Size of failures at Amazon will be bigger along with growth
Jeff Bezos warns that Amazon will “occasionally have multibillion-dollar failures” in his annual letter to shareholders
Jeff Bezos in his annual letter to shareholders said that Amazon will be experimenting at the right scale for a company of its size and occasionally have multibillion-dollar failures.
As the company grows, he said, it only makes sense for their failures to grow at a larger scale. Bezos mentioned the creation of the Amazon Fire phone and Echo, which developed around the same time.
Amazon Fire turned out to be a failure. Amazon discontinued the phone in 2015 and took a $170 million write-off, writes CNBC.
“We were able to take our learnings (as well as the developers) and accelerate our efforts building Echo and Alexa,” Bezos said.
Bezos also highlighted his focus on global retail of which Amazon “represents a low single-digit percentage”. He described customers experience at Amazon Go, which allows customers to walk in, shop and leave the retail store without queuing, to be ‘magical’, reports Financial Express.
More Amazon news
Shanghai is still under lockdown. Is Guangzhou next?
A shift in China’s COVID-19 policy remains a distant prospect Shanghai is easing its two-week lockdown, but most of its businesses still are closed. The redirection of goods is becoming more difficult and expensive as cargo facilities in other Chinese cities are now...
Amazon will let sellers build independent online stores
Bloomberg reports that Amazon is working on a product that that will let retailers run independent stores. The project hasn’t been announced officially yet, but former company executives told Bloomberg, that Amazon has been working on it since late 2017 and could...
How can New Year holidays in the US and Canada affect cargo delivery dates
Customs and shipping companies working schedule during the New Year Important information for more accurate forecasting of cargo processing speed in the US and Canada during the New Year holidays. Please note that Customs and shipping companies will not work during...
