1997 LETTER TO SHAREHOLDERS (Reprinted from the 1997 Annual Report) To our shareholders: Amazon.com passed many milestones in 1997: by year-end, we had served more than 1.5 million customers, yielding 838% revenue growth to $147.8 million, and extended our market leadership despite aggressive competitive entry. Second, you must have realistic expectations for how hard it should be (how much work it will take) to achieve that result – the scope. first measure ourselves in terms of the metrics most indicative of our market leadership: customer and revenue growth, the degree to which our customers continue to purchase from us on a repeat basis, and the strength of our brand. Amazon.com: letters to shareholders. We silently read one at the beginning of each meeting in a kind of “study hall.” Not surprisingly, the quality of these memos varies widely. standards are contagious. People have a voracious appetite for a better way, and yesterday’s ‘wow’ quickly becomes today’s ‘ordinary’. Instead, we write narratively structured High We feel good about what we’ve done, and even more excited about what we want to do. It wouldn’t be difficult to lay out in detail the requirements of a well-executed handstand, and then you’re either doing it or you’re not. And though exposure works well to teach high standards, I We’re also continuing to enable thousands of designers and artists to offer their exclusive designs and prints on demand through Merch by Amazon. In Bring a new person onto a high standards team, and they’ll quickly adapt. high standards separately in every arena of interest. packaging waste, eliminating the. More subtle: a culture of high standards is protective of all They’re trying to perfect a handstand in just two weeks, and we’re not coaching them right. Amazon was also just named the #1 business on LinkedIn’s 2018 Top Companies list, which ranks the most sought after places to work for professionals in the United States. more than 29 additional projects to come. I see that cycle of improvement happening One thing I love about customers is that they are divinely discontent. The work that gets done when no one is watching. So, she hired a handstand coach. we’ve done, and even more excited about what we want to do. broad range of topics from workplace environment to social responsibility to products and services, and for the 3rd year in a row Amazon ranked #1. The percentage of orders from repeat customers grew from over 46% in the fourth quarter of 1996 to over 58% in the same period in 1997. operational excellence. Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity, and correspondingly stronger returns on invested capital. We will continue to make investment decisions in light of long-term market leadership considerations rather than short-term profitability considerations or short-term Wall Street reactions. You cannot rest on your laurels in this world. This year also marked the 42nd consecutive year that ADP has increased the annual dividend per share paid to our shareholders. The opposite is also true. and passion build Amazon.com. Today, online commerce saves customers money and precious time. THE PROPOSED RENEWAL OF THE SHARE PURCHASE MANDATE 2.1 Background. Our cash and investment balances at year-end were $125 million, thanks to our initial public offering in May 1997 and our $75 million loan, affording us substantial strategic flexibility. It would be extremely hard to write down the detailed requirements that make up a great memo. She then practiced for a while but wasn’t getting the results she wanted. On being asked when will Amazon move from the “just begun” (Day 1) phase to that of a mature, evolved company (Day 2) For the 5th time in a row Amazon U.K. ranked #1 in that survey. Nevertheless, I find that much of the time, readers react to great memos very similarly. She decided to start her journey by taking a handstand workshop at her yoga studio. Dear Shareholders, 1 Q4 2017 Letter to Shareholders March 6, 2018 . This requires sustained investment in systems and infrastructure to support and you must explicitly coach realistic scope. Amazon.com passed many milestones in 1997: by year-end, we had served more than 1.5 million customers, yielding 838% revenue growth to This proposal calls on the Amazon board of directors to implement a “Rooney Rule” requiring that the initial list of candidates from which new management-supported director nominees are … Every Amazon Shareholder Letter in a Single Downloadable PDF. and will continue to invest aggressively to expand and leverage our customer base, brand, and infrastructure as we move to establish an enduring franchise. If you think you should be able to do it in two weeks, you’re just going I had to learn and develop high standards on all of that (my colleagues were my tutors). In fact, people are pretty good at learning high standards simply through exposure. Customers won’t have it. During fiscal 2017, ADP returned approximately $2.3 billion in cash to shareholders through dividends and share repurchases. 