第三封信: 什么都卖的电商平台


To our shareholders:

The first 4½ years of our journey have yielded some amazing results: we’ve now served over 17 million customers in over 150 countries and built the leading global e-commerce brand and platform.
In the coming years we expect to benefit from the continued adoption of online commerce around the world as millions of new consumers connect to the Internet for the first time. As the online shopping experience continues to improve, consumer trust and confidence will increase, driving further adoption. And, if we at http://Amazon.com do our job right, we can be uniquely positioned to serve these new customers best and benefit as a result.
A Recap of 1999
During 1999, our relentless focus on customers worked:

• Sales grew from $610 million in 1998 to $1.64 billion – a 169 percent increase.
• 销售额从1998年的6.1亿,提升到16.4亿,增长169%。

• We added 10.7 million new customers, increasing cumulative customer accounts from 6.2 million to 16.9 million.
• 我们新增了1070万用户,总用户账号数从620万提升到1690万。

• The percentage of orders placed by repeat customers grew from over 64 percent in the fourth quarter of 1998 to greater than 73 percent in the same period in 1999.
• 1999年第四季度,旧用户购买的订单,占全部订单的73%。1998年同一时间仅为64%。

• Customers around the world are now choosing http://Amazon.com for a wide array of products. Only two years ago, Amazon.com’s U.S. Books business represented 100 percent of our sales. Today, despite strong growth in U.S. Books, other areas account for more than half our sales. Major 1999 initiatives included Auctions, zShops, Toys, Consumer Electronics, Home Improvement, Software, Video Games, Payments and our wireless initiative, Amazon Anywhere.
• 现在,全世界的消费者都选择使用Amazon购买各种类型的商品。仅仅是在两年前,Amazon在美国的在线书店业务,即是我们所有的业务。今天,虽然书店业务仍强劲成长,其他领域的业务占我们的销售额一半以上。1999年,我们开始了新业务,包括拍卖、zShop、玩具、消费性电子产品、居家装饰、软件、电动玩具、支付和我们的无线业务Amazon Anywhere。

• We’ve continued to be recognized as best-of-breed not only in our more established areas such as books, but in our newer stores as well. Just to focus on one area, Amazon Toys has received multiple awards, including being rated the best online toy store in an MSNBC survey, a ranking as the No. 1 on-line toy store by Forrester Research, and the top e-Rating from Consumer Reports in the toys category, in each case beating out a number of longer-established players.
• 不只在书籍领域,我们也在新领域被消费者认为是最佳品牌。只看玩具领域,Amazon玩具斩获多项奖项,即使玩具市场中有许多比我们更老的公司,MSNBC调查中被评为最佳在线玩具商店,在Forrester Research的市场研究中排行第一,在Consumer Reports的玩具分类中排行最高。

• Sales outside of the US accounted for 22 percent of our business, totaling $358 million. In the U.K. and Germany, we added Music, Auctions and zShops. In fact, Amazon.co.uk, Amazon.de, and http://Amazon.com are now the #1, #2, and #3 most popular online retail domains in Europe.
• 在美国境外的销售额,占我们业绩的22%,总计3.58亿。在英国和德国市场,我们增加了新业务:音乐、拍卖、zShop。事实上,英国站、德国站和美国站分别排行欧洲在线零售领域的第一名、第二名和第三名。

• We grew worldwide distribution capacity from roughly 300,000 square feet to over 5 million square feet in less than 12 months.
• 在过去12个月中,我们全球的物流配送能力从30万平方英尺,提升至超过5百万平方英尺。

• In part because of this infrastructure, we were able to grow revenues 90 percent in just three months, while shipping well over 99 percent of our holiday orders in time for the holidays. As far as we can determine, no other company has ever grown 90 percent in three months on a sales base of over $1 billion.
• 从某种程度上,由于有了这些基础建设,我们能在短短三个月内提升营收90%,在假期及时运送99%突增的订单。据我们所知,没有其他公司在三个月内,以超过10亿美元的销售额增长90%。

I’m incredibly proud of everyone at http://Amazon.com for their tireless efforts to deliver what has become the standard-setting, Amazon.com-class customer experience while simultaneously handling such extraordinary growth rates. If any of you shareholders would like to thank this incredible worldwide team of Amazonians, please feel free to send an email to jeff@amazon.com. With help from my astounding office staff, I’ll compile them and send them to the company. I know it would be appreciated. (As a side benefit I’ll get to see if anyone reads these letters!)

In 1999, we continued to benefit from a business model that is inherently capital efficient. We don’t need to build physical stores or stock those stores with inventory, and our centralized distribution model has allowed us to build a business with over $2 billion in annualized sales but requiring just $220 million in inventory and $318 million in fixed assets. Over the last five years, we’ve cumulatively used just $62 million in operating cash.

