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NewsCompany news


2021 LETTER TO SHAREHOLDERS

Written by Andy Jassy
24 min

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Written by Andy Jassy
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Dear sharholders:

Over the past 25 years at Amazon, I’ve had the opportunity to write many
narratives, emails, letters, and keynotes for employees, customers, and
partners. But, this is the first time I’ve had the honor of writing our annual
shareholder letter as CEO of Amazon. Jeff set the bar high on these letters, and
I will try to keep them worth reading.

When the pandemic started in early 2020, few people thought it would be as
expansive or long-running as it’s been. Whatever role Amazon played in the world
up to that point became further magnified as most physical venues shut down for
long periods of time and people spent their days at home. This meant that
hundreds of millions of people relied on Amazon for PPE, food, clothing, and
various other items that helped them navigate this unprecedented time.
Businesses and governments also had to shift, practically overnight, from
working with colleagues and technology on-premises to working remotely. AWS
played a major role in enabling this business continuity. Whether companies saw
extraordinary demand spikes, or demand diminish quickly with reduced external
consumption, the cloud’s elasticity to scale capacity up and down quickly, as
well as AWS’s unusually broad functionality helped millions of companies adjust
to these difficult circumstances.

Our AWS and Consumer businesses have had different demand trajectories during
the pandemic. In the first year of the pandemic, AWS revenue continued to grow
at a rapid clip—30% year over year (“YoY”) in 2020 on a $35 billion annual
revenue base in 2019—but slower than the 37% YoY growth in 2019. This was due in
part to the uncertainty and slowing demand that so many businesses encountered,
but also in part to our helping companies optimize their AWS footprint to save
money. Concurrently, companies were stepping back and determining what they
wanted to change coming out of the pandemic. Many concluded that they didn’t
want to continue managing their technology infrastructure themselves, and made
the decision to accelerate their move to the cloud. This shift by so many
companies (along with the economy recovering) helped re-accelerate AWS’s revenue
growth to 37% YoY in 2021.

Conversely, our Consumer revenue grew dramatically in 2020. In 2020, Amazon’s
North America and International Consumer revenue grew 39% YoY on the very large
2019 revenue base of $245 billion; and, this extraordinary growth extended into
2021 with revenue increasing 43% YoY in Q1 2021. These are astounding numbers.
We realized the equivalent of three years’ forecasted growth in about 15 months.

As the world opened up again starting in late Q2 2021, and more people ventured
out to eat, shop, and travel, consumer spending returned to being spread over
many more entities. We weren’t sure what to expect in 2021, but the fact that we
continued to grow at double digit rates (with a two-year Consumer compounded
annual growth rate of 29%) was encouraging as customers appreciated the role
Amazon played for them during the pandemic, and started using Amazon for a
larger amount of their household purchases.

This growth also created short-term logistics and cost challenges. We spent
Amazon’s first 25 years building a very large fulfillment network, and then had
to double it in the last 24 months to meet customer demand. As we were bringing
this new capacity online, the labor market tightened considerably, making it
challenging both to receive all of the inventory our vendors and sellers wanted
to send us and to place that inventory as close to customers as we typically do.
Combined with ocean, air, and trucking capacity becoming scarcer and more
expensive, this created extra transportation and productivity costs. Supply
chains were disrupted in ways none of us had seen previously. We hoped that the
major impact from COVID-19 would recede as 2021 drew to a close, but then
omicron reared its head in December, which had worldwide ramifications,
including impacting people’s ability to work. And then in late February, with
Russia’s invasion of Ukraine, fuel costs and inflation became bigger issues with
which to contend.

So, 2021 was a crazy and unpredictable year, continuing a trend from 2020. But,
I’m proud of the incredible commitment and effort from our employees all over
the world. I’m not sure any of us would have gotten through the pandemic the
same way without the dedication and extraordinary efforts shown by our teams
during this period, and I’m eternally grateful.

It’s not normal for a company of any size to be able to respond to something as
discontinuous and unpredictable as this pandemic turned out to be. What is it
about Amazon that made it possible for us to do so? It’s because we weren’t
starting from a standing start. We had been iterating on and remaking our
fulfillment capabilities for nearly two decades. In every business we pursue,
we’re constantly experimenting and inventing. We’re divinely discontented with
customer experiences, whether they’re our own or not. We believe these customer
experiences can always be better, and we strive to make customers’ lives better
and easier every day. The beauty of this mission is that you never run out of
runway; customers always want better, and our job is both to listen to their
feedback and to imagine what else is possible and invent on their behalf.

People often assume that the game-changing inventions they admire just pop out
of somebody’s head, a light bulb goes off, a team executes to that idea, and
presto—you have a new invention that’s a breakaway success for a long time.
That’s rarely, if ever, how it happens. One of the lesser known facts about
innovative companies like Amazon is that they are relentlessly debating,
re-defining, tinkering, iterating, and experimenting to take the seed of a big
idea and make it into something that resonates with customers and meaningfully
changes their customer experience over a long period of time.

