With the rise of e-commerce came a whole host of tech powerhouses. In today’s day and age, the use of technology to achieve one’s business goals is, in most industries, commonplace. The use of technology not only aims to make life easier for the company itself, but for consumers who wish to purchase the company’s goods. Amazon, for example, simply started off as an online bookstore that allowed literary aficionados the opportunity to browse through an online catalog of literature that they could then purchase from – doing so was of a great benefit to readers who would otherwise spend, what seemed like, ages trying to find the books they wanted in the busy bazaars of their local town.
Despite its humble beginnings as an online bookstore, Amazon now sells pretty much everything you could imagine; Whether that be clothes, sports equipment, or furniture, they have it all – hence Amazon’s nickname, ‘The Everything Store’. The founder of Amazon, Jeffrey Bezos, left his role as Vice-President of a notable wall-street firm in a bid to follow the ‘Regret Minimization Framework’. This framework was coined by Bezos, and maintains the following rationale: Bezos wished to make sure that he would face no regrets in the future from not participating in the Internet Business Boom during its infancy – the rest is history.
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The Covid-19 pandemic proved to be a harrowing time for both individuals and businesses alike. Despite the difficult times faced by many families and businesses, Amazon managed to make most of its circumstances, almost doubling its profit. As a result of the great uncertainty brought about by the pandemic, and the impositions of strict quarantine measures, most individuals were not able to leave their homes and purchase staple goods. In a bid to solve this problem, Amazon sold all the staple goods to households who otherwise had very limited access to them – making an exorbitant amount of money in the process.
If the history of the company is any predictor, the future of Amazon is bright – its habit of innovating within difficult conditions makes for an effective strategy under even the most dire of circumstances.