Amazon is taking over! Here's how businesses can take note from the E-commerce giant and keep growing despite the competition.
Amazon has announced it will open more brick-and-mortar stores soon.
The E-commerce giant is growing, and it is rapidly expanding into new territory.
How will businesses keep up?
By looking at proven approaches, businesses can keep up with the ever-changing retail market.
Although Amazon is steadily rising and on top of the charts, it continually changes and stays on top of the trends.
Jeff Bezos first started Amazon in the Internet revolution, about three years after it was made publically available and has been gaining traction ever since. Now Amazon is a trendsetter in the E-commerce market and retail market as a whole and is at 100+ billion dollars annually.
Amazon has evolved to include multiple facets, such as:
- Amazon Kindle: An e-reader which connects to Amazon’s Kindle Store for downloading and/or purchasing ebooks and more.
- Amazon Alexa: Amazon Alexa is a voice-activated platform which allows users to ask a question, play music or listen to audio, and carries other multiple and useful functions.
- Amazon Echo: A wireless speaker and voice command device. This compares to Siri, but can be used in spaces such as offices and homes on a speaker device powered by Amazon Alexa.
Similarly, alongside its U.S. website, Amazon has expanded to separate retail websites for over several countries, which has expanded the user-base for those countries allowing convenient access to Amazon services to people internationally.
Also now available is AmazonFresh which allows select areas to order online not only fresh produce but multiple other products found at supermarkets; saving time. Trying strategies in different niches such as this can kick start new cash flow.
Amazon’s founder chose the name Amazon due to the definition meaning “exotic and different,” he planned his store to be just this and along with it, the “biggest store in the world,” just like how the Amazon (River) was the biggest river in the world. Within three years, Amazon became a publicly traded company and was well on its way to becoming the world’s largest retailer.
Take the Right Risks
Although the founder of Amazon was the youngest Senior Vice President at his Wall Street investment company; he took a risk. Seeing that web usage grew by 2,300 percent in 1994, Jeff Bezos went full-time into opening his business, soon to become the giant today known as Amazon. Taking risks in opportune moments are the best tell-tale signs of success in endeavors.
To grow a company, acquiring another company can not only boost sales but also create more opportunity. In 2013, Amazon’s founder purchased The Washington Post for 250 million dollars. Likewise, Amazon owns more than a dozen companies such as Alexa.com, a big-data site which collects information on Internet user’s browsing habits and gives analytics based on their usage as well as site rankings.
Another site which is known as IMBD.com, is one of the biggest movie sites, and since acquisition to Amazon, includes services to purchase DVDs and Blue-ray discs through Amazon directly, which is a great way to generate sales.
Invest for the Future
Amazon continually reinvests its earnings back into the company. Regularly doing so has increased company margins especially with the increase of new fulfillment centers for quicker shipping all across the U.S.
Also, services like Amazon Prime with a loyal user base of 50+ million and Amazon Kindle are growing on a regular basis both of which have required much investment to implement. Making sure to invest in your company can assist in growing and advancing it in the future.
New to the scene is Prime Air which has been long awaited. This will give buyers the ability to get an order within 30 minutes or less of a purchase. As stated on Amazon.com, “It looks like science fiction, but it's real. One day, seeing Prime Air vehicles will be as normal as seeing mail trucks on the road.” Developing such technology has given Amazon a big push over its competitors.
With an expected record-breaking trajectory by 2026, Amazon will be increasing to possibly the trillion-dollar level in revenue as experts are predicting. Being a company which meets consumer’s needs and of which provides a way for businesses and individuals to sell products easily and conveniently as well, has kept Amazon growing and expanding.
Adding new and updated features has constantly kept consumers returning. Businesses who follow this model can consistently have an easier time keeping up.