What Does The World’s Largest Online Retailer Think Of Its Competition?

Its logo is based on the largest river in the world and it mainly focuses on cloud computing, e-commerce, artificial intelligence, and digital streaming. It is deemed to be one of the Big Five companies in the U.S. information technology industry, alongside Google, Apple, Microsoft, and Facebook. The business has been recognized as "one of the most influential financial and cultural forces in the world", as well as the world's most valuable brand. By now, you should know which company I am talking about… and its obviously Amazon.

Jeff Bezos discusses a lot about Amazon directing their attention towards customers, to the point where it has turned into a cliché. However, the Amazon CEO explains why he chooses customer satisfaction over the competition, which is where many tech companies go wrong. If you have a customer-centric culture, a lot of obstacles are removed. Jeff Bezos further explained, “Let's say you are the leader in a particular arena if you are competitor-focused and you are already the leader, then where does your strength come from? In contrast, if you are customer-centered, and you’re already the leader, customers are never satisfied.”

Adding on, he also described that if a company or individual is customer-focused, they always wake up wondering, how they can keep customers stunned, amazed, and blown away. Businesses always want their customers and consumers saying 'Wow!'. This almost always happens by observing consumers and noticing how things can possibly go better.

Amazon's culture of monitoring its customers, instead of competitors has allowed it to get ahead of the market as it's able to think for itself, instead of thoughtlessly following what other brands are doing. In competition, rivals often pay more attention to kicking out other competitors rather than paying attention. For instance, when a business wants to kick out a competitor from the market, they may want to reduce costs and increase profits, so that they can charge lower prices for their product. In the aspect of cost reduction, sometimes firms tend to reduce the quality of the product when reducing costs. Bad quality of products may lead to customers buying their products from the competitor. Using this logic, Jeff Bezos emphasizes that it is better to pay attention to customer satisfaction rather than competitors because inevitably better customer satisfaction leads to customers choosing the firm over competitors.

When people purchase things, they compare various suppliers based on a set of factors. For Amazon customers, those factors, include price, quick delivery, and trustworthy service. Amazon has aced all these factors; therefore, they don't need to worry much about competition. This is the main reason why 89% of all customers are more likely to buy from Amazon rather than other e-commerce sites. After all, ‘If you are not taking care of your customers, your competitors will.’