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Jeff Bezos In 1999 On Amazon’s Plans Before The Dotcom Crash

Jeff Bezos In 1999 On Amazon’s Plans Before The Dotcom Crash


It doesn’t matter to
me whether we’re a pure internet play. What
matters to me is do we provide
the best customer service. Internet Shminternet Given the decades of
wisdom that has built up in the business
world investors, it sounds like you’re saying
you’re making a big speculative bet, if
they’re investing in your company’s stock.
Well I think all Internet companies you
know the stocks are incredibly volatile… But even long term. Long term
I believe. That it’s very easy to
predict that there are going to be
lots of successful companies born of the Internet.
They’re going to have very large market caps
and so on. I also believe that today where
we sit it’s very hard to predict
who those companies are going to be. So you
know you can make bets on these things and
I think that Amazon.com if we don’t if
we’re not one of those important lasting companies
born of the Internet we will have
nobody to blame but ourselves and we
will be extremely disappointed in ourselves.
But there are no guarantees. It’s very
very hard to predict. If you go back
and look at the companies created by the P.C.
revolution in 1980 you wouldn’t have predicted
the five winners the five biggest winners.
There’ve been lots of winners actually. So this
space is a little different and brand name
may need may mean more and then
there’s some increasing returns kinds of things
maybe more. But I believe that if
you can focus obsessively enough on
customer experience, selection, ease of use, low
prices, more information to make purchase decisions
with. If you can give customers all
that plus great customer service and with our
toys and electronics we have a 30 day return
policy. If you can do all of that then I
think you have a good chance. And that’s what
we’re trying to do. You’re not really
a pure Internet company anymore either. I
mean you’ve got millions of square feet now
of real estate. You’ve got a growing huge
and growing inventory of items with you keep
in stock. You’ve got thousands and thousands
of employees now. We have over 3000
employees and over four million square feet
of distribution center space. And those are
things I’m very very proud of because
with that distribution center space and
half a dozen distribution centers around the country
it allows us to get product close to
customers so that we can ship it to
customers in a very timely way which improves
customer service levels. That’s what we’re
about. If there’s one thing Amazon.com is
about its obsessive attention to
the customer experience, End to
end. And that’s what those
distribution centers. But you’re not
a pure Internet play. It doesn’t. It doesn’t
matter to me whether we’re a pure Internet
play it matters to me is we provide
the best customer service. Internet Shminternet. It’s
that’s you know that doesn’t matter. Well but it does
matter to your investors to know whether they’re
investing in a company that is… No, they should be
investing in a company that obsesses over
customer experience in the long term.
There is never any misalignment between
customer interests and shareholder interests. Well that’s the
same argument that somebody at WalMart would
make as well. I don’t see why not.
I think they should make that argument. So
it’s a correct argument. OK. So you’ll open as
many square feet of space physical space as you
have to hire as many employees as
you have to… To service customers. Absolutely. And we’ll do
it as rapidly as we can. That’s a very
cost intense proposition. Not compared to
opening an equivalent network of retail stores. So if you open a
bunch of chain stores. Look when we open
a distribution center we’re opening places that may
have square where we may pay 30 cents a
square foot for for a lease instead of
paying seven dollars a square foot which you
might pay in a high traffic retail area.
So when you compare those things they’re not
the same. You can’t compare a big chain
of of of of retail stores to half
a dozen distribution centers. It’s just not you
know it’s bad math. Either way whichever side
of the argument you believe you’re making what
it seems to me. There’s only one side
which is obsess over customers. But it seems to me
that. Both with the speed of your growth in
terms of the number of stores online that
you’re opening the different businesses you’re
getting into the number of distribution
centers and you’re opening a new
employees you’re hiring That you are making
an intense gamble here which is twofold. One
that you can run this number of
businesses different businesses well. And two that
you can make money by selling vast volumes
of products and essentially razor
thin profit margins. I think that the
the first one in particular I agree with
wholeheartedly which is that where There there’s no
guarantee that Amazon.com can be a
successful company. What we’re trying to do
is very complicated. There’s huge execution risk
involved. We have a terribly complicated
business. We’re growing, you
know, historically very rapidly. We’re
opening new product categories we’re
expanding in new geographies. We have
whole new business models with things
like auctions. Now we think this is the
less risky of the two approaches because scale
is important in this business. And you
need scale also to offer the lowest
prices and the best customer service to
people. So scale is important to us and
we’re going to go after that kind of scale.
But it does mean that the executional challenges
are huge. And so you’ll find a bunch
of people back in Seattle and around
the world working very hard to make sure
we service customers at the level that they’re
used to. And then even improving that. Isn’t it to some
extent a certain amount of, with
all do respect, corporate arrogance to
assume that you can come into these businesses
which you have no experience in and
virtually overnight enter a huge variety
of different businesses and become the best in
those businesses and the market leader in
those businesses. There are other companies that
have been running these types of businesses for
decades if not more. I don’t think so. So
you know when we first started selling books four
years ago we were everybody said look
you’re just computer guys you don’t
know anything about selling books. And that was
true. But what we really cared about customers and
now we know a lot about books and
when we first started selling music people said
the same thing but we hired the right
people. So we don’t do this in a vacuum. We
go out and hire the best industry experts
in each of these categories. That’s the
same with toys electronics. So you know
we take this very seriously we take
the commitment to the customer very seriously
and we’re not about to release something
or announce something before it’s ready.

