Amazon

Amazon is an American multinational technology company that focusses on focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence.

Categories

Technology  

#5

Rank

$1.36T

MarketCap US

US United States

Country

Summary

Amazon is an American multinational technology company based in Seattle, Washington, that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is one of the Big Four tech companies, along with Google, Apple, and Microsoft. Founded by Jeff Bezos in 1994, Amazon has grown to become the world's largest online marketplace and cloud computing platform. 

The company offers a wide range of products and services, from books and electronics to apparel, home goods, and food. Amazon also offers streaming media and web services, including Amazon Prime Video, Amazon Music, and Amazon Kindle.

Amazon also distributes a variety of downloadable and streaming content through its Amazon Prime Video, Amazon Music, Twitch, and Audible units. It publishes books through its publishing arm, Amazon Publishing, film and television content through Amazon Studios, and has been the owner of film and television studio Metro-Goldwyn-Mayer since March 2022. It also produces consumer electronics—most notably, Kindle e-readers, Echo devices, Fire tablets, and Fire TVs.


History

Amazon was founded on July 5, 1994, in Seattle, Washington, by Jeff Bezos, who at the time was working as a senior vice president for a New York City hedge fund. He decided to start an online bookstore after realizing the potential of the internet for commerce.

In the early days of Amazon, Bezos operated out of his garage and focused on building the company's infrastructure. He hired a small team of employees and began sourcing books from distributors to sell on the website. Bezos also worked on developing the technology needed to create an online store that could handle a high volume of traffic and orders.

Amazon's early success can be attributed to its innovative approach to e-commerce. At the time, most retailers were focused on building physical stores, while Amazon was focused on creating a digital storefront that could reach customers all over the world. Bezos also emphasized customer satisfaction and convenience, offering features like one-click ordering and personalized recommendations.

By the end of 1995, Amazon had sold books to customers in all 50 US states and 45 countries. The company went public in 1997, raising $54 million in its initial public offering (IPO). In the years that followed, Amazon expanded into new categories like music, movies, and electronics, and became one of the largest online retailers in the world. Today, Amazon is a global powerhouse with a market capitalization of over $1.7 trillion and operations in more than 200 countries.

Between 1998 and 2010, Amazon went through a period of rapid growth and diversification. During this time, the company expanded into new categories, introduced new services, and acquired several companies to enhance its offerings.

In 1998, Amazon launched its first international sites, in the UK and Germany, and began selling products beyond books, including music, videos, and consumer electronics. The company also introduced its affiliate program, which allowed third-party websites to earn commissions by referring customers to Amazon.

In 1999, Amazon launched its own auction site, Amazon Auctions, to compete with eBay. However, the site never gained traction and was shut down in 2001. That same year, Amazon launched its Marketplace platform, which allowed third-party sellers to offer their products on Amazon's website, further expanding the company's selection.

In 2002, Amazon launched Amazon Web Services (AWS), which provided cloud computing services to businesses. AWS quickly became a major part of Amazon's business, and today it is one of the largest cloud computing providers in the world.

In 2005, Amazon launched Amazon Prime, a subscription service that offered free two-day shipping on eligible items for an annual fee. Prime became a major driver of customer loyalty and helped fuel Amazon's growth.

In 2007, Amazon introduced the Kindle, its own e-reader device, which allowed customers to buy and read e-books on a single device. The Kindle became a huge success and helped drive the growth of Amazon's digital media business.

Throughout this period, Amazon also made several acquisitions to expand its business. In 2004, the company acquired Joyo.com, a Chinese e-commerce site, and rebranded it as Amazon China. In 2009, Amazon acquired Zappos, an online shoe and clothing retailer, for $1.2 billion. And in 2010, Amazon acquired Quidsi, the parent company of websites like Diapers.com and Soap.com, for $540 million.

By the end of 2010, Amazon had become one of the largest online retailers in the world, with annual revenues of over $34 billion. The company's focus on customer satisfaction, innovation, and diversification had helped it to achieve tremendous growth and success.

Between 2011 and 2022, Amazon continued to expand and diversify its business, while also facing increasing scrutiny from regulators and competitors.

In 2011, Amazon launched its Appstore for Android, which offered mobile apps and games for Android devices. The following year, the company launched Amazon Instant Video, a streaming video service that offered movies and TV shows to Prime members.

In 2014, Amazon launched Amazon Echo, a smart speaker with a voice assistant named Alexa. Echo quickly became a popular product and helped to establish Amazon as a leader in the emerging market for smart home devices.

In 2015, Amazon launched Prime Now, a service that offered delivery of select items in as little as one hour. That same year, the company launched Amazon Business, a platform that offered business customers access to millions of products and exclusive pricing.

In 2017, Amazon acquired Whole Foods Market, a high-end grocery store chain, for $13.7 billion. The acquisition marked Amazon's entry into the grocery industry and signaled the company's ambition to disrupt the traditional retail industry.

In 2018, Amazon announced that it would be building a second headquarters, dubbed HQ2, which would be located in a city other than Seattle. The announcement sparked a competition among cities to attract Amazon's investment, and ultimately the company chose two locations, in New York City and Arlington, Virginia.

Amazon has continued to grow and expand its business. In 2020, the company's revenue exceeded $386 billion, and its workforce had grown to over 1.3 million employees worldwide.

