Amazon has become a global hub that has achieved all the heights of prosperity. It links the entire world by providing a platform. It has compressed the world under a single umbrella. Now it is successfully running in all big and small countries.
It is an American-based multinational company that has smoothly encroached the horizon in no time. It is a market where people buy and sell goods worldwide, including; gadgets, books, housewares, clothes, accessories, ornaments, smartphones, etc. It is a whole market under one roof where one can find everything he wants.
In 1994, Jeff Bezos established an online store, Amazon.com. Initially, they started by selling books worldwide. However, the business encountered skepticism and allegations of critique. They predicted that Amazon.com would soon crash. However, Bezos had high hopes related to his company. Soon he accomplished his goal by taking the annual revenue from $15.7 million in 1996 to $148 million in 1996. Due to their success, the Times titled Bezos as 1999 Person of the Year.
Amazon is a global market with its widespread branches and sub-branches. Its online stores are spread in 4 regions with 16 officially working websites. Which are listed below;
- Amazon. it
- Amazon. sg
- Amazon. in
The Middle East and North America
- Amazon. ae
This vast spread of the market depicts the horizontal and vertical growth of Amazon. Hence, a person could sell things on any of its global markets in Europe, Asia-pacific, the Middle East and North America, and the Americas.
Amazon as a global hub
Amazon is a widely known digital market where buyers and sellers interact and exchange goods for revenue. Subsequently, it successfully generates 37.9% of online retail sales in North America, 9.8% in Europe, 22.9% in Japan, and 9.2% globally. There are various reasons behind its impressive success and popularity. These salient reasons are:
Amazon has made a tremendous expansion in no time. It is a global market that has expanded its digital store in 16 different states, including France, Italy, Germany, the United Kingdom, Spain, Netherland, Singapore, India, Japan, Australia, the Middle East, Turkey, the United States, Canada, Mexico, and Brazil. Therefore, Amazon has occupied these central states’ markets to generate revenues. It benefits Amazon and the countries in which they are working.
Large Selection and Low price
Amazon provides a wide range of selection of products at a relatively lower cost than the general market. Amazon grabs half of the e-commerce market in the USA. According to a survey, 9 out of 10 people cross-check the prices on Amazon. Amazon sells more than 12 million products annually.
This wide range of products and economical prices fascinate the consumers. That is why 95 million individuals living in the USA have Amazon Prime membership. As it has a variety of sellers from all across the globe, it also provides a wide range of prices for similar products.
The most extensive facility that Amazon gives to its consumers is worldwide delivery. In this way, anyone living in any corner of the world could have access to its products. In 2017, 5 billion items were shipped by Amazon globally.
Everything for Everybody
A person could find anything here, from simple home appliances to luxurious products. This variety ultimately makes it globally applauded for its services, making it a global hub. A person living in remote areas even has access to it.
Sellers boosting benefits
This vast market stands on two pillars which are sellers and buyers. Amazon has approximately 9.7 million sellers worldwide. This massive number of sellers illustrates their confidence in Amazon. Here, by checking amazon best sellers list, the most popular items will appear. Through Amazon’s best sellers’ category, a seller could generate more revenues by becoming prominent among all.
Together, all these factors make Amazon a market where both sellers and buyers mutually benefit. This market is growing at a much larger pace. People have complete confidence in it, making it the top e-commerce market worldwide.