History of Computers - Amazon
Created by Ian Thakur
Amazon is an online retailer founded by Jeff Bezos in 1994. Amazon was originally named as Cadabra; however, its name was quickly changed to Amazon [1]. In 2015, Amazon surpassed Walmart as the most lucrative retailer in the US [2].
Contents
Overview
When Amazon began in 1994, it was solely an online bookstore; however, it quickly add media such as MP3, and now it sells everything [3]. Originally named Cadabra in 1994, Bezos realized that the company would need a name change once a lawyer misheard Cadabra as “Cadaver”. Bezos believed that the new name need to start with the letter “A” so that it would be at the top of search lists on the internet. He quickly decided on Amazon because just as the Amazon River is by far the largest river the world, Amazon would become the largest retailer in the world by far. As of 2017, Amazon has become the number 1 online retailer site in the world, and has become the number one product company in the world. In tandem with buying companies such as Whole Foods, Amazon has become a economic powerhouse that has innovated the way we purchase items on and off the web. [4]. Amazon is renowned for having exemplary customer support despite lacking physical stores. Amazon’s widespread success is often credited in part to this customer service [5]. On June 16, 2017, Amazon acquired Whole Food Market Inc. for $13.7 billion.[6]
Significance
Amazon was the first online retailer to attain long term success. Rather than trying to gain wealth immediately, Bezos favored an unconventional small growth strategy that failed to turn a profit until late 2001, seven years after its founding [7]. However, Bezos’ strategy has proven very successful in the long run as Amazon is now the largest retailer in the US. Amazon’s use of the internet was innovative because it used the internet to create a virtually unlimited inventory so that it could compete with much larger retailers, such as Barnes and Nobles. Jeff Bezos was awarded the Time magazine’s “person of the year” award in 1999 for his work in Amazon [8].
References
- ↑ http://www.telegraph.co.uk/technology/amazon/11800890/jeff-bezos-interview-amazon-prime-jeremy-clarkson.html
- ↑ http://www.nytimes.com/2015/08/16/technology/inside-amazon-wrestling-big-ideas-in-a-bruising-workplace.html?_r=0
- ↑ http://www.telegraph.co.uk/technology/amazon/11800890/jeff-bezos-interview-amazon-prime-jeremy-clarkson.html
- ↑ https://books.google.com/books?id=Nz43wixr2IcC&pg=PA47#v=onepage&q&f=false
- ↑ http://www.nytimes.com/2015/08/16/technology/inside-amazon-wrestling-big-ideas-in-a-bruising-workplace.html?_r=0
- ↑ https://www.bloomberg.com/news/articles/2017-06-16/amazon-to-acquire-whole-foods-in-13-7-billion-bet-on-groceries
- ↑ Robert Spector (2002). Amazon.com: Get Big Fast.
- ↑ http://content.time.com/time/covers/0,16641,19991227,00.html
Links
https://en.wikipedia.org/wiki/Amazon.com
https://www.snapagency.com/blog/7-reasons-why-amazon-is-so-successful/
