Amazon welcomed a new CEO on Monday: Andy Jassy, the mastermind behind the lucrative cloud computing division, who succeeded the company founder Jeff Bezos (Jeff Bezos). ).
The following are the business that Jassy has taken over and the challenges that await him at work.
More than just “everything store”
- Bezos founded Amazon 27 years ago. The Internet bookstore he founded from the garage has evolved into a supplier of almost all consumer goods, whether online or physical. Its development is much more than that: Jassy has established a lucrative and market-leading business, Amazon Web Services, which runs a data center that meets a wide range of enterprise computing needs. Amazon is also expanding further into Hollywood and healthcare.
- After adjusting for the future share split, Amazon’s stock starts at $1.50 (approximately 110 rupees) per share. It now trades at more than US$3,500 (approximately Rs 250,000) per share and is worth more than US$1.7 trillion (approximately Rs 1,262,746 crore), making it one of the most valuable companies in the world.
- Amazon’s annual profit has almost doubled in 2020, reaching 21.3 billion U.S. dollars (approximately 15,821 billion rupees). This is partly because the COVID-19 pandemic encourages more consumers to shop online, helping the company’s revenue increase by 38% to US$386.1 billion (approximately 286,828 crore).
- As the scale expands, the review becomes more stringent. For a long time, global regulators have been chasing Amazon on issues such as taxation and data collection, and Amazon is now defending against antitrust complaints that may result in huge fines.
- US President Joe Biden recently appointed a well-known technology critic Lina Khan to manage the Federal Trade Commission, which is investigating Amazon. Although the details of the investigation have not yet been made public, it is expected to involve Amazon as a retailer of its own products competing with third-party merchants on its platform. Amazon is accused of using proprietary data from third-party suppliers to make cheaper private label products. Amazon disputes these claims.
- At the same time, Congress is considering new antitrust laws that may change Amazon’s business. European regulators have been investigating some of the company’s practices.
Challenges closer to home
- Amazon also faces challenges from some of the largest companies in the United States. For example, Wal-Mart is chasing Amazon’s home turf through its package delivery club, and Microsoft has signed cloud transaction agreements with top companies (including Wal-Mart) to narrow the lead of Jassy’s AWS.
- Jassy also faces potential interference from within. Amazon is working hard to address the interest of warehouse employees and other potential employees in the union. Although it easily repelled its organizational efforts at its Bessemer, Alabama operations center, labor groups, including truck drivers, vowed that the struggle has just begun.
- The company also wants to maintain its attractiveness among office employees, as some start-up companies offer technical jobs with more flexible working hours. The company initially stated that it planned to establish an “office-centric culture,” but it quickly updated its guidance, requiring in-person work three days a week to be consistent with industry peers.
© Thomson Reuters 2021
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