Amazon.com was founded by Jeff Bezos on 5th July 1994. With only $40, 000, Bezos set up his headquarters in his garage in Bellevue, Washington. Later on, he was able to secure fundings from Nick Hanauer and Tom Alburg that helped him create a better website that was more user-friendly.
Bezos created more than just an online retail business. He created a community by adding a feature that would allow customers to leave their book reviews for potential customers and everyone else to see. Within thirty days from the date Amazon was founded, over 48 countries and 50 states received books from Amazon.
In 15th May 1997, the company went public at $18 in the Initial Public Offering (IPO). However, the demand for the shares pushed the price to $6 more, and by the end of the day, the company had raised $54 million. The same year, 1997, also saw Amazon add more products to its catalogue: music, DVDs, electronics, video games, and clothing.
Through focusing on the customers, analyzing their trends and making a correct prediction of future shopping trends, Amazon took the distinct edge and got ahead of its competitors.
During the internet boom at the start of the 21st century, hundreds of e-companies crashed. Despite speculations that Amazon would also go down, the few years of experience helped Amazon to plan ahead and get through the hard times. Today, Amazon is a globally accepted online shop that is recommended as the best place to buy anything and everything online.
Amazon the Giant
Most 500 fortune companies capitalize on one field and other closely related industries. Amazon is quite the opposite. It’s made up of five impressive businesses that would stand on their own and still make a change: Whole Foods Market, Amazon Prime, Alexa, Amazon Web Services and Amazon.com.
· Whole Foods Market
Whole Foods Market Inc. is the leading supplier of purely organic foods that have no additives at all. The supermarket chain in the United States was bought by Amazon on 23rd August 2017.
Rarely does a day pass without the mention of Amazon. This iconic online retailer is what gave birth to all Amazon Group subsidiary companies. Home to countless products, selling platform for big and small merchants, hunting grounds for lucrative deals, Amazon revolutionized trading on a global scale. By last year, they had recorded a double digit growth and $136B in revenue.
· Amazon Prime
Amazon Prime services are offered on paid subscription on either monthly or yearly bundles. The subscription offers its members free video/music streaming and flash delivery (within two days, and one-day in select areas). The service offers all .edu domains and college students with huge discounts.
Alexa is one of the most advanced Artificial Intelligent voice assistants. This virtual assistant is capable of setting alarms, playing audiobooks, providing information on weather, news, and traffic, real-time voice interaction and creating to-do lists among others things.
· Amazon Web Services (AWS)
The Amazon Web Services is a service that offers large computing capacity quickly and at a lower price. It owns 34% of all cloud (Iaas and Paas) services, while IBM, Google, and Microsoft have 6%, 8%, and 11% respectively.
Moving forward, the future of Amazon doesn’t end at this top five giants. The company’s strong leadership and focused vision of the future still have potential to create something bigger and better as the company is now approaching the point of market monopoly in many areas.