Business

Amazon is fastest growing marketplace in India, says Jeff Bezos

Amazon is fastest growing marketplace in India, says Jeff Bezos

In total, 2 million merchants now sell on Amazon around the world and Amazon have 560,000 employees making them one of the largest employers in the world.

We forecast the total number of paying Prime subscribers to increase to 164 million by 2020, while the average annual Prime subscription fees are expected to increase from around $97 in 2017 to almost $110 by 2020. Creating this much value for subscribers can not have been cheap for Amazon, but with 100 million customers the profits are now there to be made.

It also hints at a deep revenue stream for the company.

Amazon has exceeded 100 million paid Prime subscribers on its platform, Bezos said in the shareholder letter.

Included in the fees are Prime Video, free two-day shipping from Amazon, unlimited music streaming, unlimited photo storage, unlimited reading, and free same-day delivery in some areas.

Bezos also addressed milestones within the previous year such as upgrades to Alexa and the addition of new Prime benefits such as two-minute order fulfillment at Instant Pickup sites and free access to Echo game Double Jeopardy.

India is Amazon's fastest growing market.

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Among them was the Prime Membership number.

In the past, Amazon has only disclosed vague information about the number of Prime subscribers, such as it having "tens of millions of members".

Best known as an online retail colossus, Amazon has the leading system for hosting services or content in the internet cloud and is the force behind the Alexa digital assistant being built into a wide array of devices. He also said that "We think that the monthly membership option appeals to the later Prime adopters, with a smaller, potentially temporary commitment, that ultimately yields a long-term commitment".

Amazon devices too have been seeing huge response with customers buying twice as many Fire TV Sticks and Kids Edition Fire Tablets this holiday season versus a year ago.

Bezos believes that high standards are teachable and once it is embedded in an organization, it becomes contagious and spreads among members.

Bezos believes that standards like these "are teachable" and that you have to work to achieve them across the board- meaning, they don't simply exist everywhere due to their presence in a certain area- among other points. The skill actually takes about six months to hone.

If you have an unrealistic timeline, you could end up quitting too early, he said. Jeff Bezos waiting with the reveal of that critical key indicator until it was a major milestone. "To achieve high standards yourself or as part of a team, you need to form and proactively communicate realistic beliefs about how hard something is going to be - something this coach understood well". The memberships encourage consumers to shop more with Amazon to get their money's worth, similar to warehouse clubs like Costco Wholesale Corp.