
Amazon Success Story: How to Become the Most Successful Store in the World
Franz Jordan, December 10, 2019
In this article you can learn about:
From a consumer standpoint, it’s easy to understand Amazon's success. Amazon is the largest and most successful retailer in the western world because they built the best customer experience. Customers expect 3 core things when they buy products online:
Large Selection: Consumers always want to find the product they are looking for and, of course, this product should be in stock
Low Price: Consumers want to pay as little as possible for a product
Fast Delivery: Consumers want to get their orders as quickly as possible
What set Amazon apart is the long-term strategy for success, even in the face of the relatively short-term loss of profit. For perspective: It took Amazon 14 years (!) to make as much as they did in the 3rd quarter of 2019. Because they wanted to be the biggest, they had to be the best, and to be the best, they had to become the biggest.
Here's how they did it:
This logic or mechanism perpetuating growth is called the ‘Amazon Flywheel