Hello There! Since Amazon was founded in 1994, the company has grown to become one of the world’s most valuable companies. But where does the name Amazon come from? What about the Amazon Leadership Principles and the Amazon Flywheel? Regardless of whether you are a customer or FBA seller:
You should definitely know these facts about Amazon India!
1. The start
As we all know, today Amazon sells almost every product from all possible product categories. But at the beginning the company initiated only specialized in online book retailing.
Amazon sold its first book on April 3rd, 1995: “Fluid Concepts and Creative Analogies” by Doug Hofstadte.
After this market was dominated, Amazon gradually expanded into different categories and countries. Amazon was and is so investment-focused that it only made its first profits in 2001. But since then the tide has turned and the company has become one of the most valuable companies in the world!
2. The company name
Back then, Amazon was not the first choice for founder Jeff Bezos. The company was originally called Cadabra Inc. based on the spell “abracadabra” to show how magical online shopping is. After the name was misunderstood by some and “cadaver” was said, it was decided to change the name. Various names such as relentless.com , browse.com or awake.com were available.
Jeff Bezos was so enthusiastic about the names that he immediately bought the corresponding domains. If you click on the three links now, you will be redirected to amazon.com. Give it a try!
Ultimately, the name Amazon was chosen for two reasons:
First, it begins with an A. Previously, search engines played their results in alphabetical order. So, it was an advantage to have a name that starts with the first letter of the alphabet.
On the other hand, the name is based on the largest river in the world. That should show how big and strong the company will one day be.
3. The logo
In contrast to the past, the Amazon logo looks very different today. Everyone knows it: under the full name there is the orange arrow that extends from a to z.
What does the arrow actually mean? It symbolizes the company’s huge product portfolio. Amazon wants to offer every product, from A to Z, in order to offer its customers, the best possible shopping experience.
4.The man behind the success
With clear principles and a unique flying wheel, Jeff Bezos has managed to build a company that offers millions of people added value. More on that in a moment!
Since Amazon was founded in a simple garage, he has now become the richest man in the world. His style of leadership is criticized by some, and much appreciated by many. Quotes from employee reviews such as: “Are you lazy or just incompetent?”, “I’m sorry, did I take my stupid pills today?” or “Why are you wasting my life?” are now legendary.
Under the motto “Launch. Country. Repeat.” Jeff Bezos is also the founder of space company Blue Origin. With reusable rockets, the goal is to permanently enable people to work and live in space!
If you want to learn more about Jeff Bezos and the outstanding rise of his company, comment down below, or contact us we would love to make a detailed Biography and share with you all.
5. Plans for Amazon India
Jeff Bezos, the founder of Amazon Inc. said on his visit to India on 15th Jan, 2020 that they plan to create 1 million jobs in India by 2025.
Amazon announced plans to create new jobs in India through investments in infrastructure, technology and logistics.
“We are investing over the next five years to create a million new jobs here in India, the company would invest $1 billion to bring small businesses online.” said Mr. Bezos. This adds to the $ 5.5 billion the company has pledged since 2014.
6. The Amazon Flywheel
Amazon’s extreme growth in recent years is largely due to the fact that the company has managed to create a flywheel that keeps pushing it upwards. This looks like this:
The picture is so simple that it is almost self-explanatory: If more retailers sell on Amazon, the selection on the online marketplace increases. The higher selection increases the customer experience, which in turn increases Amazon’s number of visitors.
Retailers notice that they can reach as many customers as possible via Amazon and start selling there. This process repeats itself over and over again.
Due to the large growth, Amazon benefits from extreme economies of scale and can thus lower prices. This also leads to happier customers who are happy to buy.
Most companies experience poorer customer experience as they scale. It’s the other way around at Amazon: with every new customer, the customer experience increases in the long term!
7. The Amazon Leadership Principles
To build such a system and optimize it over the years you need a rock-solid foundation. In the case of Amazon, these are the Amazon Leadership Principles!
Jeff Bezos, the executives, and all other Amazonians make their decisions day by day based on the following principles:
- Customer obsession
- Think big
- Learn and Be Curious
- Invent and Simplify
- Are right, A Lot
- Hire and Develop the Best
- Earn Trust
- Insist on the Highest Standards
- Bias for action
- Dive deep
- Have backbone; Disagree and commit
- Deliver Results
One last thing: Jeff Bezos publishes a shareholder letter to all of the company’s shareholders once a year. Here you can see exactly how much Amazon adheres to its principles year after year.
In addition to clear data on Amazon and the development in India, we have given you a few facts that will allow you to delve deeper into the matter.
You should always keep a quote from Jeff Bezos in mind: “It’s all about the long term!”