The advent and widespread use of technology has created avenues for exploring unique business ventures. Technology has enabled entrepreneurs to diverge from the traditional ways of doing business into rather radical ventures. E-commerce is one such venture that took advantage of the opportunities brought about by technology to satisfy the needs of a virtual clientele. That is how Amazon Inc. came to be. The companys founder, Jeff Bezo, believed that books could be sold online. Amazon was launched in 1995, and it went public in the year 1997 selling a share at $18 raising a total of $54 in its public stock offering ("Amazon Fulfillment - History & Culture", 2016).
The company deals in a variety of products ranging from books, toys, music, DVDs, household items and just any other product a customer might be interested in. The company does not have a physical central office from where to carry out its operations; it only uses a website where its customers can place their orders. Anyone who has access to the internet is a potential customer to Amazon. With the pervasive use of smartphones, the company has a comparative advantage as it has huge market potential. These customers can use their smartphones to place orders at any time from wherever they might be. Any lucrative venture will attract other investors whose intentions are to eat the profit share of the new discovery. Amazon faces stiff competition from traditional retail giants such as Walmart, Target and Macys. Amazon took a share of these brick-and-mortar giants clientele who were presented with an opportunity of not having to travel to the stores to make a purchase, all they need to do is just make an order online and wait for their products to be delivered. Other e-commerce giants such as Alibaba, Google, Asos among others form some of the companys online rivals. The companys fourth quarter results witnessed a 22 percent sales increase posting a $35.7 billion in quarterly revenues and set the companys new sales record hitting the $100 billion range ("Amazon shares plunge as record profit still misses estimates", 2016).
Given its unique trading strategy, the company engages in massive after sale services campaign to keep its clientele satisfied. The company offered alternative shopping where shoppers were advised on where to find a product not stocked by Amazon. The company has a strong culture focused on customer satisfaction and needs. As a way of meeting customer needs, the company introduced Look Inside the Book, a platform where customers could flip through the pages of the book they intended to buy ("Amazon shares plunge as record profit still misses estimates", 2016).
The Kindle feature introduced by the company allows the companys clientele to read books online and watch movies, television shows, magazines among a host of other benefits. These strategies are aimed at satisfying the needs of the customers in keeping with the company culture of prioritizing customer needs and satisfaction. They aim at providing a wider range of services from which the customers can choose from. Maintaining a satisfied clientele implies improved relations and increased sales. These strategies have made Amazon the largest platform in e-commerce and most frequently visited site.
Amazon Fulfillment - History & Culture. (2016). Amazonfulfillmentcareers.com. Retrieved 18 April 2016, from http://www.amazonfulfillmentcareers.com/about-amazon/history-and-culture/
Amazon shares plunge as record profit still misses estimates. (2016). Reuters. Retrieved 18 April 2016, from http://www.reuters.com/article/us-amazon-results-idUSKCN0V62U6
Amazon versus Walmart Usability Testing Results. (2012). Useful Usability. Retrieved 18 April 2016, from http://www.usefulusability.com/amazon-versus-walmart-usability-testing-results/
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