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Jeff Bezos, a former Wall Street hedge fund executive, incorporated Amazon.com in 1994, choosing the name primarily because it began with the first letter of the alphabet and because of its association with the giant South American River. Based on the research he conducted, Bezos concluded that books would initially be the most logical product to sell online. Amazon.com was not the first company to do so; Computer Literacy, a Silicon Valley bookstore, began selling books from its catalog in 1991 to its technically astute customers. However, Amazon.com’s promise was to deliver any book to any reader, anywhere.
While Amazon.com famously began as a bookseller, Bezos argued from its inception that the site was not the only retailer of consumer products. He argued that Amazon.com was a technology company whose business was simplifying online transactions for consumers.
The Amazon.com business strategy was often met with skepticism. Financial journalists and analysts denounced the company by referring to it as Amazon.bomb. Downers claimed that Amazon.com would eventually lose out to established bookselling chains in the market, such as Borders and Barnes & Noble, once they launched competing e-commerce sites. By the last quarter of 2001, the company’s declining profits seemed to justify its critics.
However, Bezos dismissed opponents as not understanding the broader growth potential of the Internet. He argued that to be successful as an online retailer, a company needed to “Get Big Fast”, a slogan he featured on employee T-shirts. In fact, Amazon.com grew rapidly, reaching 180,000 customer accounts by December 1996, after its first full year of operation, and less than a year later, in October 1997, it had 1,000,000 customer accounts. . Its revenue increased from $15.7 million in 1996 to $148 million in 1997, followed by $610 million in 1998. The success of Amazon.com inspired its founder to become Time magazine’s 1999 Person of the Year.
The company quickly expanded into other areas. Its associates program, where other Web sites could offer goods for sale and Amazon.com would pay a commission by filling orders, grew from one such site in 1996 to more than 350,000 by 1999. Following Bezos’ initial strategy, the company quickly started selling. more than books. Music and video sales began in 1998. The same year it began international operations with the acquisition of online booksellers in the United Kingdom and Germany. By 1999 the company was also selling consumer electronics, video games, software, home-improvement items, toys and games, and more.