How Amazon Becomes World’s Most Innovative Company: Deep Analysis of Jeff Bezos’ Mind
You must have heard that electronic commerce company – Amazon has become the most innovative company of 2017. Providing a wide range of merchandises at the most competitive price; there is no doubt that how Amazon is transforming the way people used to shop and live. But, I do not want to praise the Amazon and their services in this blog. The motive of this blog is to understand the marketing strategies of Amazon that actually help the tech giant emerged as the most innovative and largest online shopping retailer.
The reason why I chose to write on this topic – “Why Amazon is the Most Innovative Company of 2017” will unfold in the following paragraphs. But, let’s first talk about the word “innovative”. Is only Amazon providing innovative services? No, it’s not a case. There are several other companies which are consistently providing innovative services, and I am a happy customer of some of the other online retailers mentioned in the Financial Cryptography 2017 list. But, there are some powerful aspects that made Amazon the most innovative company and besides encouraged me to write this blog. Let’s have a look:
Management
The credit of Amazon’s success goes to the CEO – Jeff Bezos and his whole management team, who strive to work differently than most other online retailers. Jeff Bezos can also be called as frenzied or chaotic. All the employees are allowed to let out primitive screams. There is a $40,000 ice age cave bear skeleton kept in the office premises. Notwithstanding his sarcastic behavior, Jeff is known as a smart cookie. He understands what will work and never afraid to take risks. Considering the success of Echo – voice command device launched by Amazon in Nov 2014; this tiny yet innovative device surprised several economists with its advanced features. Amazon Echo has already given the tough competition to Sonos Play:1 by getting 4.5 stars. The Amazon is not just limited to this Device and ecommerce website; it has come up with various other products i.e. Amazon Kindle, Amazon Video, ComiXology, and Amazon Web Services. All these products have gained huge success that simply proves that how Amazon and his team manage the business. Kudos to Jeff and his management team!
Innovation
Undoubtedly, Amazon wasn’t the first online ecommerce company, but it is known as one of the most innovative retailers. Several other companies also have made billions selling in the ecommerce market. But, I can’t refuse to say that Amazon has started its online venture with just one product category – books. Jeff Bezos wanted to make Amazon a “one-stop online store”, and he achieved what he has dreamt about. Speaking of Kindle, this e-reader could not beat other devices available in the market, but it has become one the most popular devices widely used for reading. Another innovative product launched by Amazon was the Amazon Locker which is a self-service parcel delivery service. This is a unique locker which is made especially for the individuals who do not want packages shipped to their workplace and who are unable to reach the post offices before they close. And, how can I forget to consider Amazon Flow? This innovative app allows you to snap products’ pictures and let them directly added to your Amazon shopping list. Innovative!
Customer Service
“Customers must be treated specially” – Jeff Bezos.
When it comes to customer satisfaction lists, Amazon is consistently ranking high. Why? Instead of focusing on the competitors, Jeff believes in giving better customer services. In an interview, Jeff stated that how important the term “word of mouth is”. In the online world, one review can reach up to 5000 people instantly. Nevertheless, most of the Amazon products can be found almost anywhere on the web. So, how do they manage to make sales? Unquestionably, Amazon’s most critical success factor is the customer service policy. There are no other online stores that perform it better than Amazon. Research reveals that Amazon ranks above other retailers in customer satisfaction.
Execution
The services of ecommerce website are not just limited to the sales and customer services. The retailers also need to deliver the products on time without damaging it. When it comes to executing customer orders, Amazon has always proven itself as the best retailer. They choose products what customers demand. Amazon has distribution centers all over the world that empower them to promptly deliver products. Besides, Amazon is known to have good vendor relationships that enable them to provide discounted pricing or free shipping. Moreover, Amazon is seeking to launch physical stores that will be providing same-day-delivery. They have already opened their first mortar store in New York City.
Just like Apple and founder Steve Jobs, Amazon success is connected with the analytical mind of Jeff Bezos. His passion to keep moving forward has driven the Amazon further and become the largest Internet-based retailer. After researching about Amazon success and analyzing Jeff’s mind, I found that anyone can get huge success. All you need to have is analytical mind and self-confidence.