Comments (100)

  1. This guy does a great Nicholas Cage impression

  2. You can't fool me!! That's kevin spacey!!!

  3. He was 35 in this video. How hard must he have worked to go balding at such a young age? His scalp is at least 65 years old.

  4. Don't get divorced

  5. It’s honestly creepy the way he stares at the interviewer

  6. why is the random dude grilling a ceo of 3000 employees about how bad his business sense is

  7. The difference:
    Creative Entrepreneur Jeff: Richest Man
    Arrogant Employee Interviewer: Broke

  8. The interviewer is so out of his league. He just can't even comprehend, even in the slightest, Jeff Bezos' vision.

  9. I hope the Internet crashes and burns. The chaos would be orgasmic! Back to basic folks.

  10. i dont know but jeff seems to me how ET from spilberg

  11. Bezos’s shirt πŸ‘• is way too big for him

  12. They had this talk before I even existed

  13. Before he made everyone’s life miserable who works there… wealth corrupts. Wow good customer service? Really? Speak to some who doesn’t speak clear English, send 3 of the same item, chargeback the customer, give customers concessions over and over, then put them on a list where they get yelled at and treated like garbage. Great job!

  14. Maaah I could beena a tech billionaire if I'd been born with triple power eyeballs goddammit.

  15. Cancerous psychopath. Done more harm than good.

  16. 122+ Billion Dollars. Yes that's how rich this little bald guy is.

  17. Kinda looks like Kevin Spacey

  18. ok, now you can pay taxes in Europe.

  19. Lmaoo I wonder where the interviewer is

  20. The way Bezos looked that interviewer is like looking at a confused pet or something. He doesn’t get why the interviewer are so silly but try to be nice.

  21. the thumbnail looks like kevin spacey

  22. Try to delete your Amazon account and experience the worst customer service. Great customer service ONLY when it serves Amazon interest. Blockchain and Internet 3.0 will overcome Amazon.

  23. Reporter; Razor thin margins, Internet Co are vulnerable, Corp aggorance, overnight successes…

    Today; Bezos worth 150bil, the reporter is still reporting nonsense

  24. interviewer shminterviewer

  25. he looks like he snorted a few lines before the interview

  26. The interviewer now knows that Bezos was right all along. He is the richest person in the world. Because he knew that when you earn the trust of the customers, you will make money. I love shopping on Amazon. Its open 24hrs a day i can go shopping in bed. And they will deliver it to my doorstep and tell me when it is going to arrive. Nobody can compete with Amazon

  27. Kevin Spacey isn't looking so good

  28. I honestly like the interviewer, this is the type of questions that usually provide the best answers and allows you to see how well prepared the interviewed is for any type of question, even if they aren't the most pleasant ones.

  29. Apple is the worst costumer service company on the planet and still is second most valuable company in the world i am confused.

  30. Good lord the interviewer is dumb

  31. See you, in the future, sir.

  32. Kevin Spacey and Nicholas Cage combined

  33. Jeff Bezos looks like Alien nowadays, hahaha

  34. that look in the eyes…….evil..

  35. How rich was he at the time of interview?

  36. there is something that you need to have cuz when she leave yo ass
    she gone leave with half

  37. Jeff bezos should play lex luthor in a solo film

  38. Jeff is still working on getting more quality shows for Amazon Prime…

  39. Jeff Bezos , being married , fell for a married bimbo and now is divorced with ex wife taking away fortune worth $38 billion . This also puts him in the category of biggest losers.

  40. looks like a robot to me.

  41. Way before he looked like a James Bond villain.

  42. Trump president for life

  43. The interviewer seems barely qualified to ask the questions… He sounded clueless to the depth of ability of Bezos and Amazons strategic position.

  44. Mr. Bezos salary.. as of 2019
    $6.54 billion = a month
    $1.5 billion = a week
    $215 million = a day

  45. 1:43 that’s exactly the key!
    They have EVERYTHING you can ever want and great price and good stuff.
    And 2 days I get what I ordered sometimes 1
    Customer service is tops
    When I need or want something Amazon is my first go to.
    In less then 1 minute I’m done.
    Really forward thinker!