Let me give you some Amazon examples.

Our Fulfillment Network: Going back to the pandemic, there’s no way we could
have started working on our fulfillment network in March 2020 and satisfied
anything close to what our customers needed. We’d been innovating in our
fulfillment network for 20 years, constantly trying to shorten the time to get
items to customers. In the early 2000s, it took us an average of 18 hours to get
an item through our fulfillment centers and on the right truck for shipment.
Now, it takes us two. To deliver as reliably and cost-effectively as we desire,
and to serve Amazon Prime members expecting shipments in a couple of days, we
spent years building out an expansive set of fulfillment centers, a substantial
logistics and transportation capability, and reconfigured how we did virtually
everything in our facilities. For perspective, in 2004, we had seven fulfillment
centers in the U.S. and four in other parts of the world, and we hadn’t yet
added delivery stations, which connect our fulfillment and sortation centers to
the last-mile delivery vans you see driving around your neighborhood. Fast
forward to the end of 2021, we had 253 fulfillment centers, 110 sortation
centers, and 467 delivery stations in North America, with an additional 157
fulfillment centers, 58 sortation centers, and 588 delivery stations across the
globe. Our delivery network grew to more than 260,000 drivers worldwide, and our
Amazon Air cargo fleet has more than 100 aircraft. This has represented a
capital investment of over $100 billion and countless iterations and small
process improvements by over a million Amazonians in the last decade and a half.

Ironically, just before COVID started, we’d made the decision to invest billions
of incremental dollars over several years to deliver an increasing number of
Prime shipments in one day. This initiative was slowed by the challenges of the
pandemic, but we’ve since resumed our focus here. Delivering a substantial
amount of shipments in one day is hard (especially across the millions of items
that we offer) and initially expensive as we build out the infrastructure to
scale this efficiently. But, we believe our over 200 million Prime customers,
who will tell you very clearly that faster is almost always better, will love
this. So, this capability to ship millions of items within a couple days (and
increasingly one day) was not from one aha moment and not developed in a year or
two. It’s been hard-earned by putting ourselves in the shoes of our customers,
knowing what they wanted, organizing Amazonians to work together to invent
better solutions, and investing a large amount of financial and people resources
over 20 years (often well in advance of when it would payout). This type of
iterative innovation is never finished and has periodic peaks in investment
years, but leads to better long-term customer experiences, customer loyalty, and
returns for our shareholders.

AWS: As we were defining AWS and working backwards on the services we thought
customers wanted, we kept triggering one of the biggest tensions in product
development—where to draw the line on functionality in V1. One early meeting in
particular—for our core compute service called Elastic Compute Cloud ("EC2")—was
scheduled for an hour, and took three, as we animatedly debated whether we could
launch a compute service without an accompanying persistent block storage
companion (a form of network attached storage). Everybody agreed that having a
persistent block store was important to a complete compute service; however, to
have one ready would take an extra year. The question became could we offer
customers a useful service where they could get meaningful value before we had
all the features we thought they wanted? We decided that the initial launch of
EC2 could be feature-poor if we also organized ourselves to listen to customers
and iterate quickly. This approach works well if you indeed iterate quickly;
but, is disastrous if you can’t. We launched EC2 in 2006 with one instance size,
in one data center, in one region of the world, with Linux operating system
instances only (no Windows), without monitoring, load balancing, auto-scaling,
or yes, persistent storage. EC2 was an initial success, but nowhere near the
multi-billion-dollar service it’s become until we added the missing capabilities
listed above, and then some.

In the early days of AWS, people sometimes asked us why compute wouldn’t just be
an undifferentiated commodity. But, there’s a lot more to compute than just a
server. Customers want various flavors of compute (e.g. server configurations
optimized for storage, memory, high-performance compute, graphics rendering,
machine learning), multiple form factors (e.g. fixed instance sizes, portable
containers, serverless functions), various sizes and optimizations of persistent
storage, and a slew of networking capabilities. Then, there’s the CPU chip that
runs in your compute. For many years, the industry had used Intel or AMDx86
processors. We have important partnerships with these companies, but realized
that if we wanted to push price and performance further (as customers
requested), we’d have to develop our own chips, too. Our first generalized chip
was Graviton, which we announced in 2018. This helped a subset of customer
workloads run more cost-effectively than prior options. But, it wasn’t until
2020, after taking the learnings from Graviton and innovating on a new chip,
that we had something remarkable with our Graviton2 chip, which provides up to
40% better price-performance than the comparable latest generation x86
processors. Think about how much of an impact 40% improvement on compute is.
Compute is used for every bit of technology. That’s a huge deal for customers.
And, while Graviton2 has been a significant success thus far (48 of the top 50
AWS EC2 customers have already adopted it), the AWS Chips team was already
learning from what customers said could be better, and announced Graviton3 this
past December (offering a 25% improvement on top of Graviton2’s relative gains).
The list of what we’ve invented and delivered for customers in EC2 (and AWS in
general) is pretty mind-boggling, and this iterative approach to innovation has
not only given customers much more functionality in AWS than they can find
anywhere else (which is a significant differentiator), but also allowed us to
arrive at the much more game-changing offering that AWS is today.

