What keeps Amazon on top is their commitment to change and growth. They’ve pioneered the face of retail by using bold strategies in supply chain and deploying innovative technologies. As a result, they’ve received a cult following because of their quick and efficient supply chain management. With Amazon sitting at the forefront, its competition is struggling to keep up. Here are a few ways that Amazon is changing the world of supply chain management.
Rapid Growth
Amazon began in 1994, making the company 24 years old in 2018. At 20 years, it became the fastest company to reach a sales revenue of $100 billion. Since its birth, the company has seen a steady growth of 20% each year. If they’re able to continue this trend, they’ll reach the revenue goal of $1 trillion in less than ten years. Much of this growth is thanks to its highly efficient supply chain and abilities to deliver products quicker than any other player in the industry.
Strategy
One of the most strategic plays the online retailer beast has made is the introduction of Amazon Prime service. Two-day shipping is a guarantee to members who pay a one-time yearly membership fee. Once the competitors were able to catch up and offer their own two-day shipping service, Amazon brought a new strategy to the table: Amazon Prime Now, a service that guarantees two-hour delivery to customers in select cities. Staying ahead keeps them at the top.
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