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The Everything Store: Jeff Bezos and the Age of Amazon Paperback – 31 Jul 2014
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"A masterclass in deeply researched investigative financial journalism ... riveting" (Tim Waterstone The Times)
"Stone has done a remarkable job in a way that Bezos would appreciate – by working very hard." (John Gapper Financial Times)
"Engrossing... Stone's long tenure covering both Bezos and Amazon... gives his retelling a sureness that keeps the story moving swiftly" (New York Times)
"The definitive biography of the company that changed the way we shop and read... A masterclass in investigative journalism" (Mail on Sunday)
"Scrupulously researched... If only all business books were as readable as this one" (Ian King The Times Books of the Year)
"I highly recommend this book. Amazon is one of the most important companies in the 21st-century economy, and anyone whose business has been or will be touched by Amazon should be sure to read it." (Tim O'Reilly)
"Jeff Bezos is one of the most visionary, focused, and tenacious innovators of our era, and like Steve Jobs he transforms and invents industries. Brad Stone captures his passion and brilliance in this well-reported and compelling narrative." (Walter Isaacson, author of Steve Jobs: the Exclusive Biography)
"The meticulously reported book has plenty of gems for anyone who cares about Amazon, Jeff Bezos, entrepreneurship, leadership just the lunacy it took to build a company in less than two decades that now employs almost 90,000 people and sold $61 billion worth of, well, almost everything last year." (Washington Post)
"The Everything Store is a revelatory read for everyone - those selling and those sold to - who wants to understand the dynamics of the new digital economy. If you've ever one-clicked a purchase, you must read this book." (Steven Levy, author of Hackers and In the Plex)
"Stone's tale of the birth, near-death, and impressive revival of an iconic American company is well worth your time." (Matthew Yglesias Slate)
About the Author
Brad Stone is senior executive editor of global technology at Bloomberg News and the author of the New York Times bestseller The Everything Store: Jeff Bezos and the Age of Amazon, which won the Financial Times and Goldman Sachs Business Book of the Year Award in 2013. He has covered Silicon Valley for more than fifteen years and lives in San Francisco.
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After reading the biography of ELON MUSK and now this, I can now safely say that, you need to be low on empathy if you want to run a bold and thriving business. (Correct me if I am wrong & recommend a contradictory biography )
While Brad Stone does a great job of chronicling the key periods of Amazon's growth, he could have also spent more time on the business aspects of the company - for example, by analyzing the margin made in different product categories and how it has evolved in time with the introduction of features like marketplace, prime / free shipping and renegotiation with suppliers. He however does briefly cover the positively reinforcing flywheel of Amazon's success - lower prices leading to more customers leading to more sales leading to more suppliers leading to even lower prices / more selection leading to more customers leading to..... (and higher profitability for Amazon through more commissions and better usage of its large fixed costs).
The best quote coming out from Jeff which reflects his farsightedness is-
"There is so much stuff that is yet to be invented.
There is so much new that's going to happen.
People don't have any idea yet how impactful the internet is going to be and that this is still Day 1 in such a big way"
Why you should read it:This book is more for business minded people trying to understand how to scale a company,how to decide whether or not to enter new business and understanding online retail in depth.But the most unique feature of amazon company is its focus on customer satisfaction.The book also tells the past and present life of Jeff Bezos to understand how the values of a leader influences the culture of a company.
Summary:The following are the points/procedures which I felt were unique and decisive in Amazon’s journey.
1).Amazon follows a flywheel business model:It believes that if one chain of business gets accelerated,the whole business gets accelerated.For example:In earlier days,Amazon focused on accelerating the divisions of distribution and logistics and thus now its paying off by increase in number of sales.
2).Amazon,very smartly understands how an expert in that domain does business(like apparel or jewellery) and then tries to Amazoned (low cost,high selection) it for a lower price.
3).The most striking feature of Amazon culture is its Focus on Customer needs,desires,problems,etc.In simple words, Amazon is obsessed about customers and this culture has been driven by its humble CEO Jeff Bezos.
4).Amazon is always in the hunt to identify new sectors for disruption like the personal voice assistant Amazon Echo or its new video streaming business Amazon Prime Video,this gives Amazon an edge over other traditional companies.
5).The real secret to Amazon’s success is its ability to play for the long term.Amazon assures its investors that in the long term,it plans to be industry leader and thus will be in a dominant position to acquire profits.
6).Amazon also takes advantage of its position to leverage better deals from the manufacturers. This obviously gives them the edge over other retailers to acquire more customers and hence, drive more sales.
Conclusion:Amazon is a innovative company which focuses on customer satisfaction and disrupting old sectors with technology,and people believe that it would be the first trillion dollar valued company.Reading this book will help you understand the whole business processes of amazon and the importance of long term in business world.
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