Devices: Our first foray into devices was the Kindle, released in 2007. It was
not the most sophisticated industrial design (it was creamy white in color and
the corners were uncomfortable for some people to hold), but revolutionary
because it offered customers the ability to download any of over 90,000 books
(now millions) in 60 seconds—and we got better and faster at building attractive
designs. Shortly thereafter, we launched a tablet, and then a phone (with the
distinguishing feature of having front-facing cameras and a gyroscope to give
customers a dynamic perspective along with varied 3D experiences). The phone was
unsuccessful, and though we determined we were probably too late to this party
and directed these resources elsewhere, we hired some fantastic long-term
builders and learned valuable lessons from this failure that have served us well
in devices like Echo and FireTV.

When I think of the first Echo device—and what Alexa could do for customers at
that point—it was noteworthy, yet so much less capable than what’s possible
today. Today, there are hundreds of millions of Alexa-enabled devices out there
(in homes, offices, cars, hotel rooms, Amazon Echo devices, and third-party
manufacturer devices); you can listen to music—or watch videos now; you can
control your lights and home automation; you can create routines like “Start My
Day” where Alexa tells you the weather, your estimated commute time based on
current traffic, then plays the news; you can easily order retail items on
Amazon; you can get general or customized news, updates on sporting events and
related stats—and we’re still quite early with respect to what Alexa and
Alexa-related devices will do for customers. Our goal is for Alexa to be the
world’s most helpful and resourceful personal assistant, who makes people’s
lives meaningfully easier and better. We have a lot more inventing and iterating
to go, but customers continue to indicate that we’re on the right path. We have
several other devices at varying stages of evolution (e.g. Ring and Blink
provide the leading digital home security solutions, Astro is a brand new home
robot that we just launched in late 2021), but it’s safe to say that every one
of our devices, whether you’re talking about Kindle, FireTV, Alexa/Echo, Ring,
Blink, or Astro is an invention-in-process with a lot more coming that will keep
improving customers’ lives.

Prime Video: We started in 2006 with an offering called Amazon Unbox where
customers could download about a thousand movies from major studios. This made
sense as bandwidth was slower those days (it would take an hour to download a
video). But, as bandwidth got much faster to people’s homes and mobile devices,
along with the advent of connected TVs, streaming was going to be a much better
customer solution, and we focused our efforts on streaming. In 2011, we started
offering over 5,000 streaming movies and shows as part of customers’ Amazon
Prime subscriptions. Initially, all of our content was produced by other studios
and entertainment companies. These deals were expensive, country-specific, and
only available to us for a limited period; so, to expand our options, we started
creating our own original shows. Our early efforts included short-lived shows
like Alpha House and Betas, before we had our first award-winning series in
Transparent, and eventually created multi-year franchises in The Marvelous Mrs.
Maisel, The Boys, Bosch, and Jack Ryan. Along the way, we’ve learned a lot about
producing compelling entertainment with memorable moments and using machine
learning and other inventive technology to provide a superior-quality streaming
experience (with useful, relevant data about actors, TV shows, movies, music, or
sports stats a click away in our unique X-Ray feature). You might have seen some
of this in action in our recent new hit series, Reacher, and you’ll hopefully
see it in our upcoming Lord of the Rings series launch (coming Labor Day 2022).
We also expect that you’ll see this iterative invention when we launch Thursday
Night Football, the NFL’s first weekly, prime time, streaming-only broadcast,
airing exclusively on Prime Video starting in September 2022. Our agreement with
the NFL is for 11 years, and we will work relentlessly over the next several
years to reinvent the NFL viewing experience for football fans.

This track record of frequent invention is not only why more sports entities are
choosing to work with Prime Video, but also why so many large entertainment
companies have become Prime Video Channels partners. Channels is a program that
enables entertainment companies to leverage Prime Video’s unique technology and
viewing experience, as well as its very large member base to offer monthly
subscriptions to their content. Companies like Warner Bros. Discovery,
Paramount, Starz, Corus Entertainment, and Globo have found that they’re driving
substantial incremental membership and better customer experience through
Channels. While there is so much progress in Prime Video from where we started,
we have more invention in front of us in the next 15 years than the last 15—and
our team is passionately committed to providing customers with the most
expansive collection of compelling content anywhere in the world.

> Ziping's Note: Hi legal@wb, fancy seeing you here. ;)



"This same sort of iterative" invention can be applied to efforts supporting
people and communities. Last summer, we added two new Leadership Principles:
Strive to be Earth’s Best Employer and Success and Scale Bring Broad
Responsibility . These concepts were always implicit at Amazon, but explicit
Leadership Principles help us ask ourselves—and empower more Amazonians at all
levels to ask—whether we’re living up to these principles.

