Amazon becomes the second company to reach a trillion-dollar valuation.
With a lot of uproar from the employees of how Amazon treats them, the company has finally been past everything to set a milestone in the history of mankind. There are some key differences which made it a piece of cake for Apple to reach a trillion-dollar valuation, but the same should have stopped Amazon from doing so.
Then how exactly was Amazon able to make it through and become the second company to reach trillion-dollar valuation?
- Looking forward.
Wherever we might have placed our biases, we just can’t ignore the fact that without Jeff Bezos, Amazon would have stayed in a garage. Had it been someone else in Jeff’s shoes, the situation would have certainly been very different. Quite the same applies to Steve Jobs, too. Their approaches have been quite different though, to say the least.
2. Placing bets.
Apple has been really confined when it comes to services and products, Amazon has taken quite the opposite approach and has tried to acquire maximum types of businesses they could. Amazon is known for its e-commerce, but quite a few people now recognize Amazon as the owner of the Prime Video and Prime Music.
3. Offering more for less.
Amazon, with its prime membership, has been offering more exclusive services than Apple could ever imagine. With a prime membership you get almost everything you would wish for in an e-commerce website, over and above you get a subscription for Prime Video and Prime Music (extensive library for extra $). Apple charges way more for its subscriptions, but at the end we must not underestimate the power of the subscription economy as we discussed a while back in “Do yourself a favor and switch to subscription-based business approach”. It is certain from the first two companies in the trillion dollar club, subscription approach is the only way to succeed.
4. Most customer-centric company (from personal experience).
The customer satisfaction and services Amazon offers blows other competitors out of the water. I have had numerous conflicts, in which, some of them were my fault, and guess what?
Amazon never let me down, even once. This great service is what I believe takes up most credit for Amazon to reach the trillion-dollar club. Apple support is fine on the other hand, but I have never had a conflict that ended up in my favor, Apple really loves to rip customers apart when it comes to their money.
5. Fastest deliveries.
Apple may make you wait for 2–7 days to get your iPhone replaced, but if you order one from Amazon, it delivers it to you the very next day (the same day in some cases). Amazon has mastered the art of pampering its customers with its services and support, whether its well-timed deliveries or hassle-free returns, Amazon is the choice most of us look forward to.