Amazon

Amazon began as an online intermediary between book readers and wholesalers. Founder Jeff Bezos quit his job working for a New York hedge fund and moved across to Seattle to capitalise on the growth of the Internet – thinking he’d regret not being a part on the growth of the internet. While it started with books, as an easy product category, the company rapidly expanded into other product categories, including electronics, clothing, and household items. Amazon was able to expand because of its focus on customer service, and because for the first 15 years or so existing retailers did literally nothing to try and compete (other than tell themselves Amazon was just ‘1, 2, 3, 4, 5%…’) before it was too late. By the early 2000s, Amazon became a household name in e-commerce having survived the dot com bubble when other e-commerce companies did not. Its notable expansion into cloud computing through Amazon Web Services (AWS) in 2006 solidified the company’s position as an industry leader in multiple sectors. What began as an internal cloud infrastructure project became the dominant global cloud computing platform, and the engine of Amazon’s profitability for years to come. Amazon’s acquisition strategy also played a pivotal role in its growth, acquiring companies like grocery chain Whole Foods and smart doorbell maker Ring to diversify its portfolio. The pandemic was a pivotal time for Amazon because demand for e-Commerce rose as stores closed, as did demand for cloud services.  With everyone working from home, you don’t want all your data just sitting on one computer somewhere that is only accessible in person. In 2021, Amazon officially entered a new era as Bezos stood down and was replaced by Andy Jassy. He’s was no newcomer, having been with the company since 1997 and playing a key role in the establishment of AWS. But it is always a new era for a company when a CEO stands down. When Andy Jassy took over as CEO in July 2021, he inherited a company bloated by pandemic-era over-hiring and burdened by a fulfilment network expanded far too rapidly. His early years in the role were defined by a brutal efficiency drive – more than 27,000 corporate employees were laid off across 2022 and 2023, management layers were stripped back, and unprofitable ventures were wound down or restructured. Critics questioned whether Jassy had the vision of his predecessor; the results ultimately spoke for themselves. By 2024 the transformation was evident. Operating margins expanded sharply, AWS re-accelerated its growth, and the company leaned aggressively into artificial intelligence – both as a product offering and as an infrastructure investment. Jassy has positioned Amazon not merely as a retailer or cloud provider, but as foundational infrastructure for the AI era. Whether or not one agrees with his methods, the financial turnaround under his leadership has been remarkable.