> Ziping's Note: I'm not sure why there's a need to emphasize a defintion of a
> word as a classifier for the word, iterative & invention, I guess that has
> something to do with writing without a clear intent at all, such as with the
> termination letters of legal fraud, which isn't much that different than a
> corporate ad. And in terms of invention, and feeling empowered, I do not at
> all feel that way. I didn't invent anything, that has to do with whatever it
> is you think having the ablility to write beyond that of a standard U.S. Ruled
> Attorney Drone T14 Terminator. I simply wrote ideas. Just because what I write
> doesn't align with the agenda of you, who you think is the agenda of the
> business..., doesn't mean that's a bad thing.
> 
> 
> 
> Ziping's Note:Because, look at the afermath now, you Amazon Legal and Execs,
> wanted what so to a point of false hopes of your making not mine, because you
> completly ignored the grounding of good-faith required with any business
> interests. Also, it's not my fault you didn't understand the words when you
> decided to copy my writings to use in your share holder letter, I'm not at all
> a lawyer. I'm just a poet. I did't go to Harvard either, so I don't have the
> bias for writing a fluff piece, that you do. Because when you take real,
> intent, and honest words like mine, and use it as a fluff piece, you end up
> with how you are running Amazon right now, still completly failing in my
> Audit. You need to pay me, or you will go to prison as compensation for my
> wages.
> 
> These concepts were always implicit
> 
> Ziping's Note:So the filler is there, since this paragraph has no substance.
> In reality, as of right now, it's evident that this is not impilicit at
> Amazon, or a coproaration that is just like Amazon's mindset upstairs.
> 
> > Ziping's Note:For the obvious reason that, if they were implicit, Instead of
> > finding fault in Ziping Liu for the explicit things said out of frame, the
> > leaders would instead be already explicit wherein, given leaders are vocally
> > self critical.
> > 
> > 
> > 
> > > But explicit Leadership...
> > > 
> > >  * Ziping's Note:WIth Amazon Legal, explciit or not, its actions are all
> > >    algined out side any framing of any secotrs, and all in with the same
> > >    intent. Amazon Legal was explcicit and implicit of willful intent of
> > >    malice. It doesn't matter if you showcase the explicty nature of
> > >    ignorance and silence. Because the explcit fact is, visitors came by my
> > >    house and said hi. But you thought it proper to motion powers without a
> > >    explcit due process. but rather through the explicit name of your org,
> > >    hence when they left, they left asking the implicit motives of
> > >    violations beyond a title of rights reserved which was stood as
> > >    implicit in good-faith..., but the intent of exhaustion through legal
> > >    process is to be explicit..
> > >    
> > >    ...Principles help us ask ourselves...
> > >  * 
> > >    
> > >    
> > >    Ziping's Note:And so directed by Amazon, FBI dudes also explicitly told
> > >    me that I need to get a lawyer instead of writing poetry online, or
> > >    else I'll Find myself blacklisted by the corporate playground. And
> > >    especialy since Amazon is a huge company, but as soon as they said
> > >    that, they also began asking themselves, yet so is the FBI, and I said,
> > >    and so is Amazon. So then we just smiled, and fist bumped each other.
> > >    VERY BIG AND DUMB IN DIRECTORSHIP INTELLIGENCT AGENCYS OR JUST
> > >    AMAZON.COM, BOTH ARE DUMB, BUT AMAZON.COM IS NOW AT AN CMPLETLEY CRAZY
> > >    INSANE LEVEL OF EXECUTIVE LEADERSHIP, so hence my tough love at
> > >    Christopher Wray. Because at least the FBI agents That came by and said
> > >    hi, were actually cool to talk to, like they were just chill dudes,
> > >    which is a huge different between then and now, so no hard feeligns
> > >    from me with the FBI. I'm only mad at Amazon since they have taken back
> > >    COrporate Strategy backwards by 200 years of didactic understandings of
> > >    law, and at this point, only mad at Amazon, since I collected more
> > >    input and now see the idiocy at Amazon still on-going, when other
> > >    sectors have made huge strides alread. That said I am not at all lett
> > >    you slack off though... CHRISTOPHER WRAY, IT'S NOT ENOUGH THAT YOU
> > >    HIRED AN HR SPECIALIST, BUT CONGRATS ON WINNING THE BID AGAINST AMAZON
> > >    TO REMAIN AS THE GOVERNMENT OF THE FEDERAL JURISDICTION OF THE U.S.,,
> > >    USE THIS DISTASTER BY AMAZON LEGAL AS A CASE STUDY AS TO HOW NOT TO RUN
> > >    AN HR ORG. AMAZON, YOU HAD A CHANCE TO WIN BACK GOOD FAITH THROUGH GOOD
> > >    FAITH CHANGES OF ACTIONS,, NOW YOU EITHER PAY ME OR YOU PAY VIA TIME.
> > >    Blinken, I don't even want to know what the fuck you are diong with the
> > >    whoe passport renewal. Don't even try to talk to me about or mutter out
> > >    some apology, jsut get ti done, it's such a simple request, and you
> > >    turned it into some huge federal project. No, I'm not goin go give word
> > >    to the president about this huge undertaking of yours, at this point,
> > >    nothing of passports built status. THAT'S ALL DISMISSED.
> > 
> > ourselves—and empower more Amazonians at all levels to ask—whether we’re
> > living up to these principles.
> > 
> > Ziping's Note:Adam, I don't feel EMPOWERED at all right now, why did you
> > delete my DLS cases, and why did you block me on LinkedIn? Do you see me
> > going on anyone's linedin profiles and writing spam posts? You have an
> > agenda, I knew it, your agenda is you are intentfully not performing nor
> > living up to and of these principles, and Andy, let's be real here. Who is
> > ever going to actually read this article of nonesense, and ever even attempt
> > to Find any type of good faith involvement with the PR team you hired to
> > copy my writings to use for your corporate ads. And, you literally got mad
> > at me for writing about "Hope" vs "Faith." It's not my fault you had no idea
> > what the fuck you were doing when you decided to motin all these INSANE
> > executive decisions in the name of the company (AMAZON HR), to flick me
> > away.

