I told the team my view: debatable whether it would be interesting enough, complicated to produce, the business terms aren’t that good, and we have lots of other opportunities. “We recently greenlit a particular Amazon Studios original. To keep the energy and dynamism of Day 1, you have to somehow make high-quality, high-velocity decisions.”Ģ1. “Day 2 companies make high- quality decisions, but they make high-quality decisions slowly. An established company might harvest Day 2 for decades, but the final result would still come.”Ģ0. And that is why it is always Day 1.” “To be sure, this kind of decline would happen in extreme slow motion. Followed by excruciating, painful decline. “‘Jeff, what does Day 2 look like?’” “Day 2 is stasis. "Friends congratulate me after a quarterly-earnings announcement and say, 'Good job, great quarter.'" "And I'll say, 'Thank you, but that quarter was baked three years ago.'"ġ9. Or determine what your customers need and work backwards, even if it requires learning new skills.”ġ8. Take inventory of what you are good at and extend out from your skills. “There are two ways to extend a business. "We are comfortable planting seeds and waiting for them to grow into trees."ġ7. “Sometimes we measure things and see that in the short term they actually hurt sales, and we do it anyway.”ġ6. "A company shouldn't get addicted to being shiny, because shiny doesn't last."ġ4. "All of my best decisions in business and in life have been made with heart, intuition, guts. "If you're long-term oriented, customer interests and shareholder interests are aligned."ġ3. We don't do that, because we believe - and we have to take this as an article of faith - that by keeping our prices very, very low, we earn trust with customers over time, and that that actually does maximize free cash flow over the long term."ġ2. "We've done price elasticity studies, and the answer is always that we should raise prices. "If you only do things where you know the answer in advance, your company goes away.”ġ1. "There are two kinds of companies, those that work to try to charge more and those that work to charge less. "In the old world, you devoted 30% of your time to building a great service and 70% of your time to shouting about it. If your customer base ages with you, you're Woolworth's."ħ. You do it because you have something meaningful that motivates you."Ħ. "All businesses need to be young forever. There has to be a business, and the business has to make sense, but that's not why you do it. For a missionary, it's not just about the business. Nobody will watch."ĥ. "I strongly believe that missionaries make better products. Being customer-focused allows you to be more pioneering."ģ. "You can have the best technology, you can have the best business model, but if the storytelling isn't amazing, it won't matter. "If you're competitor-focused, you have to wait until there is a competitor doing something. If you are curious about what Bezos has to say on these topics then take take a look at some of his most insightful quotes.ġ. "We've had three big ideas at Amazon that we've stuck with for 18 years, and they're the reason we're successful: Put the customer first. During that time he hasn’t shied away from providing his wisdom on a range of topics from business to innovation, to taking risks to career and life advice. Over the course of those years Bezos has become one the richest people in the world. That’s right Amazon has been in business for 27 years and counting. See also: Record-breaking grocery-price inflation in June could make food items hot sellers this Amazon Prime DayĬopyright (c) 2022 Dow Jones & Company, Inc.Are you looking for your weekly dose of inspiration? If you are, we’ve got you covered. The latest government data shows that inflation reached a 41-year high of 9.1% in June. Amazon stock is down 34.4% for the year to date. A wide majority (83%) of shoppers said inflation impacted their purchases, with one-third of those Numerator surveyed saying they waited for the Prime Day sales. "The early momentum and strong growth for the first day of the Prime Day event supports retailers trying to unlock new levels of growth, in an inflationary market environment." Early data from Numerator shows that two of the five top items purchased on the first day were household products: Frito-Lay Variety Pack and Dawn Powerwash Dish Soap. "Consumers took advantage of discounts that were offered, after having experienced many months of heightened prices online," said Pat Brown, Adobe vice president, in a statement. online shopping day of 2022 so far, according to the Adobe (ADBE) Digital Economy Index. The first day of Amazon (AMZN) Prime Day generated $6 billion in sales, up 7.8% from last year, making it the biggest U.S.
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