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Amazon is one of the world’s largest and most successful online retailers. The company was founded in 1994 by Jeff Bezos, who is currently the CEO and the largest shareholder. Amazon business model is built on the principles of customer focus, innovation, and long term thinking, which I believe is a fact. Amazon has supported so many small businesses, VAs, and households. I really love this about Amazon. Let’s see how Amazon business model can be helpful in growing Pakistan’s e commerce Industry and to boost our overall revenue. Shall we?
Wide Product Range:
In my opinion, one of the key elements of Amazon’s business model is its focus on providing customers with a wide range of products at competitive prices. If you are a VA on Amazon, you have an idea of how competitive the prices on Amazon can get. The company offers a vast selection of items, from books and electronics to clothing and home goods. There is nothing that you can not find on it. Amazon also offers a number of services, such as streaming music and video, cloud storage, and online marketplaces for third-party sellers.
By providing customers with a one-stop shop for all their needs, Amazon is able to generate significant revenue from each customer. And that is not just quantity, quality also matters for Amazon, if you are a seller, and your product has good reviews by authentic customers, Amazon will recommend your product to potential customers.
Technology & Innovation:
Another key element of Amazon’s business model is its use of technology and innovation. The company has invested heavily in developing and using cutting-edge technology to improve the customer experience I believe, on a daily basis. For example, Amazon recommendation engine, which suggests products to customers based on their browsing and purchasing history, is a major driver of sales. Additionally, Amazon has developed and uses advanced logistics and distribution systems to quickly and efficiently deliver products to customers. I have heard that Amazon uses drones to deliver your items within a day.
Long Term Thinking:
Amazon also has a strong focus on long-term thinking. The company’s mission statement is “to be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.” Jeff Bezos believes that by focusing on the long-term, Amazon will be able to create a sustainable and profitable business, not just for themselves, but for small businesses as well who are selling their items on Amazon. This is evident in the company’s willingness to invest in new technologies, even if they may not generate a short-term return on investment.
What Happened in 2020, was Marvelous:
Amazon’s business model has been extremely successful. In 2020, the company generated over $386 billion in revenue, making it one of the most valuable companies in the world. According to the sources, Amazon’s growth increased by 37% in 2020. Additionally, Amazon has a strong brand and a loyal customer base, which provides a competitive advantage in the marketplace.
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However, Amazon’s business model is not without its challenges. The company has faced criticism for its treatment of workers and its impact on small businesses(eventually). Additionally, Amazon’s sheer size and market dominance have led to increased scrutiny from regulators and lawmakers around the world.
In conclusion, I would like to say that Amazon business model is built on the principles of customer focus, innovation, and long-term thinking. The company’s focus on providing customers with a wide range of products at competitive prices, use of cutting-edge technology, and long term thinking has enabled Amazon to become one of the most successful and valuable companies in the world. However, Amazon business model also faces challenges as well.
That’s a wrap guys. I hope you find this article, quite helpful, if yes, do let me know In the comments. I would love to read your comments. Thanks for reading, and I will see you in the next one.
Till then, Take Care!
