Who owns Amazon? And what is the history of the Amazon company? We are going to discuss this in detail in today’s article.
One of the biggest contributions of our digital age is the e-commerce platform, which has revolutionized the concept of global shopping.
And, Amazon is world famous as the giant of this e-commerce world.
Amazon.com is a comprehensive Internet-based enterprise.
This website sells books, music, movies, household items, electronics, and many more.
The company directly serves as a middleman among other retailers and millions of Amazon.com customers.
Even its web services business includes – data storage and computing resources or “cloud computing” rentals on the Internet.
Today in this article we will discuss who owns Amazon, its history, struggles and success.
One of the biggest contributions of our digital age is the e-commerce platform, which has revolutionized the concept of global shopping.
And, Amazon is world famous as the giant of this e-commerce world.
Amazon.com is a comprehensive Internet-based enterprise.
This website sells books, music, movies, household items, electronics, and many more.
The company directly serves as a middleman among other retailers and millions of Amazon.com customers.
Even its web services business includes – data storage and computing resources or “cloud computing” rentals on the Internet.
Today in this article we will discuss who owns Amazon, its history, struggles and success.
Who invented television?
Who is the father of marketing?
First of all, let’s find out about its owner –
Jeff Bezos founded the company in 1994 in his garage in Seattle, Washington.
However, in July 2021, he resigned as CEO and became the executive chairman of the company.
Jeff, in fact, is an entrepreneur, investor and media owner.
His profitable venture with Amazon has now made him the second richest man in the world.
Most recently, however, in 2021, Andy Jesse officially took over as CEO of Amazon, replacing Jeff Bezos.
Jeff Bezos has stepped down as CEO of the company for 26 years.
History of Amazon – (History of Amazon):
In 1974, Bezos decided to pursue a career in physics or arithmetic, but his decision to stick to a number of partial differential equations changed.
Later, in 1986, he received a bachelor’s degree in electrical engineering and computer science from Princeton University.
Subsequently, he became the youngest senior vice president of Wall Street Investment Bank DES & Co. within a few years of his appointment.
Although Bezos had a lucrative career in the finance sector, he was looking for an opportunity to engage with e-commerce, which had not yet expanded.
When he left his job in 1994 to start his own e-commerce company, he moved to Seattle.
There he opened an online bookstore in the garage of a rented house, using the potential of the Internet market.
Although, at the time, it was a very risky move, he quickly saw the success of his online business.
Bezos’ e-book company, Amazon.com, became popular in 1994.
And that’s exactly how Amazon was founded.
Some special history of the Amazon company
Jeff Bezos first came up with the idea of starting an internet enterprise in 1994.
As he surfed the Internet in search of new ventures to invest in DESH, he noticed that the use of the World Wide Web was growing by about 2,300% per month.
And, he immediately realized the huge potential of online sales through the internet.
And, from then on, he started to see the entrepreneurial possibilities of developing internet business.
Due to the low sales tax rate in Washington, Bezos has allowed Amazon to buy almost all of its books without paying sales tax on its customers.
He first launched Amazon with 10,000 of his own money.
He, along with his ex-wife Mackenzie, and younger staff operated Amazon early on from the garage of his rented home.
On July 5, 1994, Bezos launched his online business, Cadabra Inc. (Cadabra, Inc).
Later, it became known as Amazon.
However, the name Cadabra is mispronounced by Bezos’ lawyers and many others as’ Cadaver ‘.
Also, before finalizing the Amazon name, Jeff named the company Relentless and bought the domain name (relentless.com) under that name.
And the funny thing is, if you still search for relentless.com domain name, it will redirect you to Amazon.
Struggles & Achievements of Amazon –
Let’s take a look at some of the year-old Amazon’s struggles and success stories –
1997: The public is added
At 1.96 per share, Amazon has been made public with a valuation of about $ 300 million (later adjusted to $ 16 after the stock split).
If you had to invest 1000 in an IPO of Amazon shares in 1998, by the end of 2019, those shares were worth more than $ 1136,000.
With Amazon’s growing success, some of its larger competitors, such as Burns & Noble and Walmart, have publicly sued the e-company.
1999: Amazon allows third-party vendors:
The business creates a whole new structure.
From this time the company allows third party vendors to trade goods through the site.
So, from here, consumers can find rare, unique and special items.
As a result, within just four months of Amazon allowing third-party sales, it had more than 250,000 subscribers.
2005: Innovative Loyalty Program “Priming”
In 2005, Jeff Bezos announced a customer loyalty program.
It is said that any order will be shipped for free within two days and other facilities will be provided, but for that the customer will have to pay $ 69 per year.
This Prime has brought huge success to Amazon.
Today, the company has over 1.2 million members worldwide.
With the launch of Amazon Prime, it became very popular with customers and they became loyal customers.
Bezos focused on the convenience and ultimate satisfaction of Amazon customers from the very beginning.
And, Prime turns that idea into reality.
That is, Prime membership offers special discounts or benefits on products, including TV or music; This has been done only to provide absolute satisfaction to the customers.
2015: Improving the quality of service
The company began developing the Amazon Echo (Alexa-Enabled) in 2011 and finally launched the Echo devices in June 2015.
And, the idea of an in-home virtual assistant like Alexa then became fancy and attractive to many.
And, in a very short time, Amazon continues to make substantial profits from these devices.
The company’s most popular device is the Alexa-Enabled Echo Dot.
Currently, Amazon Alexa has been integrated with many smart home devices.
And, Alexa functions are updated almost every day.
More than 1,000 million Alexa-enabled devices have been sold so far.
And, its sales are expected to grow further in the future.
2020: Extensive service delivery during Covid-19
While countless companies have suffered losses due to the global impact of the Corona epidemic, prominent companies such as Amazon have greatly expanded their services.
As Bezos returned to the company’s day-to-day operations, he was criticized for failing to protect its employees.
However, during the epidemic and the lockdown, Amazon’s worldwide service continued throughout the world.
Therefore, it is safe to assume that Kovid-19 and its long-term effects will affect Amazon more than any other event in its history.
Finally:
Not only in America but also in countries like India, Amazon has enough power.
According to the company’s latest financial report, its current revenue is $ 47.64 billion.
In addition, the e-commerce giant currently employs about 160,000 full-time and part-time employees.
In addition, Prime’s membership is expected to exceed 153 million in 2022.
This is the end of our article about who owns Amazon today and its history.
