But this one isn’t about its latest acquisition, innovation or market share growth. It’s a story about what gave Amazon headliner status in the first place, something too often overlooked by companies scrambling to compete in its wake: customer obsession.
Twenty years ago, in his first letter to shareholders, Amazon founder Jeff Bezos preached the long-term value of obsessing over customers. In his latest corporate missive, his message remains the same.
Of course, it should. As the brains behind what is shaping up to be one of the first trillion-dollar companies, Bezos has transformed his convenient online bookstore into a disruptive retail-technology-media-entertainment megabrand that has no plans to slow down soon — because that, Bezos tells his shareholders, would lead to “excruciating, painful decline, followed by death.”
And isn’t that what we’re seeing with many brands right now, particularly with retailers? The first three months of 2017 alone saw record-breaking retail bankruptcies, with 14 chains seeking court protection. As of July, that number has risen to 23.