Amazon (company)

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Amazon is an American multinational technology company based in Seattle, Washington. It was founded by Jeff Bezos on July 5, 1994, as an online bookstore but has since expanded to a variety of other e-commerce products and services, including video and audio streaming, cloud computing, and artificial intelligence (AI). It is considered one of the Big Tech companies, alongside Google, Apple, Meta (formerly Facebook), and Microsoft.

History

Amazon started as an online marketplace for books but quickly diversified into selling electronics, software, video games, apparel, furniture, food, toys, and jewelry. In 2006, Amazon launched its Amazon Web Services (AWS), which provides on-demand cloud computing platforms and APIs to individuals, companies, and governments. AWS has grown into a major component of Amazon's business strategy.

In 2007, Amazon introduced the Kindle, a device for reading e-books, which significantly impacted the publishing industry. Following the Kindle, Amazon has developed other consumer electronics, including the Fire Tablet, Fire TV, and Echo smart speakers, leveraging its Alexa virtual assistant technology.

Business Model

Amazon's business model includes retail shopping, a subscription service known as Amazon Prime, and a seller marketplace that allows other retailers to sell their products through Amazon's platform. Amazon Prime provides members with benefits such as free two-day shipping on many items, access to streaming media, and other perks.

The company has also ventured into physical retail, with the acquisition of Whole Foods Market in 2017, and the launch of Amazon Go, a chain of cashier-less convenience stores.

Controversies

Amazon has faced various controversies, including concerns over workers' rights, privacy, and its environmental impact. The company's aggressive expansion and business practices have also led to accusations of monopolistic behavior and antitrust violations.

Impact

Amazon's impact on the retail industry has been significant, often referred to as the "Amazon Effect," which describes the shift of consumers from traditional brick-and-mortar stores to online shopping. This shift has forced many retailers to adapt their business models to include online sales platforms.

See Also

• E-commerce
• Cloud computing
• Artificial intelligence
• Consumer electronics