What's Happening?
Amazon, founded by Jeff Bezos in 1994, began as an online bookstore named Cadabra. The name was changed to Amazon, and the company went live on the web in 1995. Amazon expanded beyond books, offering music and videos by 1999 and opening its platform to third-party sellers in 2000. Amazon Web Services, launched in 2006, provides cloud-computing services. Other milestones include the introduction of Amazon Prime in 2005 and the acquisition of Whole Foods in 2017.
Why It's Important?
Amazon's expansion into various sectors highlights the impact of strategic diversification on business growth. The success of AWS underscores the importance of cloud computing in modern business operations. Amazon Prime's introduction revolutionized consumer expectations for delivery speed and service quality. The company's acquisitions, such as Whole Foods, reflect its ability to adapt and expand into new markets, influencing industry standards and consumer behavior.
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