What Do You Own?

At a recent event at the Stanford University campus, a young woman came to the microphone and asked me a great question: “I have 100 shares of Amazon.com. What do I own?”

I was surprised I hadn’t heard it before, at least not so simply put. What do you own? You own a piece of the leading e-commerce platform.

The http://Amazon.com platform is comprised of brand, customers, technology, distribution capability, deep e-commerce expertise, and a great team with a passion for innovation and a passion for serving customers well. We begin the year 2000 with 17 million customers, a world-wide reputation for customer focus, the best e-commerce software systems, and purpose-built distribution and customer service infrastructure. We believe we have reached a “tipping point,” where this platform allows us to launch new ecommerce businesses faster, with a higher quality of customer experience, a lower incremental cost, a higher chance of success, and a faster path to scale and profitability than any other company.

Our vision is to use this platform to build Earth’s most customer-centric company, a place where customers can come to find and discover anything and everything they might want to buy online. We won’t do so alone, but together with what will be thousands of partners of all sizes. We’ll listen to customers, invent on their behalf, and personalize the store for each of them, all while working hard to continue to earn their trust. As is probably clear, this platform affords an unusually large scale opportunity, one that should prove very valuable for both customers and shareholders if we can make the most of it. Despite the many risks and complexities, we are deeply committed to doing so.

Goals for 2000

In the year 2000, http://Amazon.com has six major goals: growth in both the number of our customers and the strength of the relationship we have with each of them; continued rapid expansion of the products and services we offer; driving operational excellence in all areas of the company; international expansion; expanding our partnership programs; and last, importantly, driving toward profitability in each and every business we are in. I’ll spend a moment on each goal.


  1. 消费者数量增长,并提升我们与消费者的深度关系
  2. 产品和服务的快速扩张
  3. 推动公司业务的卓越运营
  4. 国际化扩张
  5. 拓展我们的伙伴项目
  6. 推动每一项业务实现盈利

Growing and strengthening customer relationships — We will continue to invest heavily in introductions to new customers. Though it’s sometimes hard to imagine with all that has happened in the last five years, this remains Day 1 for e-commerce, and these are the early days of category formation where many customers are forming relationships for the first time. We must work hard to grow the number of customers who shop with us, the number of products they purchase, the frequency with which they shop, and the level of satisfaction they have when they do so.
增长和强化我们和客户的关系-我们将继续大力投资于吸引新客户。尽管过去五年的进展巨大,有时让人难以想象,但对于电子商务来说,今日依然是第一日(Day 1),许多电商的类别正在形成,许多客户才第一次使用电子商务。我们必须努力提升在Amazon上购物的用户数、购买的商品数量、购买的频率以及满足程度。

Product and service expansion — We are working to build a place where customers can find and discover anything they want to buy, anytime, anywhere. Each new product and service we offer makes us more relevant to a wider group of customers and can increase the frequency with which they visit our store. So, as we expand our offering, we create a virtuous cycle for the whole business. The more frequently customers visit our store, the less time, energy, and marketing investment is required to get them to come back again. In sight, in mind.

Further, as we expand, each new store has a dedicated team working to make it best-of-breed in its category; thus each new store is also a new opportunity to demonstrate to customers our focus on them. Finally, each new product or service further leverages our investments in distribution, customer service, technology, and brand, and can yield increased leverage on our bottom line.

Operational excellence — To us, operational excellence implies two things: delivering continuous improvement in customer experience and driving productivity, margin, efficiency, and asset velocity across all our businesses.

Often, the best way to drive one of these is to deliver the other. For instance, more efficient distribution yields faster delivery times, which in turn lowers contacts per order and customer service costs. These, in turn, improve customer experience and build brand, which in turn decreases customer acquisition and retention costs.
通常,驱动其中一项的最佳方法是提升另一项。 例如,更有效的分配效率,带来更快的交货时间,从而降低了每个订单的联系成本和客服成本。 这些可以反过来改善客户体验,并建立品牌,从而减少客户获取和留存成本。

Our whole company is highly focused on driving operational excellence in each area of our business in 2000. Being world class in both customer experience and operations will allow us to grow faster and deliver even higher service levels.

