Week 3 Discussion-Facts about Amazon company
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Nov 24, 2024
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Facts about company
Amazon is one of the largest companies in the U.S. It is the second largest company in
the U.S. by revenue (Fortune). Jeff Bezos founded Amazon as an e-market with a vision and
mission of an online shopping store selling everything to allow consumers to find the products
they want in the lowest possible place (Alshmrani, 2021). Initially, it started with an online book
and gradually expanded to include electronics, home décor, fashion and clothing, and other
products (Alshmrani, 2021). It is primarily an e-commerce business but is also involved in
industries such as telecommunications, cloud-based technology, entertainment, and more
("About Amazon)." It has widened its reach to provide customers with every conceivable product
as the "everything store" which has seen the retailer become the leading online marketplace
(Ukeni, 2022). Amazon's success is linked to its customer-centricity strategy by putting the
customers at the core of the business process, including products and the retailer's vision (Ukeni,
2022). According to Ukeni (2022), the successful implementation of a customer-centric approach
at Amazon is duped "Amazon Flywheel," which involves offering customers a large selection of
products at affordable prices and fast delivery. By giving customers an exemplary online
shopping experience, Amazon has been able to generate traffic for third-party sellers in its online
marketplace (Ukeni, 2022).
Amazon is also the second largest employer in the U.S. (“Biggest U.S. Companies”).
Amazon has been involved in several controversies, including their use of data to promote their
knockoffs (Anderson), warehouse worker safety (Thorbecke, 2023), and their use of biometric
data to allow customers to pay for items in their stores (
Okunyte). However, Amazon's current
battle with the F.T.C. differs from other controversies because it deals with Amazon's
subscription service, Amazon Prime. Amazon Prime is a subscription service that offers a
plethora of benefits, including free 2-day shipping, access to Amazon Prime Video, grocery
delivery, Amazon Prime Gaming, and more (Spiwak, 2022). Prime accounted for $35.22B of
Amazon's revenue in 2022, and that does not account for the additional purchases consumers
make because they have the convenience of an Amazon Prime subscription. This is a significant
chunk of Amazon's revenue, which totaled a little over $538B in 2022 (Cuofano, 2023
).
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