Every river starts from somewhere and leads to somewhere greater than itself. Amazon, the titan of the eCommerce platform, is no different. Taking its name from the largest river in the world, Amazon had humble beginnings. Let’s take a look at some of the defining moments in Jeff Bezos’ career:
- 1994: Bezos incorporates Cadabra Inc, which he later changes to Amazon at the behest of a lawyer.
- 1995: The company is officially founded as an online bookstore operating out of Bezos’ garage, with an investment of $250,000 from his parents.
- 1997: $15 million is raised; Amazon skyrockets right of the bat.
- 1998: Amazon starts selling products other than books; the beginning of a new era.
- 2002: Free Super Saver Shipping starts off, giving sellers free shipping after a $99 purchase.
- 2003: A9 is born, giving Amazon an upper hand in product research and advertisement. In same year, it announces its first profit: $35 million on revenues of $5.3 billion!
- 2004: Amazon enters the China market with Joyo, competing with Alibaba. Amazon China is the result.
- 2005: Amazon Prime is born, shipping products for free to US customers who are members of Amazon, in two days, for a meager annual fee of $79.
- 2006: FBA is launched, lifting the burden of packing and shipping products from the shoulders of third-party sellers by offering the same services for a free in Amazon’s warehouses.
- 2007: Behold, the birth of Kindle! Amazon’s answer to book hoarding. Other competitors follow Amazon’s steps in developing eReaders, including arch nemesis Barnes and Noble, and Microsoft.
- 2010: Kindle eBook sales surpass hardcovers and softcovers. Kindle is a definite success.
- 2011: California begins to collect sales tax on purchases made on Amazon.
- 2012: Nevada and Texas join in on the fun!
- 2013: Amazon enters India.
- 2014: Gamers, rejoice! TWITCH is acquired by Amazon. Also, say hello to Alexa and Amazon Echo!
- 2015: Realizing the benefit of physical stores, Amazon launches its first one, an interesting move in the eyes of Walmart, Amazon’s physical counterpart.
- 2016: The Amazon drone successfully delivers its first product in the UK.
- 2017: Minimum wage for all workers in the US and the UK is raised.
- 2018: Bezos announced a split new headquarters.
- 2019: Amid criticism, the headquarter is set to open only in North Virginia.
- 2020: The COVID-19 outbreak begins; Amazon receives praise and backlash towards its response.
The future is as unclear for Amazon as it is for any business, especially now under the strains of COVID-19. Nevertheless, Amazon is not looking to back down any time soon. Just like any other successful business, it is going to grow. We don’t know what Bezos has up his sleeves, but we’re pretty sure he won’t let a viral outbreak hinder the success of Amazon, and will adapt to recent changes as quickly as they take place!