History of Amazon
Amazon first launched back in 1995. Back then, the founder Jeff Bezos was just starting out with a website that sold books, but he already had his vision for the company’s explosive growth and domination in the e-commerce market. Even from the very beginning, Bezos knew that he wanted to make Amazon ‘an everything store’. He started out the company from his garage. The servers that he was using required so much power that he and his wife couldn’t even run a hair dryer or a vacuum without blowing a fuse in the house.
Bezos originally wanted to name his company ‘Cadabra’, a play on the word ‘Abracadabra’. However, Todd Tarbert, Amazon’s first lawyer, convinced Bezos that the name sounded too similar to ‘Cadaver’ and therefore, not a good name for a bookstore. The founder finally settled on the name ‘Amazon’ because the website listings back then were in alphabetical order, and having a website with the first letter of the alphabet would mean standing higher on those listings. During the early days of Amazon, a bell would ring in its office each time someone made a purchase. Then, everyone would quickly gather around to see if they knew the customer. However, due to the demands of sales, it only took a few weeks before the bell was ringing so frequently that they had to turn it off.
Achievements and success stories of Amazon
Over its nearly 23 years, Amazon has moved from one sector to another and gentrified them all on the way. Even if that meant tearing down the existing structures. When the Fire Phone flamed out, the Amazon Echo smart speaker came in. The latest version of Amazon’s streaming music service, Amazon Music Unlimited, was constructed on top of its initial music store, Amazon MP3, which opened ten years ago.
Even Amazon Studio’s Emmy Award-winning original shows are all built upon a crowdsourcing platform that the company first introduced in 2010 for aspiring scriptwriters. The company’s own fashion business is now the second largest seller of apparel in the United States. They have evolved from brand experiments in outdoor furniture, home goods, electronic accessories, diapers, and now to perishables like organic coffee and unlike the other giants in the similar field, such as Apple, Google, and Microsoft, Amazon is not focused on a tightly designed ecosystem of interlocking apps and services. Instead, they emphasize the platforms that each serve their customers in the best and fastest possible way. Just a couple of years ago, ‘Prime Video’ officially became available in more than 200 countries – after the November debut of The Grand Tour, Amazon’s most-watched premiere ever.
Even Twitch, the streaming video-game network that Amazon acquired in 2014, unveiled its first three original titles from its recently formed studios. Amazon has invested millions in startups that will build voice-controlled apps for its intelligent assistant Alexa, which is going to give it thousands of new skills. Amazon also opened dozens of new fulfillment centers and made its first drone delivery in the UK.
What makes it different from other e-commerce brands?
Amazon is obsessed with making their customers happy, not only by offering them great sales but also by constantly investing in its new unique innovations. Unlike other e-commerce companies, Amazon will instantly trade off short-term profits for the chance to improve the long-term customer loyalty. The company does this despite how much money this philosophy costs in the short term. It does this despite being a public company, with impatient public shareholders who generally insist that companies should “maximize profits” with each passing quarter. Way back in the early days, Amazon’s commitment to its customers set them apart. And this commitment persists to this day.
Information about funding and investors
Amazon has the Alexa Fund. It provides up to $100 million in venture capital funding to fuel voice technology innovation. Amazon claims to believe that experiences designed around the human voice will fundamentally improve the way people use technology. Since the introduction of Alexa-enabled devices, like the Amazon Echo, the company has constantly been hearing pitches from developers, device-makers, and companies of all sizes that want to innovate with voice. The Alexa Fund is primarily focused on how voice technology can improve customers’ lives — from early-stage pre-revenue companies that are just starting out to established brands.
The areas that are of particular interest are:
- Hardware products for inside the home, outside the home, or on-the-go that would benefit from the Alexa Voice Service.
- Skills that deliver new abilities to Alexa-enabled devices through the Alexa Skills Kit.
- New contributions to the science behind voice technology, including text to speech, natural language understanding, automatic speech recognition, artificial intelligence, and hardware component design.
Information about earning, users’ preference, delivery mode
Amazon’s both top and bottom line both made a lot more than it was expected. The company reported a near $2 billion in profit, which was record-breaking. The stock’s usual fans and supporters cheered this piece of news, and a generous tax rate overhaul sets the stage for more incredible growth going forward. Amazon’s customers who pay $99 a year for a Prime account can shop for anything from Ben & Jerry’s ice cream to last-minute Christmas gifts with near-instant delivery. It has massive warehouses and hundreds of employees in order to get everything packed, shipped and delivered right on time, every time.
Vision, fun facts, and market response
The vision and the mission that the company has been stated loud and clear:
“Our vision is to be Earth’s most customer-centric company; to build a place where people can come to find and discover anything they might want to buy online.”
It went from a simple online bookstore, whose first sell was Fluid Concepts and Creative Analogies by Douglas Hofstadter, to a massive online shopping platform that is spreading to each and every market and taking over the world. Amazon had a humble and a very niche beginning, but it has expanded to be one of the biggest and most well-respected companies around the world.
It has a growing presence in most countries and has positioned itself to be a major global company. With its advances in product offerings, original products and programming and delivery services, Amazon shows the potential to continue to grow on an unprecedented scale.