When Amazon started its journey in 1995, it was merely a site that only sold books. It had already shipped books to over 40 countries within a month of its establishment. Accounting for around 46% of the total online sales in the United States for 2017, Amazon became one of the largest e-commerce companies. We are mesmerized by its business model expansion, inspired by its speed and desirous of its scale and also threatened by its dominance. According to Morgan Stanley, it will achieve a rate of revenue growth which has never been seen by the company of its size(16% per year by 2025). So, to end the curiosity, we’ll take a look at 5 reasons why Amazon is relishing an enormous success.
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Innovation
A major factor of Amazon’s success is its innovative Technologies and practices, many of which were supported by its CEO, Jeff Bezos.
Echo, a device which is connected to an intelligent voice-controlled personal assistant service which can be used to stream music, can be programmed according to a daily routine, for instance, lights will be switched on when you say “I’m Home”, can make video calls. This technology was huge-investment and it stimulated exceptional results.
Although these innovations do not bear fruit always, achievements like Echo show that innovations can capitulate magnificent results for e-commerce companies.
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Diversity
When started it was merely an online bookstore and now Amazon offers “everything from soup to nuts”. Literally it shows over 10,000 results for the term “spices”. Here you can buy Home & Kitchen essentials, books, electronics, clothing, and the list goes on. Expanding into new markets and product categories had helped them grow their organization while attracting new business opportunities. Amazon boasts an inspiring 3.8 million referring domains and 3.6 backlinks. A diversified link portfolio plays an important role in any successful SEO campaign
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Services
Amazon is putting massive pressure on the supply chain logistics of its competitors, predicting that the product will be delivered within 48 hours. It has developed an array of tools that helps the user to track the order and quickly exchange or return packages making the online shopping experience simple and convenient. For its commitment to check and resolve issues of customers, Amazon’s Customer Service team has conquered multiple awards.
Amazon has employed Social Media as another powerful tool that helps them scrutinize customer concerns in order to build a solid foundation of devoted and passionate followers who indeed promote the brand.
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Execution
Right from selecting products and services that customers require to delivering it, Amazon gets everything right. Amazon had an outstanding dealer relationship which allows them to offer special discounts to customers. The creation of an “airborne fulfillment center” is among its most amazing patents which will have the capability of same-day delivery via drone.
CITI Research says, this year Europe has become the primary target for geographic expansion with international sales approaching 40% of volume which will lead to employing thousands of employees.
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“In it to win it” Attitude
At its initial stage, Bezos had warned investors that it will take a long time span to see a return. His “In it to win it” attitude kept the company driving through new strategies until 2003 when the company declared its first profit. This mindset had helped Amazon to grow from a small online bookstore to a giant industry
