of the most successful companies in the world.