Until recently when he announced his resignation, Jeff Bezos was the CEO of Amazon. No doubt that he has built the company to be among the most valuable entities in the world.
How Did Amazon Evolve Under Jeff’s Leadership?
Amazon’s fortune has morphed from a one-time online bookstore to a mega retailer with a worldwide reach. As if that is not enough, Amazon added the items it stocks to groceries, gadgets, and online streaming. The 1994, $18 per share of stock, grew to give an increased value of $111 billion, thanks to the innovativeness of this two-time richest man in the world. The success is almost criminal, so to speak, but one Raleigh law firm assures us, it surely is not.
Ways in Which Jeff Bezos Revolutionized Amazon
1. Valuing and Giving Innovation a Chance
Amazon ushered the new technologies under Jeff Bezos by introducing cloud computing services, a year ahead of its competitors. This would ensure that small businesses have a platform to conduct their businesses seamlessly.
2. Seizing the Private-Line Opportunity to Save Customers Some Coin
Amazon, under Jeff, took advantage of the opportunity to develop private-equivalent of fast-moving brands.The company simply monitors goods that move fast from the e-shelves and makes equivalents of these goods to sell to customers at a cheaper rate.
To top it off, they do not prioritize their private goods over those of the retailers, so whenever you search on their website, the search results that appear, appear based on popularity. Whoever said entrepreneurs seize the opportunity that presents itself, definitely had Jeff in mind.
3. Capitalizing on Convenience a Key Driver in Its Services
Jeff, as the CEO of Amazon, began thinking of ways in which he could profit from bringing convenience to sellers. Amazon Prime members receive free, same/one day or two-day delivery on goods they purchase off the platform. While conventional retail sales depend on price, location, and quality, these components changed how we view online sales by redefining convenience.
4. Recognizing the Value That Employees Add to the Business
Under the leadership of Jeff, Amazon increased the employee minimum wage to $15 an hour for part-time and seasonal workers. This is in addition to full-time employees who work at Amazon.The move came at a time when laws and regulations were advocating for companies to increase minimum wage. Amazon, and Jeff being a pacesetter, grabbed the bull by the horns.
5. Embracing the Growth Mentality
From an online bookstore operating from Jeff’s garage 25 years ago, the business has grown to become a one-stop shop for everything. While small businesses initially attributed their losses to the success of Amazon, most of these businesses sell their products on the platform.
These small businesses can now sell beyond their locality. If the business guarantees me same day delivery on items ordered, why not embrace it?
6. A Culture of Risk Taking
Jeff Bezos is a risk taker. He has taken some risks in his position as CEO, where some have succeeded, while others have failed. A good example of a bad risk was the investment in Pets.com, which later brought losses.These losses did not crush the competitive and experimental spirit of Jeff and Amazon by extension. Jeff believes that failure and invention are inseparable twins.
