To be named the world’s richest man is an extraordinary achievement – even if it’s for a few hours! Jeff Bezos had his moment of fame on Thursday (27th July, 2017), when his net worth rose to a whopping $90.6 billion – overtaking Bill Gates by $500 million. But the “rich moment” came to an end after 4 hours when Amazon shares dropped to $88.7 billion. At present, Jeff Bezos is the third richest man in the world according to Forbes. But all this fame and glory of Amazon didn’t just happen, it took restless hard work and unshakeable determination. So to know the story of the ‘Amazon’ let us take a look at the inspiring journey of Jeff Bezos and Amazon.
Jeff Bezos Net worth
He made it to the Forbes rich list in 1998 and has been a billionaire for as long as two decades. Bezos’s fortunes soar high in the last five years earning him over $65 billion. Five years after Jeff started Amazon, he was named Time Magazine’s Person of the year. He presently owns 17 percent of the Amazon shares.
The Amazing Amazon Story
Jeff founded Amazon in 1994, with its headquarters in Seattle. Initially, it was known as Cadabra but went online as Amazon.com in 1995. Amazon had a modest beginning of selling books out of a Seattle garage, but today it has become the largest online retailer.In few years’ time, Amazon began to explore other product categories such as clothing, music, electronics, etc, by 2004 Amazon took the internet by storm. Around this time, the company was selling products to 60% of the American population.
The Slogan Says It All
The secret behind Amazon’s success is revealed in its corporate slogan – “We seek to become Earth’s most customer centric company”. The company truly lives up to its words by extremely focusing on customer needs and ensuring customer satisfaction. The only promotional tools Amazon relies on are – word-of-mouth and on-site customer reviews.
Amazon Unique Business Strategies
The company’s winning business strategy was cutting down on marketing and advertising expenses. This made it possible for Amazon to sell products at the lowest prices, making the brand attractive and irresistible to customers. Jeff was also quick enough to adopt strategies to maintain Amazon’s relationship with its customers.
Why customers love Amazon?
The business at Amazon is founded on honesty and integrity; this would explain its millions of loyal customers. Unlike other contemporary online markets, Amazon allows customers to “Save Money” and “Make Money”.Several Amazon deals and discounts offer buyers a fabulous opportunity to purchase products at the lowest prices.Latest introduction of Amazon Prime became an instant hit among buyers.
Amazon’s foray into the Indian Market
India was a challenge for e-commerce. Amazon India was launched in 2013 with the goal to get suppliers to sell their products on the Amazon platform. The first step that the company took was to teach small-business owners about e-commerce and its numerous benefits.An interesting program initiated by Amazon India was Amazon Chai Cart. Mobile tea carts went around the Indian streets serving tea while educating business owners on selling their products online.Amazon India CEO, Amit Agarwal has been with the company from the time it began operations from Seattle.