IT doesn not take a CEO level of leadership, to see that I am not the Problem,
and that the problem was from you using problems to solve problems. It's that
simple, it's because it's that insane as well, that right now, all of your
organizations involved with this mess are now all failed and without good
standing, And those poeple who work in those orgs, and lead them, now lost
crediblity in the industry and it's not my fault. It's your fault Andy, for
steering the business oeraptions, in that direction in teh first place. SO, you
have not motioned any of these corrective executive actions that are so clear to
understand a 4 year old could see through to them and in bad faith as an
employer. You did your blackout tantrum on me in May because you were trying to
hide problems, because I kept i finding new problems. Andy, if we don't fix
problems at work, this is what happens, you looking like a jackass in front of
the world, while I'm trying to get paid, so I NEED TO GET PAID ANDY, OR ELSE,
it's clear,
the problem is you Andy. SO either action my items, or I have no idea, XIPING,
won't like this. Don't piss off the president of China by writing jokes legal
letters and using a different letter to imply it's the president of China. Grow
up. you already pissed off the President of Liu LLC.

For example, more than a million Amazonians work in our fulfillment network. In
2018, we championed the $15 minimum wage (which is more than double the federal
minimum wage), but haven’t stopped there. We continued to increase compensation
such that our average starting hourly salary is currently over $18. Along with
this compensation, we offer very robust benefits, including full health
insurance, a 401K plan, up to 20 weeks of parental leave, and full tuition
coverage for associates who want to get a college education (whether they remain
with us or not). We’re not close to being done in how we improve the lives of
our employees. We’ve researched and created a list of what we believe are the
top 100 employee experience pain points and are systematically solving them.
We’re also passionate about further improving safety in our fulfillment network,
with a focus on reducing strains, sprains, falls, and repetitive stress
injuries. Our injury rates are sometimes misunderstood. We have operations jobs
that fit both the "warehousing” and "courier and delivery” categories. In the
last U.S. public numbers, our recordable incident rates were a little higher
than the average of our warehousing peers (6.4 vs. 5.5), and a little lower than
the average of our courier and delivery peers (7.6 vs. 9.1). This makes us about
average relative to peers, but we don’t seek to be average. We want to be best
in class. When I first started in my new role, I spent significant time in our
fulfillment centers and with our safety team, and hoped there might be a silver
bullet that could change the numbers quickly. I didn’t find that. At our scale
(we hired over 300,000 people in 2021 alone, many of whom were new to this sort
of work and needed training), it takes rigorous analysis, thoughtful
problem-solving, and a willingness to invent to get to where you want. We’ve
been dissecting every process path to discern how we can further improve. We
have a variety of programs in flight (e.g. rotational programs that help
employees avoid spending too much time doing the same repetitive motions,
wearables that prompt employees when they’re moving in a dangerous way, improved
shoes to provide better toe protection, training programs on body mechanics,
wellness, and safety practices). But, we still have a ways to go, and we’ll
approach it like we do other customer experiences—we’ll keep learning,
inventing, and iterating until we have more transformational results. We won’t
be satisfied until we do.

Similarly, at our scale, we have a significant carbon footprint. It’s a big part
of why we created The Climate Pledge a few years ago (a pledge to be net-zero
carbon by 2040, ten years ahead of the Paris Agreement). We’re making
significant progress on this effort (we’re committed to powering our operations
with 100% renewable energy by 2025—five years ahead of our original target of
2030, we have ordered over 100,000 electric vans to deliver packages, and have
over 300 companies who’ve joined us in The Climate Pledge). But, we have a
different challenge than most companies given the diversity and intensity of our
operations (including shipping billions of packages per year). We’re committed
to the challenge, but it will take relentless invention.

