Thursday, 24 May, 2018

It turns out people really like Amazon Prime

Amazon stock up as the company reaches 100 million Prime subscribers It turns out people really like Amazon Prime
Heather Davidson | 20 April, 2018, 01:03

Chief Executive Officer at Amazon, Jeff Bezos revealed that his company has over 100 million Prime members worldwide marking the first time in the 13-year history of Amazon. The e-commerce giant turned part-time streamer has racked up more than 100 million paying customers to its Prime service, according to an annual shareholders letter from the company.

Amazon.com, Inc. (NASDAQ:AMZN) has been notoriously secretive about its Prime membership numbers over the past several years.

Bank of America Merrill Lynch's Justin Post puts Prime memberships at 137 million by year end in his forecasts as video streaming continues to drive new users and retain existing ones.

Amazon was started during the year 2005, and Amazon Prime was the basic offering.

Best known as an online retail colossus, Amazon has the leading system for hosting services or content in the internet cloud and is the force behind the Alexa digital assistant being built into a wide array of devices. Bezos's comments show that Seattle-based company is selling Prime memberships overseas, demonstrating it can replicate its USA success abroad, said RJ Hottovy, an analyst at Morningstar Inc.

A Prime subscription costs $99 a year giving reduced shipping fees plus access to its video and music services.

To achieve this, Bezos lays out his "four elements of high standards". Prime Now is available in more than 50 cities worldwide across nine countries. Bezos mentioned 2017 saw Amazon reach 100 million Prime members and 5 billion products shipped through the service.

"While many retailers struggle to establish omni-channel strategies, Amazon is taking omni-channel innovations to the next level through its partnerships, delivery options and multiple interfaces", said Hugh Fletcher, Global Head of Consultancy and Innovation, Salmon.

"Unrealistic beliefs on scope - often hidden and undiscussed - kill high standards".

Bezos's comments on Amazon Music don't really offer much new insight beyond that already revealed by the company's music man Steve Boom earlier this month.

In an email to Retail Dive Thursday, Moody's Lead Retail Analyst Charlie O'Shea said the official number from Amazon "reflects the power of the program, and validates the continuing substantial investments on various fronts to both attract and maintain this important core base".

He took a philosophical turn: To make a point about the importance of setting high standards, Bezos described a friend so determined to master a handstand that she hired a handstand coach. Previously, Amazon vaguely referred to having "tens of millions of members".

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