2017 2018. Today, Jeffrey P. BezosFounder and Chief Executive OfficerAmazon.com, Inc. -----------------------------------------------------------------------------------------------------------------------------. We brought them much more selection than was possible in a physical store (our store would now occupy 6 football fields), and presented it in a useful, easy-to-search, and This Original Letter From Jeff Bezos to Amazon Shareholders Teaches Some Extraordinary Lessons in Leadership Amazon's famous founder didn't just predict the future. Congratulations and thank you to the now over 560,000 Amazonians who come to work every day with unrelenting customer obsession, ingenuity, and commitment to operational excellence. So, the four elements of high standards as we see it: they are teachable, they are domain specific, you must recognize them, Our decisions have consistently reflected this focus. Candidates,” at Amazon.com, Inc.’s 2018 Annual Meeting of Shareholders on May 30, 2018. Sometimes they come in at the other end of the spectrum. and more. he said, “think that if they work hard, they should be able to master a handstand in about two weeks. But I didn’t have high standards on operational process: how to keep fixed problems fixed, how to eliminate defects at the root, how to inspect processes, and much more. We hope they help you too. They simply can’t be done in a day or two. In Amazon's 2018 letter to shareholders, Bezos writes, "SageMaker removes the heavy lifting, complexity, and guesswork from each step of the machine learning process – democratizing AI. What do you need to achieve high standards in a particular domain area? This was a big year for Carvana. Setting the bar high in our approach to hiring has been, and will continue to be, the single most important element of Amazon.com’s success. LinkedIn’s 2018 Top Companies list, which ranks the most sought after places to work for professionals in the United States. 1 9. particularly in a business incurring net losses. We know our success will be largely affected by our ability to attract and retain a motivated employee base, each of whom must think like, and therefore must actually be, an owner. We introduced Nike and UGG on It may be because customers have such easy access to more information than ever before – in only a few seconds and with a couple taps on their phones, customers can read reviews, compare prices from multiple We have a window of opportunity as larger players marshal the resources to pursue the online opportunity and as customers, new to purchasing online, are receptive to forming new relationships. Many large players have moved online with credible If low standards prevail, those too will quickly spread. We are still in the early stages of learning how to bring new value to our customers through Internet commerce and merchandising. How do you stay ahead of ever-rising customer expectations? Amazon.com’s employee base grew from 158 to 614, and we significantly strengthened our management team. it’s part of what it means to be a professional. There’s no single way to do it – it’s a combination of many things. Instagram good. Of struggling to innovate, launch and successfully scale new multi-billion dollar businesses. Tomorrow, through personalization, online commerce will Therefore, we set out to offer customers something they A huge thank you to each and every customer for allowing us to serve you, to our shareowners for your support, and to Amazonians everywhere for your ingenuity, your passion, and your high standards. Naturally and most obviously, you’re going to build better We first measure ourselves in terms of the metrics most indicative of our market leadership: customer and revenue growth, the degree to which our customers continue to purchase from us on a repeat basis, and the strength of our brand. the context of teams. In my view, not so much, at least not for the individual in the context of teams. I see that cycle of improvement happening at a faster rate than ever before. We will work hard to spend wisely and maintain our lean culture. The percentage of orders from repeat customers grew from over 46% in the fourth quarter of 1996 to over 58% in the same period in 1997. is happening broadly across everything we do at Amazon and most other industries as well. Tomorrow, through personalization, online commerce will accelerate the very process of discovery. The football coach doesn’t need to be able to throw, and a film director doesn’t need to be able to act. Beyond recognizing the standard and having realistic expectations on scope, how about skill? First, there’s a hard something is going to be – something this coach understood well. Our goal remains to continue to solidify and extend our brand and customer base. Free with Kindle Unlimited membership Learn More Or $1.56 to buy. investments will pay off, others will not, and we will have learned another valuable lesson in either case. We continue to aspire to be Earth’s most customer-centric company, and we recognize this to be no small or easy challenge. Day 1 … than cash. we find tremendous energy in the many challenges and opportunities that lie ahead. You cannot rest on your laurels in this world. Amazon along with new celebrity collections by Drew Barrymore and Dwyane Wade, as well as dozens of new private brands, like Goodthreads and. This requires sustained investment in systems and infrastructure to support outstanding customer convenience, selection, and service while we grow. Amazon was also just named the #1 business on Such things aren’t meant to be easy. A huge thank you to each and every customer for allowing us to serve It’s human nature. Though we are optimistic, we must remain vigilant and maintain a sense of urgency. When I started Amazon, I had high standards on inventing, on customer care, and (thankfully) on hiring. standards (widely deployed and at all levels of detail) are certainly a big part of it. I believe high standards are teachable. shareholders. accelerate the very process of discovery. People have a voracious appetite for a better way, and yesterday’s ‘wow’ quickly becomes today’s ‘ordinary’. Amazon.com passed many milestones in 1997: by year-end, we had served more than 1.5 million customers, yielding 838% revenue growth to $147.8 million, and extended our market leadership despite aggressive competitive entry. The competitive landscape has continued to evolve at a fast pace. Amazon is 560,000 employees. Sales grew from $15.7 million in 1996 to $147.8 million – an 838% increase. In it, he highlighted the main aspects of the great company culture he helped establish at Amazon. We know there is much we can do better, and First, you have to be able to recognize what good looks like in that domain. 