Summary: From a book-selling website to becoming a household name for almost everything, Amazon has come a long way. Ever wondered what made it so successful?
Surely, it wasn’t just luck. Amazon was first established in 1995 as a simple book-selling website. Within a month of opening, it had already shipped its products to 40 countries. Over the following years, the brand kept on evolving and flourishing, becoming a brand that is known as one of the most respected, largest, and most powerful companies in the world.
Over the last decade, the company has transformed in various ways to increase its reach, customer base, and product range. Whether you need a pen, a book, a refrigerator, a tv, or a smartphone, we know we can get everything on Amazon, right?
So what makes Amazon so successful? Some key reasons make Jeff Bezos`s company a flourishing venture:
1. They are more adaptive to Innovative Technology
The major contributor to Amazon`s success is its ability to innovate continuously. It didn’t wait for someone else to create its business model. Rather, they kept on experimenting with new technologies and happily embraced modern practices. For instance with their impressive voice command device- the Echo, Amazon created a moment of disruption. The echo can be used to play songs, control Bluetooth devices, enquire about the weather, set alarms, and also make calls. You can check out the case study of Amazon`s CEO- Jeff Bezos, here.
2. A Diverse Range of Products & Categories
Starting as a website to sell books, Amazon, later on, diversified its products range and added more categories for the convenience of its target consumers. This diversification has helped them to be the-go-to for a large number of consumers. From groceries to Amazon wallets, most customers know you can buy just about anything by going to Amazon`s site or mobile app.
In any business, diversification is necessary for the scalability of the business. The more you diversify the services and products you provide to your customers, the more likely it is that your business will grow. If you are looking to scale your business, this video will help you.
3. Excellent Customer Service
One of the strongest pillars of Amazon`s success is its exceptional customer service. From tracking orders to returning items, the site is well equipped to meet the demands of its customers. Having a winning customer service team is essential for any business and Amazon has built a reputation for superior customer service in multiple ways. It handles all the queries impressively. It offers round-the-clock assistance. It has played its strategy well by partnering with many competitors, like Kohl’s to offer in-person returns of products.
They engage in conversations with their customers and this is one of the major reasons why customers keep coming back to Amazon.
4. They Utilize Collected Data & Learn
Most often companies collect data but fail to take the appropriate step. Unlike others, Amazon gathers its data from sales, affiliate marketing, social media campaigns, and many other touch-points to make vital decisions and build strategies. The company recognizes what its customers want, so they work on it and up their game plan to reach that target section.
Companies, that can learn from their customers and resolve the challenges they are facing, always stand out. To learn more, you can take our problem solving courses and gain in-depth knowledge.
5. A Winning Attitude
Back in 1997, Bezos told Inc. Magazine that Amazon will remain unprofitable for a long time before they would see a return. His progressive mindset kept the company pushing through various strategies until 2003. In 2003 the company posted its first profit. Amazon has grown up from a little online bookstore to an e-commerce giant. Amazon created the industry for total domination.
If you too want to scale your e-commerce business, these points will help you. All you have to figure out is how you can integrate these strategies into your business. The idea of managing a business is easier said than done and we completely agree with you.
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