5 Lessons All Businesses Can Learn From Retail Giant Amazon

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Amazon is the largest online retail store in the world, as well as offering a wide variety of other services. Thanks to their recent growth, which has included the purchase of Whole Foods and the success of their film studio, Amazon has become an imposing figure on the retail landscape.

However, although Amazon is an economic powerhouse, every business can learn something from the Amazon model.

The Customer Comes First

One thing that Amazon strives to do that all businesses should take heed of is to put customers first. When there is an issue with a recent purchase, Amazon is quick to offer a replacement or a refund. Amazon has a link to their help page all over their website and has a 24-hour helpline. The company also listens to customer suggestions and tries to make the changes that will keep their customers happy. This keeps customers coming back to Amazon for future purchases.

Don’t Be Afraid to Experiment

With a rapidly changing and growing economy, it is important to experiment with new ways to reach customers. Amazon is a company that is not afraid to take chances or try new things. Recently, an article on apextribune.com outlined a new strategy that Amazon was taking to prevent package theft.

An indoor delivery system has not been tried before. To make it happen, Amazon working with Pharme, a company that makes smart license plates.  Amazon is also testing smart doorbells, so delivery drivers can gain access to a customer’s home using a one-time access code. These innovative strategies should help beat the ‘porch pirates’ once and for all.

Such strategies should remind companies that there are changes and new problems that businesses face, and these sometimes result in new and exciting ideas.

Be Patient

While Amazon has been very successful, they have also been very patient. Some of their ideas, like Kindle and Amazon Prime, took years to develop and even longer to become a profitable part of the company. The lesson here is to understand that sometimes, it can time for ideas to bear fruit. If the ideas in a business are not working out right away, that does not mean that they will not work out eventually. Do the work to set things up and then have the patience to let it work out.

Learn From the Competition

Amazon has always been very good at learning from its competition and figuring out ways to improve their own services as a result. It is important to watch what the competition is doing, to get an idea of the different things that are improving in each industry. At the same time, it is also critical to be able to put a unique twist on those ideas to make things better for the customers and for the business itself.

Build A Company Culture

Amazon has its own unique company culture. This helps them attract people who have similar ideas about how to work effectively. Every business should build a company culture that will help them attract like-minded people to work there.

While Amazon is a large corporation that has a different business model to smaller companies, there are still many lessons all businesses can learn from Amazon.

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