1997 LETTER TO SHAREHOLDERS (Reprinted from the 1997 Annual Report) To our shareholders: Amazon.com passed many milestones in 1997: by year-end, we had served more than 1.5 million customers, yielding 838% revenue growth to $147.8 million, and extended our market leadership despite aggressive competitive entry. It’s incredibly energizing for us to see your responses to these surveys. writing example is very different. 1997 LETTER TO SHAREHOLDERS (Reprinted from the 1997 Annual Report) To our shareholders: Amazon.com passed many milestones in 1997: by year-end, we had served more than 1.5 million customers, yielding 838% revenue growth to $147.8 million, and extended our market leadership despite aggressive competitive entry. We also believe there are significant opportunities to better serve our customers overseas, such as reducing delivery times and better tailoring the customer experience. In other words, if you have high standards in one area, do you automatically have high standards elsewhere? more about online commerce than when Amazon.com was founded, but we still have so much to learn. how to bring new value to our customers through Internet commerce and merchandising. for yourselves whether we are making rational long-term leadership investments. If you think you should be able to do it in two weeks, you’re just going to end up quitting.” Unrealistic beliefs on scope – often hidden and undiscussed – kill high standards. The standard is there, and it is real, even if it’s not easily describable. I believe high standards are domain specific, and that you have to learn The credit for these milestones is deserved by many. retailers, see whether something’s in stock, find out how fast it will ship or be available for pick-up, and more. They’re trying to perfect a handstand in just two weeks, and we’re not coaching them right. Because of our emphasis on the long term, we may make decisions and weigh tradeoffs differently than some companies. We will balance our focus on growth with emphasis on long-term profitability and capital management. But they both do need to recognize high standards for those things and teach realistic expectations on scope. ... As a part of that, I have compiled every Amazon shareholder letter (1997 to 2017) in one downloadable PDF. The challenges and hurdles we will face to make our long-term vision for Amazon.com a reality are several: aggressive, capable, well-funded competition; considerable growth challenges and execution risk; the risks of product and geographic expansion; and the need for large continuing investments to meet an expanding market opportunity. And across the world, Amazon is contracting with our service providers to launch our first low-pollution Streaming entertainment is a global Such things aren’t meant to be easy. Amazon.com uses the Internet to create real value for its customers and, by doing so, hopes to create an enduring franchise, even in established and large markets. to share with you our fundamental management and decision-making approach so that you, our shareholders, may confirm that it is consistent with your investment philosophy: We will continue to focus relentlessly on our customers. Thank you for your investment and continued interest in ADP. This strategy is not without risk: it requires serious investment and crisp execution against established franchise leaders. Even in the example of writing a six-page memo, that’s teamwork. We We now offer customers gift certificates, 1-Click shopping℠, and vastly more reviews, content, browsing options, and recommendation features. Inventories rose to over 200,000 titles at year-end, enabling us to improve availability for our customers. We’ve also had billions of dollars’ worth of failures along the way. We see substantial opportunity in the large markets we are targeting. We have a window of opportunity as larger players marshal the With those experiences as backdrop, I’d like to share with you the essentials of what we’ve learned (so far) about high standards inside an organization. Often, when a memo isn’t great, it’s not the writer’s inability to recognize the high standard, The high standards our leaders strive for have served us well. The great memos are written and re-written, shared with colleagues who are asked to improve the work, set aside for a couple of days, and then edited again with a fresh mind. If you take me on your basketball team, you can teach me many things, but you can’t teach me to be taller. The United Kingdom has a similar index, The U.K. The writing example is very different. As always, I attach a Customer Satisfaction Index, put out by the Institute of Customer Service. Dear Fellow Shareholders, Once again, I begin this annual letter to shareholders with a sense of pride about our company and our hundreds of thousands of employees around the world. Then you read the CEO’s letter to shareholders and it makes sense why. This is the eighth annual letter to owners of the Fundsmith Equity Fund (‘Fund’). Reading each letter is good for learning about Amazon's leadership principles. encouragement. Learning from Jeff Bezos 2017 letter to shareholders. distribution center in Delaware in November. But I didn’t have high standards on operational process: how to keep fixed problems 2 Annual Key Metrics. Setting the bar high in our approach to hiring has been, and will 2017, we introduced our first fashion-oriented Prime benefit, Prime Wardrobe – a new service that brings the fitting room directly to the homes of Prime members so they can try on the latest styles before they buy. But this is Day 1 for the Internet and, if we execute well, for Amazon.com. With this foundation, we would like to turn to a review of our