Amazon

How Amazon became king of the market

Author Note

How Amazon became king of the market

Amazon is a multinational and multidisciplinary company that focuses on e-commerce, digital streaming, cloud computing, and artificial intelligence. Amazon has become one of the giants in the marketing industry and a name that people rely on. Fortune 500 puts amazon in the top 10 companies in the world.

Amazon had a humble beginning. Amazon started off as an online book store. With its mission to become the largest online book store in the world, the company continued and has now become the leading name in the world, especially e-commerce. The name Amazon was selected for the exact same purpose as Amazon is a huge river, and the Amazon Company had the vision to become the biggest online book store. Gradually Amazon incorporated different fields under its umbrella, which lead to the rise in its customer base and also its overall revenue.

As Amazon is a multidisciplinary company, it has multiple different businesses under it, but the main revenue-generating business for Amazon is e-commerce. Amazon has multiple separate domains in different countries to expand its reach all over the world. Amazon is a seller of products and services that covers a diverse range. But the road to reach the top had many hurdles, yet with the never say die attitude, the company came out on top.

One of the major reason for Amazon's success is that Amazon believes in innovation and is constantly updating to bring people what they want and to make their lives better. CEO Jeff Bezos believes in looking ahead many years at how the world could be made a better place. Such a strategy leads to an innovative idea that keeps Amazon on top.

Amazon has learned from its setbacks to become bigger and better than before. Being such a big name does not come smoothly. Amazon had to face many setbacks in its business. The main thing was the drive to keep ongoing. Amazon experimented with many things, and most of them did not succeed at first. The e-book reader “Kindle” was worked on without any prior knowledge of hardware at Amazon. Yet after failures, the efforts became fruitful, and the company started exploring new avenues. Amazon took a bold step through many different projects and, in the end, was able to capitalize on many of them and learn from the others.

As big as the name Amazon is, it has always believed to cater for everyone. Amazon always believed in diversification, whether it be of product or market. As mentioned above, Amazon has a fearless stance when exploring unknown territory. As Amazon expanded its horizon, it came with the potential of new customer-base and thereby increasing its revenue potential.

Furthermore, even when taking a survey of one of its fields i.e., e-commerce, it can be seen that Amazon has a diverse range of products, which helps to attract customers of all kinds CITATION Gre03 \l 1033 (Linden, Smith, & York, 2003).

Amazon has always given its customers top priority. No organization can be successful without its consumers, and customer support is what Amazon provides best. Jeff Bezos said that the customer is only loyal until they find a better deal. The statement proves that Amazon’s idea of a strong business strategy is to give the people exactly what they want. Knowing the needs of people and providing them with what they want is the key to success for Amazon. Also, catering to a diverse range of people is what helped Amazon reach its goal of excellence CITATION Cri09 \l 1033 (Danescu-Niculescu-Mizi, Kossinets, Kleinberg, & Lee, 2009).

One of the marks of great leaders is teamwork. Amazon is no exception. Amazon believes in teaming up with its rivals in creating better innovations for the people CITATION Paa14 \l 1033 (Ritala, Golnam, & Wegmann, 2014). Amazon has been part of such ventures before with various companies like Apple and Google. Currently, the three giants are working on projects based on smart homes. Bringing multiple great minds together can cause fruitful results.

The above are some of the reasons why Amazon is such a big hit among the people. The statistics also show that Amazon has been doing things differently as compared to its competitors to be able to generate such a huge revenue. The numbers are also there to show proof:

145.2 million Users utilize the amazon app.

Amazon has more than 119 million products on sale in its store.

4000 products are sold in a minute using Amazon

In 2018 Amazon’s revenue was 232.9 billion dollars

Amazon has a total of 750,000 employees worldwide in 2019.

Such huge numbers give Amazon a lead when it comes to the market share, and it can be called the king of the market. Amazon has left behind many of its competitors in the same race e.g., Walmart, to reach a high sport among the top organizations of the world.

Amazon started with a small idea but a great vision to become the leading and the biggest online book store in the world. Through determination and persistence and hard work of the management, Amazon has made its way to becoming the largest company in the world, and it is in the race to become the 1st company to reach the trillion-dollar mark. With its diverse model and similarly diverse customer-base, Amazon has achieved a stronghold on the market. Giving priority to customers and having a strong innovative mindset made Amazon capable of achieving such a huge feat. Achieving greatness takes a lot of effort, and Amazon managed to pull it off.

Bibliography

BIBLIOGRAPHY Danescu-Niculescu-Mizi, C., Kossinets, G., Kleinberg, J., & Lee, L. (2009). How Opinions are Received by Online Communities:A Case Study on Amazon.com Helpfulness Votes.

Linden, G., Smith, B., & York, J. (2003). Amazon.com Recommendations : Item-to-Item Collaborative Filtering. Industry Report .

Ritala, P., Golnam, A., & Wegmann, A. (2014). Coopetition-based business models: The case of Amazon.com. Industrial Marketing Management, 236-249.