Three days before the IPO, Barnes & Noble sues Amazon, alleging false advertising for being “Earth’s Largest Bookstore.” This has a Streisand effect, drawing even more attention to Amazon. From the very beginning, it was Jeff’s priority to focus on customer satisfaction. For each order, Amazon orders the book from a distributor, paying 50% off list price. “We can build a $100 billion company without sending out a single fucking e-mail.”. He believes Doerr’s involvement is a public vote of confidence. Spring 1998: Bezos considers it imperative to expand Amazon’s brand beyond books to become the Everything Store. Spring 1999: Amazon’s stock price falls in half from April to May. Minor remembers that Bezos closely studied several wealthy businesspeople and that he admired two men in particular. First, they had to find a way to digitalize a great percentage of their books. “Amazon isn’t happening to the book business. Many are tired of Bezos’s insistence on work ethic. It turns out readers still use bookstores for book discovery, and not stocking Amazon’s books makes a big difference in sales. (But he’s not alone - in 2002, a Google Books project had already begun, and it’s made public in December 2004.). The Everything Store: Top 5 Jeff Bezos quotes about customers and customer retention: “If you want to get to the trust about what makes us different, it’s this. Apple, Nike, Disney, Costco, UPS are well-liked. One day, he fails to find a book for his son at a local shop, and he changes his mind and invests. But. Bezos loses two lieutenants: Jeff Holden, SVP of worldwide discovery, runs a secret search engine effort competing against A9. Amazon also gets ruthless with e-commerce competitors like Zappos and Because transactions were costly and there were much fewer suppliers than customers, it was higher leverage for companies to build relationships with suppliers, leaving customers as an afterthought. I hoped that The Everything Store ... I’ll try to combine this book summary with a miniature stock analysis so that the book’s insights are put in context. It gets around MAP by allowing customers to see the price only after adding to the cart. If you've ever one-clicked a purchase, you must read this book." Learn from one of the biggest visionaries and entrepreneurs, the mind behind Amazon. Books emerged as his best option. Bezos, reflecting on this period later: “Things just don’t grow that fast. There are no extra points for headcount, budget size, or fixed expense.”, “You can work long, hard, or smart, but at Amazon you can’t choose two out of three.”. Yes. The answer to almost every conceivable question is yes.” Will Prime become same-day shipping? Google also competes with Amazon for talent, offering lavish perks and stock options. The deal doesn’t happen. Bezos gets the goal of having 100,000 books searchable in the new digital catalog. Bezos used to say “You can work long, hard, and smart, but at Amazon, you can pick only two out of three.” A young CEO liked to rephrase it to “You can work long, you can work hard, you can work smart, but at Amazon, you can’t choose two out of three.”. (like rate of marketing email opens * average order size generated). But its visionary founder, Jeff Bezos, wasn't content with being a bookseller. February 2000: Amazon sells $672 million in convertible bonds to overseas investors at 6.9%. Bezos likes decentralization, autonomous working units, and independent decision making. Bezos speaks about the importance of becoming a platform at an all-hands. The book was widely discussed at Amazon and formed the basis of a new philosophy of the company’s own infrastructure. Brad Stone: “the future of [Amazon] becomes easy to predict. Shaw & Co back in the early nineties. They make a big push - they introduce the Diamond Search feature, contract with Paris Hilton for exclusivity, and make public announcements in time with Blue Nile’s quarterly reports. The price, of course, was frugal, like winning a pair of Nike sneakers that belonged to a basketball player who worked at Amazon. “Leaders start with the customer and work backwards. Amazon quickly surpasses older tech incumbents and They imagined an “Everything Store,” an Internet intermediary between consumers and manufacturers. Using this money, Amazon begins hiring executives from other companies, some away from tech companies like Microsoft. Barnes & Noble and independent bookstores refuse to stock Amazon’s books. They start an editorial group, writing descriptions to give the feel of a trustworthy independent bookstore and to help people get comfortable with the idea that there were people on the other side of the screen. The goal was to attain great results but the fitness function, in particular, clashed with some fundamental aspects of human nature. Bezos is known for his relentless focus on customer satisfaction. They boast of a high revenue to fixed cost ratio, meaning a dollar invested in Amazon could provide much better returns than with any physical retailer. Bezos wants to charge 10 cents per hour for EC2, even though 15 cents per hour would allow Amazon to break even. Jeff Bezos worked at the hedge fund D.E. Anecdote: a potential investor who likes shopping in bookstores is dubious that online bookstores will take off. The service comes from an investment Bezos made in the late 1990s in Cambrian Ventures, an incubator founded by founders of Junglee (which had been acquired by Amazon). Liked this summary? Bullet Summary ; Full Summary. He doesn’t shy away from temporary losses if they bring a long-term advantage to Amazon. Bezos tended to think analytical about everything including relationships. “, Learning this makes Bezos articulate a clearer strategy: “, In July 2001, Amazon announces it’s cutting prices of books, music, and videos by 20-30%. Bezos wants Amazon to IPO (just 2 years after founding). “If you want to get to the truth about what makes us different, it’s this, ” Bezos says, “We are genuinely customer-centric, we are genuinely long-term oriented, and we genuinely like to invent. Amazon releases Similarities, recommendations for new books to buy. eBay’s business model is strong, taking commissions for each sale but none of the hassle of inventory and sending packages. States accuse it of avoiding state sales taxes. 