What do you do for success? Are you burning the midnight oil or are you trying to improve your business strategy? Whatever you do, there’s one thing you have to know – learn from the bests and don’t make all those mistakes that were already made by successful companies. This is why it is important to understand and implement the secret of Amazon’s success and move forward with your own business!
Amazon’s Success Throughout Recent Years
As you know, Amazon is one of the largest e commerce platforms of the world. With its help, customers around the world can freely shop without boundaries, which makes Amazon even more successful than we think! Everyone wants to have an Amazon shopping account, but what’s more, almost everyone strives to be an Amazon seller! Why? Because Amazon’s customer base is indescribably big, and not taking advantage of it would be a big mistake!
Now Let’s Get Into E Commerce Numbers…
First of all, in 2017, Amazon’s market share of e commerce market was 37%. This number drastically changed in 2020, when the market share was 47%. Do you even realize that almost half of e commerce market belongs only to Amazon? This would be too good to be true, but that’s true, and that’s the most surprising thing about this! This means that Jeff Bezos has spent his time wisely, and that his own way of operating a business led him to success! So, in this very article, you will understand why a business like Amazon made a flying start!
What’s The Secret?
Amazon is Accuracy
Even from the very beginning when Amazon was just a bookstore called “Cadabra,” Bezos knew exactly what he wanted. That’s why, after a couple of years, Amazon became one of the largest companies of the world.
He knew that he wanted unforgettable customer service and numerous products and services that will change people’s lives. And guess what? He succeeded, Amazon is the first marketplace that people think of! So, if you want to have a business as profitable and successful as Amazon is, make sure you accurately define and set your goals!
Amazon is Customer Satisfaction
When operating a business who is the most important thing to do? To satisfy customers, of course! Amazon knew that customers are the answer, and that’s why Amazon is the world’s most customer-focused company!
Amazon’s approach towards its customers was new to the field because no one was thinking about customers in the first place. However, Amazon knew that money lays in the pockets of its potential customer and that the only thing that would make them spend their money is to create a reliable and, of course, a customer-centric business! So, customer satisfaction is what makes Amazon so special! If you don’t have a well-planned strategy on how to improve your customer service, don’t worry, it’s a matter of time! Sooner or later, you’ll need it!
Did you know that Amazon has a set of leadership principles? Yes, you can find them on the Amazon web-site, and one of them is related to customer experience. The principle itself is called customer obsession, and here’s exactly what Amazon says about it: “leaders start with the customer and work backwards. They work vigorously to earn and keep customer trust. Although leaders pay attention to competitors, they obsess over customers.”
This is what Bezos says about customer service:
“We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.”
Amazon is Innovation
Amazon is a company that always moves forward. A few years ago, this was just a platform that was selling books, but now, its services are widely used by its customers, and its products exist in almost every household of the United States!
Amazon’s Number 1 Innovation: What is Amazon Prime?
Amazon’s brainchild is Amazon Prime which has attracted millions of customers! We hardly believe that you don’t know what prime is, but still, let’s understand the main idea of this service. Amazon Prime is a subscription program for those who strive for something new, who want to have everything at once and who want to have fun and enjoy Amazon at the same time! Prime is available in various countries, if you need to know more, check Amazon.com.
Remember principles? Well, Amazon’s success highly depends on the principles that Amazon members follow, and one of them is related to innovations! In order to be the best, a good leader should be able to invent and simplify! As it is said on Amazon.com, leaders expect and require innovation and invention from their teams and always find ways to simplify. They are externally aware, look for new ideas from everywhere, and are not limited by “not invented here.” As we do new things, we accept that we may be misunderstood for long periods of time.
What’s more, Amazon’s desire to be as innovative as possible comes also from the principle “Learn and Be Curious.” If you want to be innovative, you need to learn and be curious since progress is born of knowledge, doubt, and inquiry. “Leaders are never done learning and always seek to improve themselves. They are curious about new possibilities and act to explore them,” says Amazon!
Amazon is Affordable Prices
You surely know that Amazon is famous for its low prices, and that’s actually true! With the help of its algorithmic pricing, Amazon knows how to price the products and why! This is the reason everyone uses Amazon: apart from expensive products, there are millions of cheap ones!
However, don’t forget that Amazon is a legitimate and honest business that is responsible for millions of customers. This is why Amazon knows the power of law and regulations. This e commerce platform doesn’t infringe and won’t let others infringe by the laws and regulations that exist in this field. For example, Amazon suspends all those sellers who violate the MAP (Minimum Advertised Price) policy!
Amazon is Solution
One of the first factors that make Amazon the most successful eCommerce platform of the world is its ability to find solutions. Honestly, this marketplace has answers to all your questions, and it never leaves you disappointed.
If you need a product which is almost impossible to find, Amazon will have it! If the product you ordered is damaged or has a defect, Amazon offers you an opportunity to give it back and get refunded! If you want to have someone who’ll help you with your everyday work, Amazon creates a virtual assistant! As you can see, if you’re in the search of something that’s almost impossible to get or to find, Amazon will help you!
Amazon is Good Sellers
Let’s be honest, Amazon is also famous for its suspensions. Sellers who are working on Amazon usually suffer because of Amazon’s strict policies and deactivations, but that’s quite reasonable from Amazon’s point of view. If you want to be the best, you have to “hire” the bests! Of course, Amazon can’t hire sellers one by one, but it can monitor people who want to become sellers.
Yes, opening a seller account on Amazon isn’t time-consuming at all: you just have to fill in your information and you’re a seller! However, Amazon has a way to check its sellers and make sure they are not standing on Amazon’s way to success. So, if Amazon sees rogue sellers who are impolite, sell fake products or who don’t really care about customers, Amazon gets them suspended!
According to its principles, a good leader should be able to hire and develop the best! “leaders raise the performance bar with every hire and promotion. They recognize exceptional talent and willingly move them throughout the organization. Leaders develop leaders and take seriously their role in coaching others. We work on behalf of our people to invent mechanisms for development like Career Choice.” As we said, Amazon can’t interview each and every person who wants to become an Amazon seller, but it can do something better. This process includes inspections, identification of the seller or their failures, suspension (or maybe not).
If you search for something profitable and serious, you need to do your research before you start. That’s a long journey that will make or break your business! So, if you want to get famous, have loyal customers and create the company of your dreams, you need to find your own way of dealing with difficulties that is a combination of your experience and Amazon’s secret to success! As we said, this will be a long process and you have to be prepared. If you want to start your own online company, you need to make sure everything is taken into account – customer service, prices, policies, people and so forth. What’s more, you have to do thorough market research in the first place, and only then start acting!
Starting a business is an important and responsible thing to do: so do it right, and who knows, maybe you’ll become the next Amazon someday?