Top 7 Lessons from the Success of Amazon

Posted on by admin

Amazon is a great success story. With 100mn+ Prime Members worldwide with every 3rd American as a Prime Member, Amazon accounts for 40%+ e-commerce sales in US, selling goods worth USD 17+ mn every hour. Here are top 7 lessons every business can learn from the success of Amazon:

  1. Customer Obsession:

Amazon is known for its unwavering focus on customer satisfaction. The company’s success can be attributed to its relentless commitment to providing excellent customer service, innovative products, and reliable delivery.

  1. Innovation & Experimentation:

Amazon has consistently been at the forefront of innovation, from its one-click ordering system to its voice-activated assistant, Alexa. The company is known for its willingness to take risks and try new things, which has helped it stay ahead of its competitors. Moreover, Amazon has a culture of experimentation that encourages employees to try new things and take risks. This approach has resulted in numerous successful initiatives, including the creation of Amazon Web Services (AWS).

  1. Speed and Agility:

Amazon operates at a breakneck pace, constantly iterating and improving its products and services. This speed and agility have enabled the company to adapt quickly to changing market conditions and stay ahead of its competitors.

  1. Long-term Strategic Thinking:

Amazon’s founder, Jeff Bezos, is famous for his long-term thinking. The company’s success can be attributed, in part, to its ability to focus on long-term goals while still executing in the short term.

  1. Diversification & Partnerships:

Amazon has diversified its business across multiple industries, including retail, cloud computing, streaming services, and healthcare. This diversification has helped the company weather economic downturns and remain profitable in the long term. Moreover, the company has built strategic partnerships with other companies like UPS, FedEx, Whole Foods, etc. to expand its reach and capabilities.

  1. Employee Empowerment:

Amazon empowers its employees to take ownership of their work and make decisions that impact the company. This approach has resulted in a highly engaged workforce that is committed to the company’s success.

  1. Data-driven Decision Making:

Amazon collects and analyses large amount of data to make well-informed decisions – from product development to marketing to inventory management.