At the outset of 1994, an Ex-Wall Street Hedge Fund Executive named Jeff Bezos found Amazon.com. As the name of the company was a perfect association with the Amazon Rain Forest in the South Americas, the owner thought to expand the business to new horizons. And consequently, this further proliferated his business and it became the Amazon we use today.
Starting Off as an Online Book Store :
However, this was never a result of luck. Jeff Bezos carried out massive research and the conclusion was that at that time books were the perfect fit to sell online. Hence, he started off by launching his platforms with a wide range of popular books. Similarly, as rule of the market, there were competitors emerging in similar domains as well.
For instance, another company by the name of Computer Literacy also started to sell books to customers online. However, the edge of Amazon.com was that it had the ability to deliver books to customers anytime and anywhere.
The Best Fulfillment Method: A Success factor :
Even in the recent times, this delivery system which is also known as the methods of fulfillment on Amazon such FBA and FBM are considered to be the major factors behind the success of this online market as it provides the sellers and the consumers with a properly regulated framework where the products can easily be delivered and the clients can be completely satisfied with the product. However, in case of any dissatisfaction, Amazon can quickly intervene to provide the consumers with proper facilitation and keep a check on the products and services being sold by the sellers on Amazon.com.
Future of Technology and Innovation:
Furthermore, Bezos also envisaged this platform as the future of technology and innovation in the 21st century. Although it started off as merely a book store, but the intent was very clear from the very beginning. Bezos argued from the start that this Amazon.com was tech company which was destined to simply all the online transactions taking place online by customers all around the world.
Fighting Negativity and Skepticism :
On the contrary, this Amazon.com strategy was seen with negativity and skepticism from a large proportion of the masses. Even the famous Journalists of the time considered it as a bubble which was about to burst in less than a decade. Some even referred to Amazon.com as the Amazon.bomb. The major claim of all the skeptics was that Amazon would fail in comparison to the big book selling companies such as Borders and Barnes & Noble. But little did they know that this platform was not only limited to books. Recently, over a thousand different and unique products niches are being sold and bought on Amazon.com which is the proof of this platform’s versatility.
1999 Person of the Year Award:
Therefore, the owner Jeff Bezos always dismissed all the naysayers around the world as he had a vision for a massive growth framework for this company. The major channel was the internet which was to be exploited and this exploitation has turned the company in a multi-billion-dollar sensation. As a result of this Big Achievement, the Times Magazine awarded Jeff Bezos as the 1999 Person of the Year.