A Very Brief History of Amazon:

The Everything Store

Amazon is the world's most profitable online company. When Jeff Bezos began selling
books online in 1994, he believed that big and fast was the way to win. The company
currently sells everything from books to shipping container homes. This company's
future plans include being a one-stop-shop.

This section looks back at Amazon's early days and highlights some of its most
significant historical moments. This examination will also look into the company's
popularity.

How long has Amazon been around?

In July of that year, Jeff Bezos founded Amazon.com as the only stakeholder. He was a
Wall Street hedge fund manager then. On the phone, "Cadaver" was frequently
mistaken for the name. For their impending business venture, Jeff Bezos and
MacKenzie Tuttle registered multiple domain names, including Amazon.com.

Jeff Bezos' first three-domain purchases were Awake.com, Browse.com, and

Bookmall.com. He also bought Relentless.com, which he has kept since registration. If
you type that into your browser now, you'll be transported to Amazon.com.

Amazon sprang to mind as he searched the dictionary for words to inspire him. Like the
Amazon River, Bezos envisioned his online business becoming the world's largest.
That's why Amazon is called the "everything store."
Amazon.com was founded on November 1, 1994. But I'm not sure how to sell this new
moniker. He had no idea what he wanted to sell online, but he knew he wanted to
establish one. After some research, he opted to read books. Getting and giving them
was simple.

The emphasis on simplicity was Amazon.com's USP. Delivering online orders to

customers wherever in the world was always part of the company model. Amazon, he
claimed, was significantly more than a mere online retailer. As early as 1994, Jeff Bezos
set out to simplify internet transactions for consumers.

But when and why did the corporation start selling other items?

From then on, the company's product portfolio grew to include computer games and
music. Amazon also bought online bookshops in the UK and Germany at the same
period. Amazon began selling consumer goods, video games, software, and home
improvement products in 2000.

Amazon launched AWS in the mid-2000s (AWS). Bezos envisioned Amazon as a

technological firm, not just an internet retailer. Amazon's Elastic Compute Cloud (ECC)
was launched in 2006 as an AWS add-on (EC2). They then released Simple Storage
Service (S3). Adding digital services like EC2 and S3 would dramatically enhance
revenue. They still drive most of AWS' income today.

2007 saw the debut of e-readers like the Kindle. By 2012, Amazon's Kindle is expected
to account for around half of all Android tablet sales. Amazon established its Amazon
Publishing service in 2011 due to the Kindle's success. In 2012, Amazon revealed that
e-books outsold hardcovers for the first time.

Amazon has since expanded into a number of new services. Fresh product delivery,
drone delivery, and other cutting-edge innovations are included. Amazon has recently
started operating from its own airport.
When did Amazon acquire traction and go public with its stock
price?

Many of Bezos' friends and critics expressed questions about his business style after
the company was launched in 1994. Some of the harshest critics called the company an
"Amazon bomb."

Many of these critics predicted that Amazon.com will be eclipsed by other well-known
book stores. Also, anyone with an e-commerce site. Amazon.com's lack of profitability
until the fourth quarter of 2001 didn't help. Even so, Bezos refused to back down,
dismissing his opponents as misguided.

Amazon's online retail success rested on Bezos' ability to "Get Big Fast." It grew bigger.
The company had 181,000 customers as of December 31, 1996. In October of the
following year, around 1,000,000 accounts were registered.

In 1997, the company made roughly $148 million, up from around $16 million in 1996.
Amazon, a private firm, has never been publicly traded. Bezos required more than just
private funding to sustain his company's expansion.

Amazon.com went public in 1997, raising $54 million on the NASDAQ. The stock sales
enabled the company to fund its aggressive acquisition and expansion plan. Amazon
made about $600 million in 1998.

Amazon's quick growth put Bezos into the public eye. He was also selected Time's
Person of the Year for 1999. Around the same time, Amazon launched its hugely
successful Affiliate program.

The program allowed other companies to market Amazon products on their own
channels. Amazon fulfills the order and earns a commission. The program was a
sensible business move. It has expanded from one employee in 1996 to over 350,000
by 1999.
How does Amazon use technology to boost efficiency?

Despite its widespread popularity, Amazon has used new technology to improve
customer service and operational efficiency. Amazon, for example, is testing drones and
robots for order fulfillment and delivery, as well as AI for order processing. However, the
effects of this method have been varied.

Even while the company's machine-learning recruitment technology wasn't employed in

the final selection, a clear bias against certain groups of people for software developers
and other technical jobs was later uncovered. A defect was discovered and Amazon
halted production.

Amazon uses artificial intelligence to automate both hiring and firing (AI). These
systems have been criticized for making decisions without considering all factors, such
as the decision maker's personal concerns. Employees can rate their coworkers using
tools like Amazon's "Anytime Feedback Tool."

The same program can track an employee's performance against a set of KPIs.
Amazon has been criticized for putting pressure on some of its warehouse employees,
even if mistakes are expected and made. Amazon.

Amazon, on the other hand, strongly opposes this. "No one has fired automatically. We
make sure an employee has received all of our support, including individual coaching
and additional training before we let them go "We spoke to an Amazon representative
about it.

It's no news that Amazon is automating its fulfillment centers, including using robots to
locate and collect items. Even so, Amazon's delivery service still relies heavily on
human labor, especially for packing and customer service.
Why is Amazon so popular?

Amazon's initial appeal stemmed from a desire to make customers' lives easier. An
online book store eliminated the need for potential customers to physically purchase a
book. It's hard not to be amazed when you can shop for books from the comfort of your
own home. Also, Amazon would deliver your order in a few days.

Offering more products increased the company's appeal to new customers. In reality, it
had little to do with their wares. Amazon's success is due to the quality of service they
provide, like many other successful businesses. This led to significant revenue and
long-term consumer loyalty.

This was an Amazon customer-friendly innovation. Amazon increased revenue by

suggesting additional products to upsell based on previous purchases. The addition of
product reviews made the site and its offerings more appealing to new customers.

This year, Amazon became the second company with a $1 trillion market cap (Apple got
there first, believe it or not). Because of political pressure, Amazon announced and then
canceled plans to build a second headquarters in New York. Due to the pandemic,
many people were unable to leave their homes.

Amazon's most recent news is that Bezos will step down as CEO in fall 2021. If the
company's past performance is any indication, it will be a huge success after Bezos
leaves. That is unless the public calls for Amazon's demise gain traction. Time will tell,
they say.