Innovation Not Just an Option Anymore

Innovation: Not Just an Option Anymore

Since the pandemic started, people have been isolated in-house, and there wasn’t any other option than to adapt to a remote lifestyle. Similarly, every business sector was suffering tremendous losses. However, a few of the well-known significant brands did one thing differently, which recovered their losses and allowed the organization to go above and beyond to offer much more jobs than they previously did. That one different thing is innovation, which has become necessary for businesses to stay relevant in the ever-changing commercialized landscape.

The world quickly adapted to the pandemic isolation through digitalization, which was a favorable solution in an honest opinion. This adaptation turned out to be a massive success for the e-commerce giant Amazon. The organization already had a gigantic widespread of its root operation in every corner of the world. The pandemic boosted the company with fruition that would never have been possible anytime soon. According to few reports, Amazon’s innovative ways to deal with the crisis are pretty commendable as it soared the company’s profit by 220 percent.

Let’s unveil what Amazon did differently from the rest of its competitors.

A Shift Towards Online Market

Without a doubt, Amazon was already leading the e-commerce market and is one of the trusted online retailers’ people heavily rely on. The demands for the basic necessities such as household items and groceries increased by large numbers, and Amazon delivered them through its subsidiaries, Amazon Fresh and Whole Food Markets.

Amazon was making huge moves by getting more and more merchants to sell their products through its website. On the other hand, daily retail businesses boomed as more micro-enterprise merchants were enticed to sell their products through Amazon due to the lockdown. The revenue generated from this initiative surpassed the expectation of analysts all over the world.

The Advertising Market

While Amazon’s advertising sales usually offer a bundle consisting of advertising and advanced analytics services, it has innovated an onboard mechanism for small and mid-size advertisers, in particular, making it a perfect choice for these businesses. In the second quarter alone, Amazon has already generated $3 billion from ad revenues.

Amazon gathers a lot of online traffic through its consumer business which further helps the company promote ads that connect with people making it an additive experience for its customer, sellers, and vendors. It also streams the ads across TV through Fire TV channels and Twitch streaming ads, reaching 120 million monthly viewers.

The Streaming and Entertainment Services

Amazon offers various entertainment services through Amazon Prime, which offers multiple benefits from audiobooks, kindle, exclusive web series, online orders, gaming rewards, and more. These rewards are so enticing that once a customer is hooked up, the retaining of the customer is assured.

One of the most beneficial aspects of Amazon Prime is the early access to new products and a heavy discount in prices while offering one-day delivery without any extra charges. Its competitors cannot provide these services at such a vast range that Amazon does at a reasonable cost. Amazon reportedly gained 50 million new Prime subscribers in the past 18 months worldwide.

Amazon also has signed the exclusive streaming rights for the National Football League, English Premier League, and major tennis tournaments starting next year, another way for the e-commerce giant to spread out in business sports.

Amazon Web Services

The transformative shift to remote computing boomed Amazon’s cloud computing business, Amazon Web Services. Several leading companies heavily invested in cloud computing services which automatically boosted Amazon’s earnings.

The online video game market has expanded exponentially during the pandemic, and multiplayer games are gaining popularity. Amazon provides its cloud services for these games in every region of the world with dedicated servers.

Innovate to Elevate

Amazon has constantly adapted and came up with innovative strategies to stay ahead in the market, and the pandemic has proven to be a boon for the company. The company will indeed extend its roots in multiple markets and is already making space tourism a reality. While Amazon has continued to grow, it has also created over 850,000 jobs that offer wages from $12-$15 per hour. All in all, the point is as a business, you have continuously reimagined your business offering while coming up with innovative strategies. If Amazon can do it, your business can surely achieve it.

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