Retail Retale: Amazon’s Success Story
Everyone loves a success story. This is most especially true when it comes to how Amazon, a site that only sold books in 1995, became one of the world’s ecommerce giants. The company accounted for 44% of the total ecommerce sales last year. It has grown into a global brand existing in different continents and continues to expand the possibilities of the world market.
So what made Amazon so successful? For retailers or businesses looking for inspiration, Amazon provides a wealth of it.
Amazon continually dominates the marketplace due to their innovations in tech and business. They didn’t stop with physical books, but expanded to digital and how customers can enjoy that through mobile devices. Another one of their innovative products, Echo, was a huge investment that brought amazing results. 22 million product units were sold in 2017 alone. They also rapidly diversify the products and services they are offering. The company maintains active and thriving partnerships with small and large businesses in their online platform. You’ll be surprised as to what Amazon will offer next, as plans are underway in delivering packages through drones.
People love shopping on Amazon due to the easy product feedback system, customer service, and efficient tracking of packages. Amazon has refined every step of the process from retailers selling on their platform up to the customer’s buying experience. They also developed a range of helpful tools which users can utilise to track packages and return or exchange items. On the retailer’s side, there are various applications available which make selling and promoting more convenient, effective and efficient.
Retailers can learn a lot from Amazon’s focus on customer-centricity. Adding value for their customers remains the driving force behind the company’s efforts in making an impact to the world. They are always on the lookout for ways to improve the overall customer experience. Their winning streak comes from persistently knowing more about their customers. From here we learn that reaching out, engaging and learning more about consumers provide a basis in making smart strategic decisions.
Amazon selects products and services that are in demand by customers. In line with this, they also leverage distribution centres around the world so that they can quickly ship these products anywhere. The company also maintains good vendor relationships that offer customers discounted pricing.
They make sure that they cover all bases in the selling and buying experience. The company has revolutionised the process of delivering products and services, amplifying positive shopping experience, and offering solutions that people will always go for.
It’s Always Day 1
Jeff Bezos emphasises the importance of treating everyday as if it’s Day 1 in business. When you approach work everyday as if it’s still the start of your business, you’ll always have a fresh mindset in implementing strategies and managing operations. Amazon’s principle of always operating with a sense or urgency makes them continually relevant in the present, no matter how the market tides are changing.
According to Bezos, Amazon’s work culture is also receptive to accepting occasional failure. Nothing would ever happen if risks are not taken and allowing the possibility that mistakes can happen.
“To invent you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment. Most large organisations embrace the idea of invention, but are not willing to suffer the string of failed experiments necessary to get there.”
– Jeff Bezos
Make calculated risks for whatever you’re pursuing. Continually experiment and innovate. This will allow you to learn what you need to do to push on the best path forward in business.