The Only Guide to Amazon (company) - Wikipedia

While Amazon. com notoriously began as a bookseller, Bezos contended from its start that the website was not merely a seller of consumer items. This Is Cool argued that Amazon. com was a innovation company whose business was streamlining online transactions for customers. The Amazon. com company technique was often consulted with uncertainty.

bomb. Doubters claimed Amazon. com ultimately would lose in the market to recognized bookselling chains, such as Borders and Barnes & Noble, when they had introduced completing e-commerce sites. The absence of business revenues till the last quarter of 2001 seemed to validate its critics. However, Bezos dismissed naysayers as not comprehending the enormous development capacity of the Web.

In truth, Amazon. com did grow quickly, reaching 180,000 customer accounts by December 1996, after its very first complete year in operation, and less than a year later on, in October 1997, it had 1,000,000 customer accounts. Its incomes jumped from $15. 7 million in 1996 to $148 million in 1997, followed by $610 million in 1998.

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com's success moved its founder to become magazine's 1999 Person of the Year. The company broadened rapidly in other areas. Its Associates program, where other Web sites could provide merchandise for sale and Amazon. com would fill the order and pay a commission, grew from one such site in 1996 to more than 350,000 by 1999.

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Music and video sales started in 1998. That very same year it began global operations with the acquisition of online booksellers in the United Kingdom and Germany. By 1999 the business was also selling consumer electronics, video games, software, home-improvement products, toys and video games, and a lot more. To sustain that development, Amazon.

As a result, in May 1997, less than 2 years after opening its virtual doors to customers and without ever having actually made a profit, Amazon. com ended up being a public business, raising $54 million on the NASDAQ market. In addition to the money, the company was able to use its high-flying stock to money its aggressive development and acquisition technique.

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com's service that acquired it customer loyalty and supreme profitability. Its personalization tools advised other products to purchase on the basis of both a consumer's buying history and information from purchasers of the exact same products. Its publishing of client evaluations of items promoted a "neighborhood of customers" who helped each other find whatever from the best book to the very best mixer.