Introduction
Amazon, one of the largest online retailers in the world, always has something remarkable up its sleeve. The company, which was initially an online bookstore and then expanded into selling almost everything under the sun, has been hitting the headlines for its new moves and latest developments lately. In this blog article, we will take a closer look at five latest business news on Amazon that will shock you.
Expanding to Healthcare Industry
Amazon’s latest move is towards the healthcare industry with its new venture: Amazon Pharmacy. The service provides prescription medication delivery to Prime members. The company seeks to simplify the complicated process of getting medicines for its clients and provide them with easy access to medication at their doorstep.
Stepping into Luxury Businesses
Amazon has entered the luxury business with the Amazon Luxury Stores. The platform offers designer fashion and beauty products from established and emerging luxury brands, making them easily accessible to Amazon Prime members.
Paying Employees to Quit Their Jobs
Amazon famously offers its employees $5,000 to quit their jobs. The program, called ‘Pay to Quit,’ provides incentives for employees who want to quit their jobs voluntarily. Amazon has reported significant success with this program in retaining committed and engaged employees.
Converting Malls to Amazon Fulfillment Centers
Amazon seeks to optimize its distribution network by converting old shopping malls into Amazon fulfillment centers. These malls, which are dwindling in traffic, provide a budget-friendly alternative for Amazon compared to building new warehouses. The company has already converted several malls into fulfillment centers and expects to do more.
Controversy over Amazon’s Business Practices
Amazon has faced criticism regarding its business practices. The company has been accused of unfair competition and using its data to hurt its competitors. The e-commerce giant faces regulatory scrutiny, and there have been proposals to regulate Amazon’s power.
Conclusion
Amazon is an ever-evolving giant that does not shy away from taking risks and trying something new. With its foray into healthcare, fashion, and loyal employee retention programs, the company has upped its game. However, as Amazon grows and becomes more powerful, it attracts regulatory scrutiny. It is essential to keep an eye on the giant and ensure fair competition in the e-commerce industry.