2004: Amazon creates a skunkworks group called Lab126. Amazon gives physical prizes when employees embody Amazon’s values. April 2007: Amazon announces surprisingly strong Q1 results, with quarterly sales reaching $3 billion, growing 32% YoY compared to ecommerce at 12%. Even though Bezos is an advocate for patent reform, he’s determined to exploit the status quo for any possible advantage. Between 1989 and 1990 Bezos spend time at a startup with a young employee named Halsey Minor who would later start the online news network CNET. They later have two more children, Christina and Mark. “Leaders operate at all levels, stay connected to the details, audit frequently, and are skeptical when metrics and anecdote differ. Instead of trying to guess what services developers might want. Despite this, Bezos insists on spending $120 million on stocking every toy so customers would never end up disappointed. No partnership is made, but Bezos initiates a secret auctions project to replicate eBay in three months. w, representing the world wide web, is growing exponentially and eclipsing all other protocols.). Google’s rise signals a shift toward favoring tech companies, not clever business models and experienced CEOs. Bezos is renowned by his staff for being able to dive into minute details of the business. After a tough negotiation with Amazon, Lovefilm sells near the bottom of its valuation range. Why? Udi Manber, algorithm expert, leads this charge. Amazon execs believe Zappos could be acquired for $500 million, but Bezos imagines paying just a fraction of this. The Marketplace is held in constant competitive tension. It all began in 2002 when O’Reilly and other publishers had a need to track their book rankings on Amazon. A man named Frank Meeks, a Virginia entrepreneur who had made a fortune with the Domino’s Pizza franchises, and the pioneering computer scientist Alan Key. Amazon’s approach is to establish fulfillment centers in economically weak areas to exploit cheap labor and the ability to fire workers once the season is over. Amazon had $16 million in sales in 1996, compared to $2 billion for Barnes & Noble. Shaw, Bezos is tasked with researching opportunities in the Internet. Stretching the limits of autonomy, Bezos challenged teams to propose its own “fitness function,” a linear combination of metrics that showed its value generation. They work vigorously to earn and keep customer trust. They have on their wall: “People forget that John Henry died in the end,” an allusion to the fable of the person who won the contest against a steam-powered machine but died in the end. But its visionary founder, Jeff Bezos, wasn't content with being a bookseller. Amazon continue the IPO process, choosing the bankers Deutsche Bank and Frank Quattrone (whose lead analyst was Bill Gurley, now a VC at Benchmark). Often the possible implications and outcome are not analyzable anyway. At this time, the market cap of Amazon is around $18 billion; Google is $35 billion; eBay is $47 billion. July 2002: Amazon launches Amazon Web Services, a slim shadow of its current form. Amazon launches its affiliate marketing program, giving an 8% commission for sales referrals. Customers can return items up to a year after the purchase. When a user gets an embarrassing email about sex lubricant, Bezos is willing to shut down the entire profitable email channel. 16 min read MicroSummary: At the moment, “The Everything Store” is the closest thing we have to a biography of the richest person in the world, Jeff Bezos. AWS turned into the first successful, widely used, commercial cloud computing platform. 1-Page Summary1-Page Book Summary of The Everything Store The Everything Storeis the story of Amazon, from its founding by Jeff Bezos as an online bookstore to its rise as a commerce giant. In contrast to Amazon’s smooth operations, incumbents start online operations online barely survive their first holiday season - Toys R Us is investigated by the FTC for unfulfilled promises made to shoppers. Starbucks proposes a deal to put Amazon next to cash registers in exchange for 10% equity. This feature increased sales consistently as customers stumbled on relevant products they wouldn’t have discovered otherwise. Barnes & Noble’s Nook and Apple’s iBookstore eat into Amazon’s e-book share, causing it to fall from 90% in 2010 to 60% in 2012. Powering this is a constant push to rethink how things are done, never accepting the status quo without further questioning. Engineering groups were told to use AWS while the services were still immature. They move offices again, and soon the warehouse expands to a 93,000 square-foot place. The Everything Store: Jeff Bezos and the Age of Amazon by Brad Stone Book Summary Readtrepreneur (Disclaimer: This is NOT the original book, but an unofficial summary.) The online store got its current name after Bezos pored through a dictionary and found the word Amazon. He had them removed and left the mounts hanging for years, “like a warlord leaving the decapitated heads of his enemies as a symbol.”