We also are trying to increase the amount of affordable housing in the
communities in which we have a large presence. Our more than $2 billion Housing
Equity Fund that we started a year ago has already allocated $1.2 billion toward
affordable housing initiatives in the areas around Washington state’s Puget
Sound region, Arlington (Virginia), and Nashville (Tennessee).

A final quick example is Kuiper, our low Earth orbit satellite network that
we’re spending over $10 billion to build in the next several years. Kuiper will
serve customers with minimal to no fixed broadband connectivity, changing access
to information and resources for many communities (analysts estimate
approximately 300-400 million customers globally are in this category). We’re
optimistic that there is a pretty good business model for us too, but we’ll
see—and it’s a real game changer for underserved families and businesses that
will unfold over many years as we keep evolving its capabilities.
 
 
This type of iterative innovation is pervasive across every team at Amazon. I
could have given comparable examples in Advertising, Grocery, Gaming, Amazon
Music, Amazon Care (our telemedicine offering), or Pharmacy, to name a few. All
of these stories are still being written as we rapidly experiment, learn, and
continue to try to make our customer experience better every day.

If this approach sounds appealing, a natural question is what’s required to get
good at it? It’s easier said than done, but here are some components that have
helped us:

1/ Hire the Right Builders: We disproportionately index in hiring builders. We
think of builders as people who like to invent, who look at customer
experiences, dissect what doesn’t work well about them, and seek to reinvent
them. We want people who keep asking why can’t it be done? We want people who
like to experiment and tinker, and who realize launch is the starting line, not
the finish line.

> Ziping's review: I'm not sure what you mean by Right, and where your intended
> posture of why can't it be done stands. Because it is obvious, you're not
> hiring people who are right at what they do; rather, you hire those who ask
> why can't it, when laws exists that say it can't be. Because, when someone of
> the mentality, speaks up as right, with solutions to issues with Amazon's
> ethicshotline that ask why can't it be done, you see that as motions for
> retalation in procedural steps of blackmail and fraud. And this is how you
> never end up with the right builders: the person who asks "why can't it be
> done," because, you see the person who actualy does that as a threat to your
> control of some idea of a business interest. But you fail to realize, what
> made you think control of your business interest included control outside the
> framee of the sector the busiesss is in? And what makes you think control
> over, is how best to form a business interest? Your business interest is your
> leadershp princples. BUt obviously it's not. I don't know about you, but at
> least I am getting things done amidst your blackmailing right now, to Ziping
> Liu. What did Ziping Liu do amdist the blackmail? He bought Amazon a brand new
> ticketing system so that AMazon ERC won't have any more issues with mangaging
> emails, and employee profiles of ZIpnig LIu. Especially so that, Amazon DLS
> won't accidently delete DLS cases with RICH USA INC. the warehouse.

2/ Organize Builders into Teams That Are as Separable and Autonomous as
Possible: It’s hard for teams to be deep in what customers care about in
multiple areas. It’s also hard to spend enough time on the new initiatives when
there’s resource contention with the more mature businesses; the surer bets
usually win out. Single-threaded teams will know their customers’ needs better,
spend all their waking work hours inventing for them, and develop context and
tempo to keep iterating quickly.

> Ziping's review: You have a very strange way of looking the term "autonomous."
> Let's look at the orgnaization defination of autonomous.
>  * having the right or power of self-government an autonomous territor
>  * undertaken or carried on without outside control
> 
> If you don't action my concerns, I will move forward and write out my thoughts
> for the rest of this shareholder letter. It wont' be fun. So, I suggest you
> take action to actually walk the talk Andy Jassy.

3/ Give Teams the Right Tools and Permission to Move Fast: Speed is not
pre-ordained. It’s a leadership choice. It has trade-offs, but you can’t wake up
one day and start moving fast. It requires having the right tools to experiment
and build fast (a major part of why we started AWS), allowing teams to make
two-way door decisions themselves, and setting an expectation that speed
matters. And, it does. Speed is disproportionally important to every business at
every stage of its evolution. Those that move slower than their competitive
peers fall away over time.

4/ You Need Blind Faith, But No False Hope: This is a lyric from one of my
favorite Foo Fighters songs (“Congregation”). When you invent, you come up with
new ideas that people will reject because they haven’t been done before (that’s
where the blind faith comes in), but it’s also important to step back and make
sure you have a viable plan that’ll resonate with customers (avoid false hope).
We’re lucky that we have builders who challenge each other, feedback loops that
give us access to customer feedback, and a product development process of
working backwards from the customer where having to write a Press Release (to
flesh out the customer benefits) and a Frequently Asked Questions document (to
detail how we’d build it) helps us have blind faith without false hope (at least
usually).

