And Amazon Prime video, is one of the largest OTT platforms. Amazon Web Services is number 1 in its field. Amazon Alexa, Amazon Kindle, Amazon Drive, Amazon Music, Amazon’s Audible, Amazon Pay, Amazon has even started delivering groceries in some countries, under the name Amazon Fresh.
At one point, Amazon had tried to launch their phone, called Amazon Fire. Though that turned out to be a flop idea. But today, Amazon has become so successful not only as an online store, rather as a company spread over soo many sectors. How was it possible? What is the Business Model of Amazon?
The idea of Amazon was quite simple right from the start. But it was a unique idea for its time. To create an online bookstore. At the time, people had to go to physical bookstores to buy books. Why not let people buy books online through a website on the internet? Initially, Amazon’s website was a mere bookselling website. The advantage of selling books online was that customers could access thousands of books on a single website. A very basic, practical, and convenient idea. One that people needed.
Right from the beginning, even as a startup, Amazon was a successful company. The website was launched in 1995. And by December 1996, they had amassed a customer base of 180,000. By 1997, their revenue had reached $148 million. At this point in time, Jeff decided that he didn’t want Amazon to remain a private company instead, he wanted to list it as a public company in the stock market. So that the company could access more funds to grow.