As of 2023, Amazon remains one of the largest and most successful companies in the world, with a market capitalization of over $1.7 trillion and operations in more than 200 countries. The company's focus on innovation, customer satisfaction, and diversification has helped it to stay ahead of the competition and remain a dominant player in the e-commerce and technology industries.


Mission

The company is committed to providing the best possible customer experience by offering a vast selection of products, competitive pricing, fast and reliable delivery, and exceptional customer service.

Amazon aims to achieve its mission by focusing on four key principles: customer obsession, ownership, long-term thinking, and innovation. The company is dedicated to understanding its customers' needs and exceeding their expectations, taking ownership of its actions and decisions, thinking beyond short-term goals and investing in the future, and continually innovating to create new and better solutions for customers.

Through these principles, Amazon seeks to create lasting value for its customers, employees, shareholders, and society as a whole. The company believes that by relentlessly focusing on customer satisfaction and innovation, it can help to improve people's lives and make the world a better place.


Vision

Amazon's vision is to be Earth's most customer-centric company, where customers can find and discover anything they might want to buy online. The company strives to continuously improve the customer experience through innovation and provide a seamless, convenient, and trustworthy shopping experience

Amazon has a long-term goal of using its reach and resources to help build a better world, including sustainability initiatives, helping small businesses grow, and supporting communities through charitable giving.


Key Team

Jeff Bezos (Founder and Executive Chairman )

Andy Jassy (President and Chief Executive Officer)

Brian T. Olsavsky (Senior Vice President and Chief Financial Officer)

David H. Clark (Chief Executive Officer, Worldwide Consumer)

Adam N. Selipsky (Chief Executive Officer, Amazon Web Services)

Shelley L. Reynolds (Vice President, Worldwide Controller)


Recognition and Awards
Fortune's World's Most Admired Companies: Amazon consistently ranks among the top companies in Fortune's annual list of the World's Most Admired Companies. It has achieved high rankings in categories like innovation, social responsibility, and quality of products and services. Forbes' World's Most Valuable Brands: Amazon has consistently been recognized as one of the world's most valuable brands by Forbes. Its strong brand reputation and market presence contribute to its high rankings in this category. J.D. Power Customer Satisfaction Award: Amazon has received J.D. Power's Customer Satisfaction Award for its excellent customer service and commitment to providing a positive shopping experience for its customers. Fast Company's Most Innovative Companies: Amazon has been included in Fast Company's list of the Most Innovative Companies multiple times. The company's innovative approaches to e-commerce, logistics, and technology have contributed to its recognition in this category. Golden Globe Awards: Amazon Studios, the original content production arm of Amazon, has received several Golden Globe Awards for its acclaimed television series, including "The Marvelous Mrs. Maisel" and "Transparent." Webby Awards: Amazon has won several Webby Awards, which honor excellence on the internet, across various categories such as e-commerce, mobile apps, and video content. Corporate Equality Index: Amazon has consistently received a high score in the Human Rights Campaign Foundation's Corporate Equality Index, which measures a company's LGBTQ-inclusive workplace policies and practices. Environmental Recognition: Amazon has received recognition for its commitment to sustainability and environmental stewardship. It has been included in lists like Newsweek's Green Rankings and has received awards for its renewable energy initiatives and environmental programs. Best Places to Work: Amazon has been recognized as one of the best places to work by various organizations and publications, highlighting its employee-friendly policies and work culture. Supplier Responsibility Awards: Amazon has received recognition for its efforts in supplier responsibility and ethical sourcing. It has been acknowledged for its commitment to fair labor practices and responsible supply chain management.

Products and Services

Amazon offers a wide range of services, including:

Amazon.com: The company's flagship e-commerce platform, which allows customers to purchase products across a vast range of categories, including books, electronics, fashion, home goods, and more.

Amazon Prime: A subscription service that offers customers free, fast shipping on millions of items, as well as access to streaming video, music, and e-books.

Amazon Web Services (AWS): A cloud computing platform that provides on-demand computing resources and services to individuals, businesses, and governments around the world.

Amazon Advertising: A suite of advertising solutions that allows businesses to reach and engage with customers on Amazon.com and other websites and apps.

Amazon Fresh and Whole Foods Market: Two grocery delivery services that allow customers to order groceries online and have them delivered to their doorstep.

Amazon Studios: A division of Amazon that produces and distributes original movies, TV shows, and other video content.

Amazon Music: A music streaming service that offers customers access to millions of songs and playlists.

Amazon Devices: A range of hardware products, including the Echo smart speaker, Fire TV streaming devices, and Kindle e-readers.

Amazon Pharmacy: An online pharmacy service that offers customers access to prescription medications and health products.


References
Amazon
Leadership team

Brian T. Olsavsky (Senior Vice President and Chief Financial Officer)

Andy Jassy (President and Chief Executive Officer)

David H. Clark (Chief Executive Officer, Worldwide Consumer)

Shelley L. Reynolds (Vice President, Worldwide Controller)

Adam N. Selipsky (Chief Executive Officer, Amazon Web Services)

Industries

Technology

Products/ Services
Retail products, Amazon prime, Consumer electronics, Digital content, Amazon studios, Amazon luna, Amazon Prime Video, Delivery, Amazon Drive, Amazon Web Services, Amazon Publishing
Number of Employees
Above 50,000
Headquarters
Seattle, Washington and Arlington Virginia, U.S.
Established
1994
Company Type
Public Limited Company
Company Registration
SEC CIK 0001018724
Revenue
Above - 1B
Traded as
AMZN
Social Media

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Mon Apr 15 2024
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