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Essay on The success of Amazon
Amazon.com, based in Seattle, is the most well known bookseller on the Internet, and with its high profile has been called the poster child of the Internet. The Amazon site is perhaps the Web’s busiest location, and claims to have more than four million customers. “Amazon’s inventory turned over 42 times in 1997 compared with 2.1 times for Barnes & Noble” (Saunders, 2002).
Jeffrey Bezos, who had worked on Wall Street for eight years, founded Amazon. While surfing the World Wide Web one day, he came upon the amazing statistic that Web usage was growing by more than two thousand percent a year. This is what inspired him to search for the perfect Web business. Legend has it that Bezos made a list of twenty things that might sell well on the Web. Once he decided on books, Bezos’s goal became to launch the world’s largest bookstore. That he named it after the planet’s largest river is not a surprise. A short two months later, the company was already racking up sales of over $20,000 per week. It only took another two years for the company to issue an initial public offering on the NASDAQ exchange under the symbol AMZN.
A customer cannot feel and touch the book, but can wander through the sections of the virtual store and add or subtract books from their shopping basket. They can also read reviews and interviews with the authors. Bezos knew where to get venture capital, and his strategy for Amazon.com was to get an early start and spend whatever it took to build up the business and the name. He spent heavily on advertising to establish his new venture. Amazon’s banner appears on at least 28,000 other sites on the Internet, so the temptation to go to the bookstore is always on the computer screen....
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