If you overheard two people talking about Amazon Drones while walking down the street or even while working in your office, you probably wouldn’t need any additional context or explanation.
That’s because Amazon and CEO Jeff Bezos have the astounding ability to generate and spread word-of-mouth like wild fire.
Why and how, you may ask?
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Because at the center of all this media and social chatter is one core principle: Innovation.
The world is in a constant state of change – the accelerated pace of technology advancements is making us always ask “What’s next?” before we even get acclimated to what’s happening now.
But constant innovation is the foundation to successful companies – especially retailers – as a crowded marketplace is making them scramble to capture customer mindshare.
“(Amazon) is always forward-thinking,” said Leslie Hand, Research Director for IDC Retail Insights, in a recent Retail TouchPoints article. “They get their investors to support rather low operating margins and rather high capital expenses that will continue to put Amazon in a leadership position for many years to come. Sometimes the benefits of the investment do not come until five years later.”
Establishing a company culture that focuses on innovation and sharing ideas is key to becoming a leader in the industry, added Ann Grackin, CEO of ChainLink Research. “Innovation is either in your culture, or it’s not. Once in a while a new CEO comes along and tries to shake things up and make the business more enticing, but that all depends on the mind of the leadership. And one thing’s for sure: Amazon has it.”
Amazon may have it, but do you? Does your company focus on establishing new ideas and business models that are ahead of the retail curve?
Share your insights in the comments below!