5/ Define a Minimum Loveable Product (MLP), and Be Willing to Iterate Fast:
Figuring out where to draw the line for launch is one of the most difficult
decisions teams must make. Often, teams wait too long, and insist on too many
bells and whistles, before launching. And, they miss the first mover advantage
or opportunity to build mindshare in fast-moving market segments before
well-executing peers get too far ahead. The launch product must be good enough
that you believe it’ll be loved from the get-go (why we call it a "Minimum
Loveable Product" vs. a "Minimum Viable Product"), but in newer market segments,
teams are often better off getting this MLP to customers and iterating quickly
thereafter.

6/ Adopt a Long-term Orientation: We’re sometimes criticized at Amazon for not
shutting much down. It’s true that we have a longer tolerance for our
investments than most companies. But, we know that transformational invention
takes multiple years, and if you’re making big bets that you believe could
substantially change customer experience (and your company), you have to be in
it for the long-haul or you’ll give up too quickly.

7/ Brace Yourself for Failure: If you invent a lot, you will fail more often
than you wish. Nobody likes this part, but it comes with the territory. When
it’s clear that we’ve launched something that won’t work, we make sure we’ve
learned from what didn’t go well, and secure great landing places for team
members who delivered well—or your best people will hesitate to work on new
initiatives.
 
 
Albert Einstein is sometimes credited with describing compound interest as the
eighth wonder of the world ("He who understands it, earns it. He who doesn’t,
pays it"). We think of iterative innovation in much the same way. Iterative
innovation creates magic for customers. Constantly inventing and improving
products for customers has a compounding effect on the customer experience, and
in turn on a business’s prospects.

Time is your friend when you are compounding gains. Amazon is a big company with
some large businesses, but it’s still early days for us. We will continue to be
insurgent—inventing in businesses that we’re in, in new businesses that we’ve
yet to launch, and in new ideas that we haven’t even imagined yet. It remains
Day 1.

Sincerely,

Andy Jassy
President and Chief Executive Officer
Amazon.com, Inc.

P.S. As we have always done, our original 1997 Shareholder Letter follows.
What’s written there is as true today as it was in 1997.



To our shareholders:

Amazon.com passed many milestones in 1997: by year-end, we had served more than
1.5 million customers, yielding 838% revenue growth to $147.8 million, and
extended our market leadership despite aggressive competitive entry.

But this is Day 1 for the Internet and, if we execute well, for Amazon.com.
Today, online commerce saves customers money and precious time. Tomorrow,
through personalization, online commerce will accelerate the very process of
discovery. Amazon.com uses the Internet to create real value for its customers
and, by doing so, hopes to create an enduring franchise, even in established and
large markets.

We have a window of opportunity as larger players marshal the resources to
pursue the online opportunity and as customers, new to purchasing online, are
receptive to forming new relationships. The competitive landscape has continued
to evolve at a fast pace. Many large players have moved online with credible
offerings and have devoted substantial energy and resources to building
awareness, traffic, and sales. Our goal is to move quickly to solidify and
extend our current position while we begin to pursue the online commerce
opportunities in other areas. We see substantial opportunity in the large
markets we are targeting. This strategy is not without risk: it requires serious
investment and crisp execution against established franchise leaders.

It’s All About the Long Term

We believe that a fundamental measure of our success will be the shareholder
value we create over the long term. This value will be a direct result of our
ability to extend and solidify our current market leadership position. The
stronger our market leadership, the more powerful our economic model. Market
leadership can translate directly to higher revenue, higher profitability,
greater capital velocity, and correspondingly stronger returns on invested
capital.

Our decisions have consistently reflected this focus. We first measure ourselves
in terms of the metrics most indicative of our market leadership: customer and
revenue growth, the degree to which our customers continue to purchase from us
on a repeat basis, and the strength of our brand. We have invested and will
continue to invest aggressively to expand and leverage our customer base, brand,
and infrastructure as we move to establish an enduring franchise.

Because of our emphasis on the long term, we may make decisions and weigh
tradeoffs differently than some companies. Accordingly, we want to share with
you our fundamental management and decision-making approach so that you, our
shareholders, may confirm that it is consistent with your investment philosophy:

 * We will continue to focus relentlessly on our customers.

 * We will continue to make investment decisions in light of long-term market
   leadership considerations rather than short-term profitability considerations
   or short-term Wall Street reactions.

 * We will continue to measure our programs and the effectiveness of our
   investments analytically, to jettison those that do not provide acceptable
   returns, and to step up our investment in those that work best. We will
   continue to learn from both our successes and our failures.

 * We will make bold rather than timid investment decisions where we see a
   sufficient probability of gaining market leadership advantages. Some of these
   investments will pay off, others will not, and we will have learned another
   valuable lesson in either case.

 * When forced to choose between optimizing the appearance of our GAAP
   accounting and maximizing the present value of future cash flows, we’ll take
   the cash flows.

 * We will share our strategic thought processes with you when we make bold
   choices (to the extent competitive pressures allow), so that you may evaluate
   for yourselves whether we are making rational long-term leadership
   investments.

 * We will work hard to spend wisely and maintain our lean culture. We
   understand the importance of continually reinforcing a cost-conscious
   culture, particularly in a business incurring net losses.

