Amazon is one of the biggest companies in the world. It is ranked number three for revenue and net income, both of which are now valued at $ 21 billion and $13 billion, respectively. It also has a million employees worldwide, each enjoying the benefits that this company can offer. Needless to say, these statistics prove this company’s success. In addition, it is further expanding to many new locations all over the world, with some of its services reaching some of the most remote places in Africa. But how did this trillion-dollar company reach the success it did today, and what can you do to replicate these choices in your company? To answer these two questions, let’s start from the very beginning.
The Start of Success
Amazon started in 1994. When it comes to choosing a name for the company, Jeff Bezos settled with ‘Amazon’ because he believed that it was unique and different from what businesses offered. It was also because businesses listings were listed alphabetically at the time, and Bezos wanted his company to be on the first few pages, he had to come up with a name that started with the letter ‘A.’
Being an online business back then was impossible to manage, and profits didn’t exist for the company during the first four years of its startup. The company received slow growth when compared to other businesses at the time. The only successful online businesses at the time were search engines such as Google and Yahoo, and the e-commerce industry was practically non-existent. Many investors believed that Amazon would die before it can even start. They were proven wrong.
The Golden Age
For many years the company worked on a deficit, losing millions of dollars every year, and investing everything back into the company. Investors weren’t getting anything, alongside Bezos, who was working many hours in the company. But the best year of Amazon came when the company released Amazon Prime.
Two-day shipping was unheard of in 2007, and when Amazon started to offer this feature in its newly released Amazon Prime. Aside from this, Prime members also have access to ludicrous discounts that consumers can’t find anywhere else. So naturally, this increased the need for Amazon all over the nation. Before people knew it, Amazon became a trillion-dollar company by 2020, beating record sales every business quarter. But what are the things that led to the company’s success, and how can you make the same decisions in your company?
An Efficient Website
Amazon’s pride is in its website. Its efficient, responsive, and unique, despite being seen on many e-commerce websites in the world. The company’s website provided the template we have for e-commerce websites today, and many aspire to have the same efficiency in their websites. It barely has any downtime, users get very little lag, and the purchasing process is fast. But how can you achieve the same things in your company?
Investing in an efficient SQL server is a good start. SQL servers or Structured Query Language Servers make the storing and receiving of data more efficient. Many online companies such as dbaservices.com.au offer advanced SQL servers specifically made for online businesses. These servers are known to have good customer service, protect your website from cyber-attacks, and do website processes more efficiently.
A Versatile But Fast Delivery Service
As stated earlier, the golden age of Amazon started when Prime was introduced to consumers. Most of the company’s success today is still integrated into this business decision. That is why if you want your e-commerce business to succeed, you must deliver items as fast as you can to consumers.
Remember that you want to save your consumers the trip to the mall, so the delivery process must start when they have ordered the product. You have various ways to do this, one of which is to invest money into a delivery department. Another way to do it is to work with a startup delivery company. You might not have the same two-day delivery service that Amazon offers, but you can nearly achieve it if you have a dedicated delivery service working for you.
Customer Experience
Lastly, you should concentrate on customer experience. Amazon is known for its fast return rate, responsive customer service, and well-ordered refund system. In addition, if you have problems with your product, Amazon will get right into it and give you options when you file a complaint.
You can replicate this into your online business by investing in chatbots and designing your website to be user-friendly. Chatbots can offer 24/7 customer service and can answer simple questions from your customers. If you’re trying to make your e-commerce website more user-friendly, integrate filters for your customers to utilize to help streamline the search process for various products. These are just simple ways you can increase customer experience in your website, and there are hundreds more you can do by doing your research on your target audience.
Amazon became one of the most successful companies in the world because of good business decisions. You can make the same decisions in your company, albeit on a micro-scale. When implemented correctly, these decisions can lead your company to success in the future.