International expansion — We think that consumers outside the U.S. are even more under-served by retail than those within it, and, with our platform in place, http://Amazon.com is well positioned to be a leading global retailer. We already have significant brand, sales and customer presence around the world, as we’ve been shipping into over 150 countries for almost five years. I’m pleased to report that our stores in the UK and Germany are off to a strong start − they are already in the top 10 Web properties and the # 1 e-commerce site in each of their respective countries. Our customers and shareholders around the world can look forward to further geographic expansion from this base during the coming year.
国际化扩张-我们认为在零售领域,美国境外的消费者比美国境内的消费者接受更少的服务。Amazon目标是成为全球领先的零售商。过去五年,我们为全球超过150个国家的客户寄送商品,因此我们已拥有巨大的品牌、销售和全球客户。我很高兴地宣布,我们在英国和德国的商店即将开张-他们已经是各自国家中排名前10位的网站和排名第一的电子商务平台。 世界各地的Amazon客户和的股东,都将在未来一年中,从这个基础进一步拓展。

Expanding our partnership program — Through our platform, we are able to bring tremendous value to our partners, such as drugstore.com. In fact, our experience so far suggests that http://Amazon.com may easily be the most efficient, effective means for our partners to build their businesses. In many areas, partnering is the best way for us to rapidly expand our store in a customer-focused, cost-effective manner. One point worth emphasizing: the quality of customer experience a partner delivers is the single most important criteria in our selection process − we simply won’t build a partnership with any company that does not share our passion for serving customers.

We love these kinds of partnerships because they please customers, please our partners, and are financially attractive, pleasing our shareholders − you and us.

Drive toward profitability in each business we are in — Each of the previous goals I’ve outlined contribute to our long-standing objective of building the best, most profitable, highest return on capital, long-term franchise. So in a way, driving profitability is the foundation underlying all of these goals. In the coming year, we expect to deliver substantial margin improvement and cost leverage as we drive continuous improvement in our partnerships with suppliers, in our own productivity and efficiency, in our management of fixed and working capital, and our expertise in managing product mix and price.

Each successive product and service we launch this year should build on our platform, so our investment curve can be less steep and the time to profitability for each business should, in general, continue to shorten.

It’s All About the Long Term

In our 1997 letter to shareholders (our first), we detailed our long-term investment approach. Because we continue to add many new shareholders, we’ve appended that letter immediately after this year’s. I invite you to please read the section entitled It’s All About the Long Term, as it is the best way I know to help make sure we’re the kind of company you want to be invested in. As we wrote there, we don’t claim it’s the right philosophy, we just claim it’s ours!

In closing, consider this most important point: the current online shopping experience is the worst it will ever be. It’s good enough today to attract 17 million customers, but it will get so much better. Increased bandwidth will result in faster page views and richer content. Further improvements will lead to “always-on access” (which I expect will be a strong boost to online shopping at home, as opposed to the office) and we’ll see significant growth in non-PC devices and wireless access. Moreover, it’s great to be participating in what is a multi-trillion dollar global market, in which we are so very, very tiny. We are doubly-blessed. We have a market-size unconstrained opportunity in an area where the underlying foundational technology we employ improves every day. That is not normal.
最后,请考虑以下最重要的一点:现在的在线购物体验,放在今后的电商历史中依然是最糟糕的。然而,今天这样的状态就足以吸引1700万客户,而且它将变得越来越好。带宽提升将带来更快的页面浏览速度,以及更加丰富的内容。进一步的改进将使「永远在线」成真,我预计这将大大提升居家场景的电商购物体验。非PC设备和无线装置将会显著增长。此外,参与到这个万亿美元的全球市场是一件好事,Amazon在这个市场中还非常非常小,我们非常幸运。 在这个技术每天都在进步的时代,能遇到不受市场大小限制的机会,这是非比寻常的。

As always, we at http://Amazon.com remain grateful to our customers for their business and trust, to each other for our hard work, and to our shareholders for their support and encouragement. Many, many thanks.

Jeffrey P. Bezos
Founder and Chief Executive Officer
Amazon.com, Inc.


1999年的亚马逊还在飞快的增长,销售额翻倍了,新增用户也增长了2倍,现在的亚马逊卖各种类型的商品,而不是只卖书。每 一个领域,都成为消费者认为的最佳品牌。

贝索斯说亚马逊的愿景是成为世界上最用户导向的公司,一个用户可以找到任何要的东西的在线平台。 用户导向其实就是以用户为中心,用户需求作为设计产品的原动力,产品的核心价值是用户 ,这对于亚马逊这种在线平台是非常正确的。


  1. 消费者数量增长,并提升我们与消费者的深度关系
  2. 产品和服务的快速扩张
  3. 推动公司业务的卓越运营
  4. 国际化扩张
  5. 拓展我们的伙伴项目
  6. 推动每一项业务实现盈利

前面几项都是为了增长的,我理解的国际化扩张其实是非常正确的。美国公司的国际化其实是好做一点,在国内创业其实最好就是在一开始就国际化,不然后面就比较难。 现在的很多全平台游戏都是国内与国际同步的,像原神也取得了很不错的成绩。


最后,我觉得他回答那个: "我有100股Amazon股票,意味着我拥有什么?"的问题时,答案是非常好的。 你拥有了最领先的电子商务平台的一部分。


第三封信: 什么都卖的电商平台”的一个响应


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