Amazon is a global brand known to almost everyone who has used the Internet. The organisation is much more than just an e-commerce company or a retail service provider. Instead, it is a mix of many different businesses, ranging from online retail to cloud computing.

While many know Amazon as an e-commerce giant, it started as a small online bookstore. But, over the years, such was the transformation that now it offers nearly every product imaginable. In this article, let’s understand this extraordinary Amazon journey that started in 1994 when the company was incorporated.

• Amazon was started by Jeff Bezos from his garage as an online bookstore in July 1994.
• Gradually, the company expanded and created an “everything store” dealing in segments like clothing, electronics, audiobooks, and more.
• During the COVID-19 pandemic, Amazon’s market cap hit USD 1 trillion and stock price to over $3,500.

To better understand how Amazon evolved over the years, let’s check out some key events that occurred in Amazon’s journey:

1994

In July 1994, Jeff Bezos launched Amazon as an “online bookstore” from his garage in Washington. His ultimate aim was to create "An Everything Store." Originally, he considered names like "Cadabra" and "Relentless," but chose "Amazon" after the world’s largest river.

In the early days, Amazon relied on word-of-mouth publicity for sales. Bezos, along with his small team, personally delivered packages to the post office. Interestingly, if you still type "www.relentless.com," it will redirect you to Amazon’s website!

1997

By 1997, Amazon’s annual revenue had surged to $148 million. To secure funds for future growth, Jeff Bezos decided to take the company public. On May 15, 1997, Amazon launched its IPO on NASDAQ at $18 per share. The company raised $54 million.

In 1997, Amazon also celebrated its one-millionth order, which Bezos personally delivered to a buyer in Japan.

1999

By 1999, Amazon had diversified further. It was now selling video games, home-improvement items, consumer electronics, software, and more. Amazon's reach even extended to around 150 countries. This rapid growth led to Jeff Bezos being named Time Magazine's Person of the Year in 1999. By the end of the year, Amazon's stock peaked at $106.69 per share.

2000 and 2001

In 2000, Amazon began allowing individual sellers and merchants to list their products alongside Amazon's own. The company also introduced a new logo with a curved arrow from "A to Z”.

2002

By 2002, Amazon expanded into clothing. It partnered with multiple fashion brands to offer over 400 clothing lines on its platform. To attract more customers, Amazon introduced the "Free Super Saver Shipping" option. It provided free shipping for orders over $99.

2003

In 2003, Amazon expanded beyond retail by launching Amazon Web Services (AWS). Later, this service became a major profit generator and supported Amazon’s growth. It also began leasing its e-commerce platform to other retailers like Target and Borders.

2004

In 2004, Amazon entered the Chinese market by acquiring “Joyo”. It was China’s largest online seller of electronics and books. However, Amazon China lagged behind local giant Alibaba in market share. By August 2004, Amazon’s stock was valued at $38.63 per share.

2005

In 2005, Amazon introduced Amazon Prime. It was a loyalty program priced at $79 per year. The launch of Amazon Prime significantly enhanced customer engagement.

2006

In 2006, Amazon launched Fulfillment by Amazon (FBA) for third-party sellers. It allowed them to store products in Amazon's warehouses for a fee. When orders were placed, Amazon managed packing, shipping, and even returns and refunds. This simplified the process for sellers.

2007

This year was an important part of Amazon journey. The company introduced “Kindle”, an electronic reader priced at $399. It allowed easy downloads of books and magazines. By November 2007, Amazon’s stock rose to $79.18 per share.

2008

Two months after launching the Kindle, Amazon acquired “Audible”. It was an audiobook company with 80,000 programs. The acquisition cost was $300 million.

2010

Amazon expanded its business by acquiring “Quidsi”. It was the parent company of Diapers.com. The acquisition was made for $554 million.

2013

Amazon launched its marketplace in India. It introduced the Mayday button for instant tech support in 2013. It also acquired The Washington Post and started Sunday deliveries.

2014

2014 was a crucial year in Amazon's journey as the company launched its “fire smartphone”. This move was a failure, and the product was discontinued. Later in the year, the company launched Fire TV and Amazon Echo speakers. Amazon’s stock reached $378.77 in March.

2017

Amazon acquired Whole Foods for $13.7 billion in June 2017. In this way, the company entered the grocery and physical retail markets with 471 stores. This year, Jeff Bezos became the world's richest man.

2018

In 2018, Amazon's market value surpassed $1 trillion. The company raised its minimum wage to $15 per hour and chose New York and Virginia for its new headquarters. By September 2018, Amazon's stock hit $2,039.51 per share.

2019

The company marked its 25th anniversary. At this point, Amazon had 6,50,000 employees and dominated online sales in the US.

2020

The COVID-19 pandemic boosted Amazon's business as online purchases surged. This raised its market cap to $1.5 trillion and stock price to over $3,500 by September.