Amazon founder and CEO Jeff Bezos has spent nearly two decades building a retail giant. His tips for achieving business success include setting a high bar for hiring and being stubborn on vision but flexible on details.
Amazon's Thanksgiving Day sales by third-party sellers grew 31% over the same day last year, according to ChannelAdvisor, thanks to a slew of early holiday deals. Overall, online retail sales on the holiday grew between 15% and 20%, according to two other reports.
Amazon is testing drones called octocopters that can deliver up to 5 pounds of goods within a 10-mile radius of a fulfillment center, Amazon CEO Jeff Bezos said Sunday on "60 Minutes." The company could start using the gadgets for deliveries within five years, provided it wins approval from the Federal Aviation Administration, he said.
Amazon's secret weapon is its experimental culture that encourages workers on all levels to try new things, to improve the customer experience and to take a long-term view on the best ways to build the company, consultant and author Chris DeRose says. "The company culture embraces experimentation, and [CEO Jeff] Bezos recently said at a shareholder meeting that 99% of all innovations at Amazon are incremental," DeRose said.
Online auto-parts retailer Autoplicity boosted business and blocked fraud when it added Amazon Payments as an option last year, co-founder Sean McWherter said. "The customer may not know Autoplicity, but he sees the logo and says, 'I know Amazon,' " he said.
Amazon's Jeff Bezos is heading up Monday's Costume Institute gala at New York City's Metropolitan Museum of Art and taking opportunities to advertise its growing fashion offerings. The online retailer has been adding to style offerings since launching MyHabit a year ago, and industry watchers say it aims to become a bigger player in the world of fashion.