from the world's big
These new status behaviours are what one expert calls 'inconspicuous consumption'.
The best and worst of yesterday has created the economy of today.
- Adam Davidson, co-founder of NPR's Planet Money, can trace a line through time from homemade clothing and baked goods to today's passion economy. Davidson argues that a combination of the nineteenth and twentieth centuries are how we got to where we are.
- We shifted from an intimate and localized economy of goods and services, to an economy of scale, and finally to what Davidson refers to as "intimacy at scale."
- There are, of course, positive attributes to this hybrid economic system, but it also comes with some of the flaws of its predecessors.
Jeff Bezos, the founder of Amazon.com, explains his plan for success.
- Jeff Bezos had a clear vision for Amazon.com from the start.
- He was inspired by a statistic he learned while working at a hedge fund: In the '90s, web usage was growing at 2,300% a year.
- Bezos explains why books, in particular, make for a perfect item to sell on the internet.
How Jeff Bezos calculated success<p>He compared books to music, the number two best item for the web. Bezos pointed out that at any given time there were 200,000 CDs "active" worldwide (let's not forget this was 1997). But at that same time, there were 3 million books "active in the book space" in different languages, with more than 1.5 million in English alone. </p><p>The genius of recognizing the unique potential of an online bookstore that Bezos says "couldn't exist any other way" was complemented by his vision in how to actually make such a store work. His company only kept an inventory of a couple of thousand bestselling books while having access to 400,000 others from an electronic network of wholesale distributors. These "almost in time" titles would be available within a day. Amazon also made a deal with another 20,000 publishers to have access to 1.1 million titles, which would take a couple of weeks to get. They also thought of how to connect to a million out-of-print titles by connecting with appropriate dealers.</p>
Digital thinking in the print age<p>The Amazon founder also explained how his company would continue to capture people's attention amid the glut of information. His secret? Doing something "new and innovative", creating an online business the likes of which did not exist, that "actually has real value for the customer." Doing that creates marketing opportunities from newspapers and generates "huge" positive word of mouth that helps grow the business. In the first year, all growth for Amazon was fueled by word of mouth and media exposure, not ads. In fact, as far as ads, in 1997 he expressed a preference for online ads versus traditional paper ones since the digital ones were much easier to track and quantify. He called it a marketing "Nirvana".</p><p style="margin-left: 20px;">"What's really incredible about this is that this is day one. This is the very beginning. This is the <a href="https://www.kittyhawknc.gov/?SEC=E6C07ECB-6AAD-4620-8328-8B0685703D1E" target="_blank">Kitty Hawk </a>stage of electronic commerce," said Bezos.</p><p>In the end of the interview, Bezos also made a prediction for a millennium from now, saying that we're going to find out that "people will look back and say the late 20th century was a great time to be alive on this planet."</p><p>Check out the <a href="https://www.youtube.com/watch?v=rWRbTnE1PEM" target="_blank">full interview here</a>.</p>
Amazon's blockbuster purchase of Whole Foods will lead to big changes in how we shop.
When Amazon bought the upscale grocery chain Whole Foods for $13.7 billion, it immediately set off speculation about the changing nature of shopping. Already the behemoth of online retailers, Amazon will now dramatically expand its physical presence, courtesy the 460 Whole Foods stores worldwide.