Jeff Bezos who is the Chief Executive Officer of Amazon has released his latest annual letter to shareholders. In the letter, Jeff put a lot of stress on the importance of having high standards in the running of the business and by setting high standards, the companies are able to live up to the ever-rising expectations of their customers. In the letter, Jeff Bezos also wrote how one can stay ahead of the rising expectations of customers and he also made it clear that there is no single way of doing it but it is actually a combination of a number of different things. But the high standards are definitely a big and major part of it.
In the letter, Bezos also brought to light, for the first time that Prime has currently exceeded 100 million members globally. In the year 2017 alone, Amazon had added more Prime members as compared to any of the previous years and also shipped over five billion products through the service of paid membership globally. Moreover, the letter said that Amazon had sold the maximum number of devices in the previous year with customers buying about ten million echo devices. Bezos stated that in the field of whole foods, the technical work is presently in progress for bringing Prime member benefits to the grocery chain. This letter published by Jeff Bezos in an annual letter which he had been publishing since the year 1997 is widely considered to be a must read letter by almost all business professionals for its rich detail around the management principle and long-term thinking of the CEO of Amazon.
The letter this year stresses on the idea of high standards where he has mentioned that these high standards are teachable and that they are contagious in nature within an organization. But these standards need to be specific to the domain because they do not automatically spread from one particular area to another. For the purpose of achieving high standards, the exact meaning in a particular area needs to be recognized and at the same time it is a mandate to explicitly coach realistic scope. Bezos has also stated that building a culture of high standards is absolutely worth its effort since there are a huge number of benefits associated with it.