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
Influencers are the key to Generation Z’s heart
Influencers are the way to reach and engage Gen-Z shoppers Generation Z accounts for more than 40 percent of consumers in the U.S. With a collective annual spending power estimated at $143 billion, this group is projected to be the largest consumer population in the...
Amazon has launched a Brand Referral Bonus program
Amazon entices brands to drive more traffic to their listings with Brand Referral Bonus program Amazon has launched a Brand Referral Bonus program to reward brands for driving sales on its marketplace. It gives participating brands an average 10% credit on sales...
Boost repeat purchase rate of your Private Label product with QR-codes
Qr-code as an instrument to promote Private Label product sales Repeat purchase rate is of utmost importance in e-commerce. Startup Batch comes with a simple yet effective solution: using QR-code on a product to promote sales. Batch has raised $5 million in seed...