AMAZON: THE UNSTOPPABLE RISE OF THE INTERNET GIANT
The Amazon smart devices department grew exponentially, facing fierce competition from Apple and Google in the early 2010s.
Amazon, however, was the first company to launch a smart device: the Echo speaker, equipped with the firm's own artificial intelligence system, Alexa. It is now the third-largest seller of smart devices in the US.
Today, the future of Amazon looks a bit more complicated than just selling products on the internet.Having successfully dominated online retail, the firm has now set its sights on expanding its services - and perhaps surprisingly, into physical stores - to create a new way of shopping.
In 2018, it became the world's second-ever public company to be valued at $1 trillion, after Apple, and today it has the third-highest market valuation in US, after Apple and Microsoft.
The huge success of the online giant is also evident in its revenue.
Sales for 2020 reached $386bn, up from $280bn a year earlier. Net profit almost doubled to $21bn.
What shaped AMAZON?
Because its focus is on the customer’s demands and perspective and not on building itself against the competitor. Amazon success story is mainly driven by ideas and innovation. Jeff Bezos, the Editor-in-chief, welcomes unconventional ideas and concepts and then relate them with new technologies.
Jeff Bezos thinks that ideas stroke up growth. Against everyone’s will when in 2007, Amazon launched itself into an electronics device: Kindle E-Reader, it proved to be a confidence-boosting game changer. And later on, Amazon brought in Echo and Alexa speaker devices with more than 30,000 skills to bring verbal solutions to people’s problems.
Amazon has provided its customers with such services that people are attracted to buy from Amazon. It has mitigated the advertisement expenditure by providing customers with free shipping. And no e-commerce website development company could compete with that today.
Amazon, however, was the first company to launch a smart device: the Echo speaker, equipped with the firm's own artificial intelligence system, Alexa. It is now the third-largest seller of smart devices in the US.
What making amazon its money?
Amazon's innovation can be clearly seen in its financial results.In 2018, it became the world's second-ever public company to be valued at $1 trillion, after Apple, and today it has the third-highest market valuation in US, after Apple and Microsoft.
The huge success of the online giant is also evident in its revenue.
Sales for 2020 reached $386bn, up from $280bn a year earlier. Net profit almost doubled to $21bn.
Because its focus is on the customer’s demands and perspective and not on building itself against the competitor. Amazon success story is mainly driven by ideas and innovation. Jeff Bezos, the Editor-in-chief, welcomes unconventional ideas and concepts and then relate them with new technologies.
Jeff Bezos thinks that ideas stroke up growth. Against everyone’s will when in 2007, Amazon launched itself into an electronics device: Kindle E-Reader, it proved to be a confidence-boosting game changer. And later on, Amazon brought in Echo and Alexa speaker devices with more than 30,000 skills to bring verbal solutions to people’s problems.
Conclusion
From books to Music CDs to Electronics to Groceries to Sporting Fashion, Amazon success story claims it as the largest E-commerce leader in the world.Having become online in 1995, Amazon has more than just provide the customers with the timely delivery of their orders; Amazon has built huge customer loyalty, brought in newer features to its website or mobile app, better products and cheaper prices in comparison with other e-commerce websites.
Bibliography:
T. (2023, March 7). Amazon Success Story - From Bookseller to Global Giant. Tuisha. Retrieved March 15, 2023, from https://www.tvisha.com/blog/amazon-success-story
By bcBy: Karielle Llamas Ignacio
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