What started in his garage in Seattle more than a decade ago is now a legacy that can not be erased but would only become bigger. Jeff Bezos is exemplary for emerging entrepreneurs. He grew Amazon steadily and moved it upwards in the chart. In 2019, Amazon had $280 billion in revenues and $11.5 billion in net profit, as reported by Forbes.
As Jeff Bezos announced his resignation from the Chairmanship, many people record and analyze how far he had brought the e-commerce business. Bezos would be replaced by Andy Jassy. Bezos would not be completely giving up his role however and would still remain an executive chairman.
Amazon saw its rise and surge particularly in the global pandemic of 2020. Over two hundred thousand additional workers were employed by Amazon as the demand grew higher. This was due to people being stuck at home and requiring more services.
Amazon had only begun as an online bookstore of sorts but to this day their services in e-commerce are far and wide. They provide downloads and streams of videos, audiobooks. Amazon also allows people to publish their own e-books. It has also acquired Twitch, IMDb over the years. Amazon web series and Amazon Studios both provide the viewers and creators to have a source of entertainment.
In hindsight, we can see how profitable these services are in light of recent events. People not only require a way of earning through online platforms but also have more time to look for entertainment and indulgence of all sorts online. It is not a mystery then as to why the sales for this online platform soared up to $380 billion and the net profit rocketed to almost double amount than before. Amazon’s grocery services also contributed in the surge of sales.
It has been two decades since Amazon was formed. It has had many successes from where in 1999, they topped the charts in online sales when they started selling music and DVDs besides books to 2007 when they provided their first product for consumers, called as Kindle.
All is not sunshine and rainbows, however. Amazon has been at the brunt of a lot of criticism from U.S. senators as well as news outlets for the unfair treatment of workers. As the system of accountability becomes more and more strict, larger companies are becoming more conscious of their decisions and treatment of workers and how it affects sales and reputation. In 2020, Bezos also announced that he would be giving $100 million to Feed America, a non-profit organization.
Amazon has been very dominant in online sales in the past sales however it appears they would continue expanding their services and would be providing them to physical stores as well. This will create a new phase of shopping from Amazon stores.
Cover: (Image Credits – abcnews.go.com/amp/Technology/wireStory/jeff-bezos-amazons-founder-step-ceo-75641992) (Source :(AP Photo/John Locher, File)
Reported By: Ali Murtaza