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
Record-breaking congestion in California ports
No quick fix for the shipping crisis 44 freight ships are stuck awaiting entry into California's two largest ports. This is the largest congestion since the beginning of the pandemic. The queue is a result of the labor shortage, COVID-19-related disruptions, and...
E-commerce is too reliant on social media
Consumers don’t buy on social media, new survey indicates E-commerce entrepreneurs are relying heavily on social media to drive sales, but consumers don’t shop there very often A new survey said consumers don’t buy on social media, despite the fact that small...
Amazon continues to ban Chinese sellers
50000 Chinese seller accounts have disappeared from Amazon More than 50000 Chinese seller accounts have been banned on Amazon due to pay-for-praise and other policy violations In May Amazon shuttered some of its largest sellers from China over violations of platform...