  46. 10 years later, hes the richest man on this planet

  47. Went to high school with him how crazy ?

  48. The interviewer is a little slow in understanding him.

  49. Amazon offers nothing different to customer service in comparison to any online services………when the US government gives you 500+ million to fund your business creates an illusion that the US have the richest man with the biggest company. slave wages is not innovation

  50. he blinks every second

  51. Man, Jeff's eye makes him look like he is an AI robot.

  52. He still looked human back then.

  53. Jeff's look reminds me of a mother reaching a child a lesson

  54. Also before he joined the CIA to spy on Americans.

  55. Where is this interviewer now?

  56. That left eye stares into your soul

  57. Jeff Bezos 1 – 0 Interviewer

  58. Amazon came to Australia. I ordered something, the app said it was delivered. It didn't get delivered.
    I went to Amazon support and they INSTANTLY said "oh yes that was lost in shipping". So they knew all along that it wasn't delivered, but marked it as delivered in the hopes I wouldn't sting them up about it. Uninstalled the app, never again.

  59. Bezos, Zuckerberg, Musk, etc…has anyone else noted all the richest people are somewhat on the autism spectrum?

  60. customer service…lol…worst customer service ever…also, private sellers, worst customer service ever..I know from experience..they treat everyone like numbers, not real people…thats the way of the future witha ll these huge corporations now adopting new technologies and wanting everything shipped faster and what not…we cant do it, but robots can! think about it…were all friggin doomed..

  61. this video proves what the elite of the world know and what they are planning for the new world order..it is not by accident that Jeff was dubbed man of the year in Time Magazine in 99, then becomes the richest man in the world in 2018…

  62. Jeffff thanksss for the toysss. Trae el cariΓ±ena que sigo solaaaaπŸ˜πŸ˜πŸ˜πŸ˜πŸ˜πŸ˜πŸ˜πŸ˜πŸ˜πŸ’‹πŸ’‹πŸ’‹πŸ’‹πŸ’‹πŸ’‹πŸ’‹πŸ’‹πŸ’‹πŸ˜˜πŸ˜˜πŸ˜˜πŸ˜˜πŸ˜˜

  63. its crazy how amazon got so sucessful because of absolutely outstanding customer service, yet basically everyone else stubbornly provides terrible customer service

  64. that interviewer was absolutely clueless lmao what a surprise its cnbc i didnt know that until started writing this comment. i bet he was so smug during the crash

  65. did the interviewer really said you arent fully an internet company because you own land lol

  66. his eye contact probably made him massively successful.

  67. He looks like Bobby Darin.

  68. why does he look like that

  69. I think Jeffs' been doing data science on the down-low wayyy before it blew up as a way to gain insight into consumer habits, atleast that's what i think he's saying whenever he mentions customer experience and customer standards .

  70. Bezos literally stared at the interviewer for the duration of the entire interview

  71. They called me a madman

  72. Amazon corporate employee here – what he says at 1:45 still rings 100% true to this day about the company and probably will in another 20 years. Remarkable.

  73. I wish I knew what it feels like to be that focused and confident.

  74. This man might have a bright future

  75. Internet… Shminternet…

  76. I dont like Wogs, simple as that. Greaseball

  77. a generous guy.., sending his wife off with 60 billion.

  78. Can we all agree that Zuckerberg, Elizabeth Holmes, amd jeff bezoz all share this similar unhuman uncanny valley look, it's almost as of all the rich and influential people aren't actually people.

  79. What a wonderful and crisp ending. 20 years later: Richest man on earth, and his company's market cap > $1 Trillion

  80. I come here time and time again to hear Bezos' soft calm voice and hear this sound effect in the background, btw anyone knows where can I find this track?

  81. 10 years later. Amazon ships an order to you and you receive it the same day. This dude is a decade ahead of his time.

  82. His eye contact is on another level

  83. if he cant regrow his hair with all his money then there is no cure for balding

  84. Jeff me voy contigo si todavΓ­a quieres.

  85. 😍😍😍😍😍😍😘😘😘😘😘😘😘

  86. He’s an alien

  87. I wish i listen to him at that time.

  88. Thank God he didnt devour and eat the interviewer.

  89. OMG, Kevin the spacey* has become world's richest man!!

    *Look at 'his' left eye…it's tryna come out.

  90. why does he look at you like that? lol kinda weird

  91. Jeff before he sold his soul to the Jews

  92. He's way cooler now

  93. 1999 Jeff: I want to provide THE BEST CUSTOMER SERVICE.
    2020 Me: Yes sir you 100% have done that,

    Just so you know I wasn’t even born back in 1999

  94. how idiotic is the interviewer?!! this is the problem with the media ! amazon was due to become a giant but the small minded sears shopper here did not see it how

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