What makes Amazon the most powerful online retail business?
When someone speaks of the top retailer online business, which word comes up in your mind at first? Isn’t it AMAZON every time? Despite having hundreds of online marketplaces, this top tier company has always managed to be the customer’s first choice since its inception. But the question is, why could its competitors like Alibaba Group and others not take over its rank from the consumers mind yet?
The logo with its yellow arrow starting from A and ending at Z symbolizing a smile itself creates an idea of Amazon’s customer satisfaction. From the day one, Amazon’s foremost priority has been setting the benchmark of an exceptional customer experience. Looking across the global retail industry, unquestionably, it has passed countless milestones in years creating a real value for customers in its very own way.
Just like a secret ingredient makes a chef’s dish his masterpiece, the mentality of an ‘obsessive compulsive focus’ on customers over decades has been working as the secret recipe for Amazon’s success. This key strategy of the world’s richest person, Jeff Bezos simply makes the company score the highest in customer satisfaction ranking now and always.
If you take a in-depth look in Amazon’s accomplishment history, you will comprehend that Jeff has always believed in long term plans. From the very beginning, he has always looked into the windows of opportunities of the market and taken the risk of launching products one after another. As his bold decisions are always based on long term goals, he knows and understands the anecdotes to pursue the leading position in the industry at a very fast pace. Of course, there were mistakes too, like the decision of releasing of the Fire Phone in 2014, which has been the biggest and only failure till now. However, the man always recognizes the wrong decisions and believes in the power of optimism. The product launching in the same year in 2014, Amazon Echo, commonly known today as Alexa is the example of his undefeated strategy, one more time. His high velocity decision making and mentality of risk acceptance makes Amazon even more powerful than you can imagine.
“ The stronger our market leadership, the more powerful our economic model”, Jeff believes.
Whether it is a small business plan or a vast one, it is immensely important for the initiator to understand the market trend and consumer demand. Every site of Amazon has been made based on the two pillars of customers experience, which are selection and convenience. If you take a closer look into the company’s revenue and achievement record so far, you will realize that Jeff and his team never fail to forecast the market demand while introducing the versatile product lines and services.
It is never a rocket science, when you want to sustain your business and take it to the highest level. It invariably depends on how strategic and mindful your business tactics are. Amazon has become invincible, because every project has been planned and guided by this brilliant mind, who can foresee the future market industry accurately and understand the public demand consistently.