. Once a week on Tuesday, departments meet with managers to review data. They know it’d be like taking a sip through a fire hose, but they decide to accept. Early 1999: After the success in music and movies, Bezos chooses to expand to toys and electronics. Jeff also took every possibility he could to learn something. When recruiting, he loops in the families of executives, like writing a CFO candidate and his wife a 2-page letter about the impact they could make at this juncture for the Internet. This gets a backlash for spying on competitors’ prices and destroying independent businesses. Here is a profile of the ones mentioned in the book. In fact, that is how he established the Kindle as the leader in the e-book market. Investors are questioning Amazon’s widening losses and its ability to ever reach profitability. Wusthof stops supplying Amazon in 2006 and delists itself from Amazon. AWS’s business model is novel, allowing customers to pay on-demand for server usage, like a utility. eBay is growing fast, from $47 million in revenue in 1998 to $225 million in 1999. 1994: At D.E. He envisions people buying a bracelet on Amazon for $1,200 and getting it appraised at $2,000. One thing is for sure, as long as Bezos is in charge, Amazon will continue to move, evolve, and do things in unusual ways. Key idea 1 of 9 Everything for the customer: an unlimited focus on service and comfort. And Amazon and eBay now compete for Google search ads, effectively paying a tax to Google. In essence, he is a middleman, and he will likely be outflanked by companies that sell their wares directly to consumers. (Shortform note: now Amazon adds a host of new features to Prime, like Amazon Video and Kindle reading, all to drive the flywheel effect further.). 1990: Bezos joins D. E. Shaw, a finance firm started by computer science professor David E. Shaw in 1988. Operating reviews are done twice a year, over the summer and after the holiday season. The problem is that a slow worker could hold up the entire team. Bezos insists on continuous innovation to work their way out of the hole. They compete with Endless on pricing and customer service. The first week after launch, they take $12,000 in orders and ship $846 worth of books. That one cost twenty-two dollars, but “mine was cheaper,” he told Ray. Bezos believes teams should figure out how to communicate less, not more. January 2011: Amazon acquires Lovefilm for around $300 million. In this blog I share the ones I’m most passionate about, join me? PRESENTED BY- ARPIT AGARWAL M15063 DIPINDER KAUR M15008 SAYEED PEER ZADA M15031 MUKESH JAIN M15078 SHALAKA PARATE M15097 2. Mentally, I’m bold.”, In its first letter to shareholders: “We will make bold rather than timid investment decisions.”, To eBay and Amazon board member Cook: “We’re going to win, so you probably want to consider whether to stay on the eBay board.”, “Speed matters in business. Shaw, Bezos has been running the options trading group and its third-market business, an OTC exchange. The process is inefficient and buggy, which is why O’Reilly suggested to Jeff, that Amazon should develop application programming interfaces or API’s. Amazon is now the largest Internet retailer in the world, and it increasingly penetrates our everyday life, from being the first stop for our online shopping to interfacing with our physical world through Echo and Alexa. Spring 2004: Amazon starts selling jewelry. The book also covers a number of Amazon and Bezos’s management techniques. This furthers Bezos’s vision of the Alexandria Project, a bookstore that stocked every book ever written. Amazon has not done this well in footwear. Instead, the toy makers carefully allocate supply to each retailer. “Frugality breeds resourcefulness, self-sufficiency, and invention. Bezos himself quickly adopted the Web’s philosophy of openness and preached inside Amazon about how these new tools would enable developers to surprise them with new ideas. “Each hire should raise the bar for the next hire, so that the overall talent pool is always improving.”. Bezos would then personally approve each equation and track each team’s evolution over time. Early on, Barnes & Noble was the giant that promised to quash them. It also gives a better sense of how quickly Amazon needed to fend off other tech giants like Google, who are executing equally as fast. From initiation, Bezos imagined an Everything Store where the entire Earth’s catalogue was accessible to anyone. In both situations, Amazon cuts prices on shoes and childcare products (respectively), making the competitors bleed money. The game allowed players to guide and nurture organisms which had a simple form of artificial intelligence or AI. When Amazon first started to offer its Kindle, Bezos insisted that there should be a plethora of books already available for Kindle and that the book price should be lower than physical books. started off delivering books through the mail. It makes Amazon a confusing target for Walmart and other retailers, since Amazon is no longer just clearly an online retailer to compete with. He also predicts moderate profitability (actual net in 2000: $1.4 billion in losses). Bezos pattern for long-term strategies then is to take short term loss to get long term advantages. Parent company NuvoMedia balks and goes to Barnes & Noble instead. Upon graduating from Princeton in 1986, Bezos worked for a pair of Columbia professors at a company that developed a private transatlantic computer network for stock traders called Fitel. 