What business failures have experienced the richest man on the planet
In 1994, Jeff Bezos founded Amazon in his garage in Seattle, Washington. He quit his job on Wall Street to start his online business, even before most people learned what the Internet is, writes Go banking rate.
Now Bezos is the richest man in the world. His fortune is estimated at $ 157,1 billion. And Amazon’s market capitalization is approaching $ 1 trillion. But Bezos also had many mistakes on the path to wealth and success.
Amazon Fire Phone
In 2014, Bezos' company released the Amazon Fire Phone. This is Bezos' biggest failure. Within months, the price of the gadget was reduced from $ 199 to 99 cents with a two-year AT&T contract.
Bezos lost about 170 million dollars on this experiment.
Pets.com and Kozmo.com
In an interview with 2014, Bezos said that he had made dozens of failures at Amazon, which cost him billions of dollars.
“I have made billions of dollars worth of failures. You probably remember Pets.com and Kozmo.com. It was like having a tooth filled without anesthesia. None of these things were of interest to buyers,” he said.
In 1999, Amazon bought 50% in Pets.com and invested 50 million. In 2002, Pets.com closed.
The company then invested in Kozmo.com 60 million dollars. But this company for the delivery of products for an hour soon closed. At 2018, the company improved the business model and returned to the market.
Amazon Destinations
In 2015, Bezos opened Amazon Destinations for booking short-distance trips. Six months after launch, the service halted sales. Officially, the owner of Amazon did not report the closure of the service.
Books removed from Kindles
In 2009, Amazon deleted copies of George Orwell's 1984 and Animal Farm from Kindles e-books from all users who purchased these works from an unauthorized seller. This step of the company caused a negative reaction from users and accusations of censoring. Bezos quickly admitted his company's mistake and made a public apology.
Amazon wallet
In 2014, Bezos released Amazon Wallet, a method for storing and organizing gift and loyalty cards. This service lived only six months before it was closed.
Amazon Local Register
In 2014, a product for small businesses appeared - Amazon Local Register. Its main competitors were to be Square and PayPal. In October 2015, Amazon stopped supporting the new product.
Amazon Auctions and zShops
Bezos in 2014, launched Amazon Auctions, which was not successful and developed into a new product, zShops, which was also not successful. But the Amazon team learned the lessons and in the year 2017 created the Marketplace platform.
Amazon TestDrive
In 2011, Amazon launched the Amazon TestDrive feature, which allowed users to test applications before buying them. But in April, 2015 was closed for this function, since free applications began to become more popular among users.
Amazon WebPay
In 2009, Amazon WebPay was introduced as a desktop online payment system. The service was discontinued in 2014.
Askville.com
In 2007, Amazon introduced Askville.com, a site for sharing information that allowed users to ask questions to each other and get answers. A huge repository of information was created on the site, but even that was not enough to maintain its resource. Askville closed a new activity in 2013.
My habit
Another failure was the My Habit fashion site, launched in 2011 year. The site 2016 was closed. In a statement to the Women's Wear Daily, Amazon said that fashion is one of the fastest growing categories, and the decision to close the site was a step towards simplification.
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