Amazon surpasses 100 million Prime subscribers from All over the world, according to the most recent annual shareholder letter released by CEO of the company, Jeff Bezos.
Highlighting the ever rising subscription, the one of the biggest e-commerce company is showing the sign of molding its service in order to progress from a simple online marketplace into the e-commerce giant, which was struggling for profitability during its initial period of establishment.
The annual letter is released every year long since 1997 and majorly recognized as the must-read review for business experts offering comprehensive information about the long-term thinking and management principle followed by the Amazon CEO. The letter has first time disclosed the number of Prime membership subscribers, which is the figure that never ever been exposed by Amazon and recorded just 10 millions of subscribers in 2015.
Jeff Bezos, Amazon CEO wrote in the letter that, “So, the four elements of high standards as we see it: they are teachable, they are domain specific, you must recognize them, and you must explicitly coach realistic scope. Building a culture of high standards is well worth the effort, and there are many benefits. You cannot rest on your laurels in this world. Customers won’t have it.”
What we’re seeing in Europe and other markets is similar to what we saw in the U.S. between 2010 and 2014,” says analyst, RJ Hottovy from Morningstar Inc. “People see value in Prime memberships in terms of shipping speed and content. It’s important to investors because membership retention rates are north of 90 percent.”