Since its listing, the company has significantly diversified its offering by including music, electronics, toys, kitchen utensils, clothes, and more on its e-commerce site. The company went public with its IPO in 1997 since then, there has been no looking back. It provided stiff competition to brick-and-mortar giants like Barnes and Noble and Borders. By July 1995, Amazon was marketing itself as the “Earth’s Biggest Bookstore,” selling over one million titles to all 50 states in the US and across 45 countries.
The name was aspirational with a nod to the largest river in the world- Bezos’ Amazon sought to be the largest e-commerce bookseller in the world. The emphasis on customer choice, experience, and convenience serves the company well even today. With a user-friendly interface, easy-to-search engine, and focus on creating a ‘virtual community,’ the business grew by leaps and bounds. With a small team, the budding company made headway in the book-selling market by offering a wide virtual selection of books compared to brick-and-mortar stores with doorstep delivery. Glimpsing Back: A Brief History of Amazon Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Study Product Management Courses online from the World’s top Universities. So what is the secret behind the explosive success of Amazon? This article provides a comprehensive case study of Amazon and its winning business strategy. No wonder its sales are expected to reach an astounding USD 746.22 billion with a valuation of USD 2 trillion in 2023! From being an online bookseller headquartered in a garage to becoming the second most valuable brand in the world, the saga of this global brand is a case study in all the leading business schools. How does an online book retailer become a behemoth dominating the global e-commerce industry? The 28-year-old history of Amazon’s growth is a masterclass in building a successful business strategy that has revolutionised the retail experience forever! The company has achieved eponymous status with a global presence and diversified business.
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