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
Amazon is going to need a lot of robots
Amazon wants to ship you anything in 30 minutes Analysts predict that Amazon will try to add robots and automation to its entire operation. It is inevitable given Amazon's focus on efficiency and pleasing customers. Amazon is burning through billions to...
Former Amazon executive on the 5-star rating system
Amazon rating system developers ended up being too protective of it According to the former Amazon executive, the online ratings and reviews model was a good solution at first, but the team ended up being too protective of it. Dan Lewis spent many years at...
Nike stops selling its products on Amazon
Nike is just ‘tip of the iceberg’ of companies ditching Amazon Nike’s decision to stop selling merchandise to Amazon is the start of brands opting to go directly to consumers, says internet entrepreneur Tim Armstrong. “The direct-to-consumer movement will...