1-Sentence-Summary: The Everything Storeis the closest biographical documentation of the unprecedented rise of Amazon as an online retail store with an almost infinite amount of choice, based on over 300 interviews with current and former Amazon employees and executives, family members of the founder and the hard facts available to the public. This is pathetic!”, In response to an executive who requested business-class flights: “That is not how an owner thinks! Sellers compete against each other to offer the lowest prices, driving down margins. He famously tried to increase his “woman flow” by taking ballroom dance classes and increase his n+ woman exposure. After all, Amazon was destined to become the everything store. End of 1999: Amazon has $1.64 billion in revenue in the year, up from $610 million in 1998. Questions for Book Clubs About The Everything Store I recently heard from a reader who was organizing a book club discussion of The Everything Store. FREE TRAINING:"How to Earn a 6-Figure Side-Income Online" 4 Steps Free Videos To … Many of Amazon’s biggest businesses and features today were developed during this period. “We had a simple argument for book publishers. May 1998: Amazon raises $326 million in junk-bonds to fund expansion. Once Amazon was established as an online book retailer, Bezos could focus on expansion, something he wanted to do from the beginning. **June 2000: Ravi Suria at Lehman Brothers... March 2001: Amazon considers whether distribution is a commodity or a core competency. The clock is a mechanical timepiece designed to last millennia, and in Bezos’ words “The symbol is important for a couple of reasons. All participants in the hiring process give one of four ratings: strong no hire, inclined not to hire, inclined to hire, strong hire. Employees need to back their arguments up with hard data which enables unambiguous decision-making in honor of the maxim “Numbers don’t lie.”. “Thinking small is a self-fulfilling prophecy. Similarly, electronics proves more difficult; manufacturers view Internet sellers warily as likely to discount their products. Instead of improving communication, the focus should be to figure out how to communicate less with each other, not more. API’s are tools which allow third parties to communicate with an application in a clean way, for example, to harvest data about prices, products, and sales ranking. Book publishers collude to set pricing to relieve some of the pricing pressure Amazon places. “We are genuinely customer-centric, we are genuinely long-term oriented and we genuinely like to invent. Since Amazon’s founding, Bezos has put emphasis on acting rather than overanalyzing. They have to compete with each other for resources, sometimes duplicating efforts. Few believe Amazon will become a $600 billion company. July 16, 1995: Amazon goes live, public to all Web users. Teachers said that three of Tim’s projects were being entered in a local science competition that drew most of its submissions from students in junior and senior high schools. Brief Summary. Sixty managers gather to review their departments, talk defects and forecasts. May 15, 1997: Amazon IPOs, raising $54 million at a starting price of $18 per share. He is not technical, requiring his emails to be printed to be read and seeing Amazon more as a retail company than a technology company. If temperatures spiked above 100 degrees, five minutes were added to morning and afternoon breaks, which normally were fifteen minutes long. This is a good point to talk about the general situation of Amazon relative to the tech world. “Sellers know they should not be taking the heroin, but they cannot stop taking the heroin,” drawn to Amazon’s massive audience. March 2006: Amazon relaunches Amazon Web Services, this time offering S3, SQS, and EC2. Some analysts predict the death of Amazon, suggesting it will run out of cash within a year. Someone makes the (obvious) suggestion of adding packing tables to the warehouse, and Bezos thinks “that was the most brilliant idea I had ever heard in my life.”. Instead, he told them that communication is a sign of dysfunction. Let’s be worried about our customers and stay heads-down focused.”, In negotiation meetings with Toys R Us in 2000 to become Amazon’s exclusive toy supplier, Bezos made a show of. They think differently and look around corners for ways to serve customers.”. They have 150 full-time employees, with fewer than 50 in the warehouse. It doesn’t advertise and earns most gross profit from annual membership fees. Instead, employees have to write six-page narratives laying out their points. These are books that you could never find in a physical bookstore. They are externally aware, look for new ideas from everywhere, and are not limited by ‘not invented here.’ As we do new things, we accept that we may be misunderstood for long periods of time.”. Zappos matches Amazon’s free overnight shipping. Bezos: “Because we need it as well” - thus there will be other companies who have this same need. Typical critical viewpoints are represented by Barron’s “amazon.bomb” article: (Shortform note: the story, as we know now in insight, is that, But these legitimate questions illustrate how difficult it is to foresee the future.). Ultimately this project fails. Bare and rudimentary, the website looks uninviting to people who have happily shopped at bookstores. 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