So today let’s talk about the biggest online retailer, Yes it’s Amazon. What made Amazon worth $977.59B company. What was Jeff Bezo’s vision and what did he do to become the first centibillionaire? Why is Amazon dominating globally and will continue to dominate? What was Amazon’s marketing strategy?
Amazon is an E-Commerce website. Started by Jeff Bezos’ in the year 1994 initially as an online marketplace for books. Amazon is considered to be one of the biggest technology companies in the world alongside Google, Apple, and Facebook. In the year 2015 Amazon surpassed Walmart as the biggest and valuable retailer in the U.S by market capitalization. Now Amazon offers it’s own product and services like Amazon Prime, Kindle, Echo, Alexa, Amazon Web Series, etc.
What’s so special about the logo?
- Jeff Bezos named it Amazon.com after the river Amazon as it is considered to be world’s largest river by volume.
- The arrow in the logo signifies every product from a to z is available on Amazon.com.
- The arrow also represents a smile on customer’s face after they shop from Amazon.com.
Amazon is a customer-centric company
- Amazon provide a product review system where a customer can rate a product out of 5 stars. They provide a similar suggestion and recommendation to its users.
- Amazon provide excellence logistics and quick delivery. All of us know about the Prime Delivery where they deliver the product in 1 day/24 hour.
- They partner with other companies in order to acquire new customers and expand their business. Some of these companies are Twitch, Whole Foods, etc.
3 things Amazon want their customer to experience
- Selection- Offer customers the widest range of products.
- Price- Offer the most feasible price for quality products.
- Convenience- Amazon over the years has seen customers don’t like 3 thing
- Out of Stock
Amazon believes in Customer experience and retaining customers. How do they do that?
Amazon uses technology as most of its important tools. It studies consumer behavior through searches and purchases. They also have an automated communication system for providing users a great customer service.
Amazon believes in innovation to provide its customers with a great experience. The first innovation by amazon was kindle in 2009. This allowed users to download books and magazines and was an electronic reading device.
Amazon’s Marketing Strategy
Expect more from his employees
As of 2018 Amazon had more than 6 lakh employees. He believed that every employee has a quality to be owner he doesn’t people to perform their regular jobs. He asks every employee to come up with ideas, plans, etc.
Long term vision
Our company’s vision is to use this platform and build Earth’s greatest customer-centric company. A place where customers can come to discover anything and everything.
First mover advantage
Jeff always believed in launching the product and testing the market results. He doesn’t wait for 100% accurate information rather take 60-70% information launch the product see the signals what it feedback it gets. Amazon Prime was launched within 111 days of planning. This wasn’t a huge success but Jeff always used to say “First product is never your final product”.
Amazon was never a value imitation company they never believed in copying any other business to cope with the trend, they always believed in setting trend that’s why unlike other organizations their Value Innovation.
Providing exclusive services for its subscribers
Like one day delivery or free delivery, exclusive deals, early access to deals and streaming videos and songs.
Doesn’t believe in promotion
Jeff never believed in the promotion he always focused more on the quality of product and customer experience. As he felt that okay product and good promotion wouldn’t last long but quality product and okay promotion in the long term was a better idea.