How to make your Online Business Succeed like Amazon

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Amazon has set the pace for customer satisfaction when it comes to E-commerce.

Their techniques and methods are fueling their success and are hardly under lock and key

Any biz savvy enough can leverage these key lessons from the online giant.

Patience pays

Whether you are preparing to launch a new business or you've already started one

One trait that will increase your chances of success is patience.

Your anxiety to build up your business in double quick time always leads to frustration as no matter how quickly you want results every process has its own dynamics.

Rewind back in time to

1994 when Amazon was founded
1995 when it announced itself to the public
2002 in the 4th quarter when it reported its first ever net profit on record sales.

Yet here you are expecting to be a new biz owner turned billionaire overnight.
Come on!

By applying patience on your online biz, you will discover you can take it further than you imagined.

- Lead by example
- Develop a better culture
- Accept challenges ahead
- Wait for the right opportunities

Minimize Regret

The shift in time is a powerful force.

Everyday as a business leader and in your personal life you are faced with big decisions and the choices you make, fast forward time to 10 years will be what made you great or it will be an opportunity that was missed.

4 ways you can minimize regret:

× Think beyond the present time
× Don't set yourself up to have regrets
× Live your life by being true to yourself
× Leave your comfort zone and start being uncomfortable.

I knew that if i failed i wouldn't regret that, but i knew the one thing i might regret is not trying.
- Jeff Bezos

Leave your Selfish needs Outside

For Amazon, customer satisfaction isn't just everything

It's the only thing

It's the foundation of its business model.

There is a common line of thinking:
Start with the customer and work backwards.

Vital takeaway to grow your online biz.

When dealing with a rapid pace of technological change, find ways on how it will benefit your customers.

Innovate

Don't fear change, embrace it

Your only fear should be remaining stagnant.

Amazon started out simply selling books but its expansion since then has been unimaginable

Now Amazon just sells about everything and even creates its own products.

Innovative techniques for your biz:

~ Use open innovation
~ Embrace uncertainity
~ Ask the right questions
~ Be futuristic and Be visionary
~ Look broader, beyond industry for ideas
~ Good Ideas come from your customers (listen)

What is dangerous is not to evolve.
~ Jeff Bezos

Be Realistic

We all have moments where we dream a little bit widly, that i can agree!

But expecting an overnight success is setting yourself up for a never ending fustration.

Every new venture has its own risks and by being prepared for potential losses in the beginning could help you as an entrepreneur on your way to success.

Never be Afraid of being Misunderstood

When you get a biz idea that's destined to change the world, you will always have people who just don't get it.

Everyone thinks differently BUT what's important is having confidence in your vision and confidence in turning doubters into believers.

If you cannot afford to be misunderstood, then for goodness' sake, don't do anything new or innovative.
~ Jeff Bezos

Never Stop Experimenting

New innovations are born from Experiments.

Experimentation is everywhere and is always happening.

At Amazon, experimentation and willingness to invent is part of the culture.

It’s not just something that has to be done because everyone else does it.

Examples on how you can Experiment in your online biz:

++ Test which Advertising medium works
++ Offer Free Shipping on Orders over $25
++ Offer Monthly Shipping Plans
++ Continue to Experiment

If you double the number of experiments you do per year you’re going to double your inventiveness.
~ Jeff Bezos

Live in the Present moment But also Think Long-term

Amazon will sacrifice guranteed profits today in hopes of scoring even bigger profits in 10 years.

The sacrifice may hurt sales in the short-term but that risk may turn out to be the best decision in 6 years time.

Apply the same techniques for your personal growth

Sacrifice 6 months to:
++ Learn a skill, master it and test it

Result:
Live a comfortable life for the next 6 years.