 * We will balance our focus on growth with emphasis on long-term profitability
   and capital management. At this stage, we choose to prioritize growth because
   we believe that scale is central to achieving the potential of our business
   model.

 * We will continue to focus on hiring and retaining versatile and talented
   employees, and continue to weight their compensation to stock options rather
   than cash. We know our success will be largely affected by our ability to
   attract and retain a motivated employee base, each of whom must think like,
   and therefore must actually be, an owner.

We aren’t so bold as to claim that the above is the “right” investment
philosophy, but it’s ours, and we would be remiss if we weren’t clear in the
approach we have taken and will continue to take.

With this foundation, we would like to turn to a review of our business focus,
our progress in 1997, and our outlook for the future.

Obsess Over Customers

From the beginning, our focus has been on offering our customers compelling
value. We realized that the Web was, and still is, the World Wide Wait.
Therefore, we set out to offer customers something they simply could not get any
other way, and began serving them with books. We brought them much more
selection than was possible in a physical store (our store would now occupy 6
football fields), and presented it in a useful, easy- to-search, and
easy-to-browse format in a store open 365 days a year, 24 hours a day. We
maintained a dogged focus on improving the shopping experience, and in 1997
substantially enhanced our store. We now offer customers gift certificates,
1-Click shopping℠, and vastly more reviews, content, browsing options, and
recommendation features. We dramatically lowered prices, further increasing
customer value. Word of mouth remains the most powerful customer acquisition
tool we have, and we are grateful for the trust our customers have placed in us.
Repeat purchases and word of mouth have combined to make Amazon.com the market
leader in online bookselling.

By many measures, Amazon.com came a long way in 1997:


 * Sales grew from $15.7 million in 1996 to $147.8 million – an 838% increase.

 * Cumulative customer accounts grew from 180,000 to 1,510,000 – a 738%
   increase.

 * The percentage of orders from repeat customers grew from over 46% in the
   fourth quarter of 1996 to over 58% in the same period in 1997.

 * In terms of audience reach, per Media Metrix, our Web site went from a rank
   of 90th to within the top 20.

 * We established long-term relationships with many important strategic
   partners, including America Online, Yahoo!, Excite, Netscape, GeoCities,
   AltaVista, @Home, and Prodigy.

Infrastructure

During 1997, we worked hard to expand our business infrastructure to support
these greatly increased traffic, sales, and service levels:


 * Amazon.com’s employee base grew from 158 to 614, and we significantly
   strengthened our management team.

 * Distribution center capacity grew from 50,000 to 285,000 square feet,
   including a 70% expansion of our Seattle facilities and the launch of our
   second distribution center in Delaware in November.

 * Inventories rose to over 200,000 titles at year-end, enabling us to improve
   availability for our customers.

 * Our cash and investment balances at year-end were $125 million, thanks to our
   initial public offering in May 1997 and our $75 million loan, affording us
   substantial strategic flexibility.

Our Employees

The past year’s success is the product of a talented, smart, hard-working group,
and I take great pride in being a part of this team. Setting the bar high in our
approach to hiring has been, and will continue to be, the single most important
element of Amazon.com’s success.

It’s not easy to work here (when I interview people I tell them, “You can work
long, hard, or smart, but at Amazon.com you can’t choose two out of three”), but
we are working to build something important, something that matters to our
customers, something that we can all tell our grandchildren about. Such things
aren’t meant to be easy. We are incredibly fortunate to have this group of
dedicated employees whose sacrifices and passion build Amazon.com.

Goals for 1998

We are still in the early stages of learning how to bring new value to our
customers through Internet commerce and merchandising. Our goal remains to
continue to solidify and extend our brand and customer base. This requires
sustained investment in systems and infrastructure to support outstanding
customer convenience, selection, and service while we grow. We are planning to
add music to our product offering, and over time we believe that other products
may be prudent investments. We also believe there are significant opportunities
to better serve our customers overseas, such as reducing delivery times and
better tailoring the customer experience. To be certain, a big part of the
challenge for us will lie not in finding new ways to expand our business, but in
prioritizing our investments.

We now know vastly more about online commerce than when Amazon.com was founded,
but we still have so much to learn. Though we are optimistic, we must remain
vigilant and maintain a sense of urgency. The challenges and hurdles we will
face to make our long-term vision for Amazon.com a reality are several:
aggressive, capable, well-funded competition; considerable growth challenges and
execution risk; the risks of product and geographic expansion; and the need for
large continuing investments to meet an expanding market opportunity. However,
as we’ve long said, online bookselling, and online commerce in general, should
prove to be a very large market, and it’s likely that a number of companies will
see significant benefit. We feel good about what we’ve done, and even more
excited about what we want to do.

1997 was indeed an incredible year. We at Amazon.com are grateful to our
customers for their business and trust, to each other for our hard work, and to
our shareholders for their support and encouragement.

Jeffrey P. Bezos
Founder and Chief Executive Officer
Amazon.com, Inc.

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