Retail game changer: Jeff Bezos’ Amazon legacy discussed
As Jeff Bezos prepares to vacate the CEO role at Amazon, we review the rise and rise of this undeniably groundbreaking, and often controversial figure.
Last week, it was announced that Bezos would transition to the role of Executive Chair in the e-commerce giant’s Q3 this year.
Amazon Web Services Chief Andy Jassy will become CEO at that time.
Bezos goes out on a high note, with Amazon reporting record revenues for its core Christmas quarter, topping $100 billion for the first time as the coronavirus pandemic powered a surge in online shopping.
But what will be his legacy?
Martin Newman, Founder, The Customer First Group: “I know many highly successful leaders of retail and consumer brands, both current and over the past few decades.”
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“Despite their success, It would be very difficult to identify any who have had anything like the impact upon both the retail sector and consumers, in the way that Jeff Bezos has.”
“From Amazon Prime to being able to buy pretty much anything, and have it delivered seemingly instantaneously, Bezos has changed the face of retail forever.”
“Also, let’s not forget that Amazon is more than just a marketplace. It’s had a huge role in providing cloud and web services in powering the web for thousands of other businesses.”
“He has single handedly raised the bar for customer experience to a whole new level and Amazon continues to be in a constant state of innovation in its attempt to continually improve the range, fulfilment and customer service experience.”
“The one thing I believe that has helped to unlock so much potential for Amazon is in recent years they have very much pivoted from being a very secretive and closed brand to one that openly communicates so much of their plans and successes.”
“This has also enabled them to address concerns over how they treat their workforce, by opening up their distribution centres to tens of thousands of visitors. The PR they generate is greater than many an advertising campaign.”
“Don’t get me wrong. Bezos is not going anywhere. As executive Chairman, he will still be making all the big decisions.”
“Despite Amazon’s success, his legacy will be determined by his philanthropy and how effectively he deploys his capital for the benefit of the human race through space exploration and sustainability projects while supporting those in need through charitable and other philanthropic initiatives.”
Hugh Fletcher, Global Head of Consultancy and Innovation, Wunderman Thompson Commerce: “Perhaps Bezos’ greatest legacy is his invention of a new genre of brands that everyone is now scrambling to catch up with; the service-led brand.”
“Bezos famously wrote to his shareholders in 1999 that, we consider customers to be loyal to us – right up until the second that someone else offers them a better service.”
“He certainly achieved this, with 75% of consumers saying that they wished that all retailers and brands offered the same level of service as Amazon; this seamless experience is now the benchmark for all e-commerce platforms.”
“Amazon’s dedication to customer service was cemented during the initial Covid-19 lockdowns. As other retailers faltered and closed, it maintained almost uninterrupted deliveries, increasing consumers’ perception of the brand by +25% and their likelihood to purchase from Amazon in the future by 20%.”
“Bezos has clearly drawn a line between providing an unparalleled service and increased consumer spend. Think about that when you’re dealing with poor customer service from the other retailers out there.”
“However, it may be challenging for other retailers to catch-up as Amazon’s service is based heavily on its extensive infrastructural investments.”
“As Andy Jassy leads the company into the future, one thing is clear, to survive nowadays, brand equity is no longer enough. No, service led brands are the future, and Amazon is the blueprint.”
Macy Edwards, Director of Digital Paid Media, ClickThrough Marketing: “What started as an idea over 20 years ago to take the bookshop online, not only revolutionised the way we read books with the launch of the kindle but also how we shop.”
“The Amazon marketplace is based on one crucial value...user experience. Make it as simple as possible to buy stuff...from the 1 click innovation to many many more.”
“Bezos pioneered an e-commerce transformation which today, makes it hard to imagine what life was like before Amazon. Before ebooks, smart speakers, voice search and more recently subscribe and save.”
“The online shopping space will forever be changed by the impact of his leadership, and innovation whereby hundreds of deployments every day, week, many of which fail but 1 in 100 stick and change shoppers’ lives.”
“This is the true definition of a fast and fail often approach. Taking a startup through to a market leader globally. The legacy he has left, can anyone really do better? I'm excited to find out.”
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