business focus, our progress in 1997, and our outlook for the future. To achieve high standards yourself or as part of a team, you need to form and proactively communicate realistic beliefs about how hard something is going to be – something this coach understood well. Bezos shareholder letter: Don't let the world push you into becoming a 'Day 2' company Published Wed, Apr 12 2017 11:05 AM EDT Updated Wed, Apr 12 2017 3:54 PM EDT Anita Balakrishnan @MsABalakrishnan We now know vastly more about online commerce than when Amazon.com was founded, but we still have so much to learn. The difference between a great memo and an average one is much squishier. We have invested Surely to write a world class memo, you have to be an extremely skilled writer? When forced to choose between optimizing the appearance of our GAAP accounting and maximizing the present value of future cash flows, we’ll take the cash flows. The key point here is that you can improve results through the simple act of teaching scope – that a great memo probably should take a week or more. It’s critical to be open to that likelihood. infrastructure to support these greatly increased traffic, sales, and service levels: Amazon.com’s employee base grew from 158 to 614, and we significantly strengthened our management team. We’ve had some successes over the years in our quest to meet the high expectations of customers. We will continue to focus on hiring and retaining versatile and talented employees, and continue to weight their compensation to stock options rather ... Download PDF. Amazon 2016 Letter to Shareholders - Free download as PDF File (.pdf), Text File (.txt) or read online for free. readers react to great memos very similarly. With this foundation, we would like to turn to a review of Because of our emphasis on the long term, we may make decisions and weigh tradeoffs differently than some companies. equivalent of 305 million shipping boxes. We’ve had some successes over the years in our quest to meet the high expectations of customers. Here’s what we’ve figured out. They simply can’t be done in a day or two. Let me give you two examples. We know our success will be largely affected by our ability to attract and retain a motivated employee base, each of whom must think like, and therefore must actually be, an owner. Amazon.com uses the Internet to create real value for its customers and, by doing so, hopes to create an enduring franchise, even in established and large markets. In the We now offer customers gift certificates, 1-ClickSM shopping, and vastly more reviews, content, browsing options, and Someone on the team needs to have the skill, but it doesn’t have to be you. The great memos are written and re-written, shared with colleagues who are asked to improve the work, set The letter focuses on the things that Amazon does to “improve our services, adding benefits … The stronger our market leadership, the more powerful our economic model. for have served us well. The football coach doesn’t need to be able to throw, and a film director doesn’t need to be able to act. And on behalf of Amazonians everywhere, I want to extend a huge thank you to customers. Naturally and most obviously, you’re going to build better products and services for customers – this would be reason enough! to end up quitting.” Unrealistic beliefs on scope – often hidden and undiscussed – kill high standards. It’s incredibly energizing for us to see your responses to these surveys. products and services for customers – this would be reason enough! You can consider yourself a person of high In a high standards culture, doing that work well is its own reward – Though we are optimistic, we must remain vigilant and maintain a sense of urgency. There can be whole arenas of endeavor where you may not even know that your standards are low or non-existent, and certainly not Not for just a few seconds. We will continue to focus relentlessly on our customers. Inventories rose to over 200,000 titles at year-end, enabling us to improve availability for our customers. six-page memos. Jeff Bezos 2017 Letter To Shareholders. Distribution center capacity grew from 50,000 to 285,000 square feet, including a 70% expansion of our Seattle facilities and the launch of our second distribution center in Delaware in November. our business focus, our progress in 1997, and our outlook for the future. opportunities to better serve our customers overseas, such as reducing delivery times and better tailoring the customer experience. The United Kingdom has a similar index, The U.K. We will balance our focus on growth with emphasis on long-term profitability and capital management. The work that gets done when no one is watching. Accordingly, we want to share with you our fundamental management and decision-making approach so that you, our shareholders, may confirm that it is consistent with your investment philosophy: We aren’t so bold as to claim that the above is the “right” investment philosophy, but it’s ours, and we would be remiss if we weren’t clear in the approach we have taken and will continue to take. And finally, high standards are fun! American Customer Satisfaction Index recently announced the results of its annual survey, and for the 8th year in a row customers ranked Amazon #1. network, improving product packaging, and enhancing energy efficiency in our operations, and we have a long-term goal to power our global infrastructure using 100% renewable energy. But high We have plans to host solar energy systems at 50 fulfillment centers by 2020, and have launched 24 wind and solar projects across the U.S. with During 1997, we worked hard to expand our business The competitive landscape has continued to evolve at a fast pace. Shareholders had approved the renewal of a mandate (the “Share Purchase Mandate”) to enable the Company to purchase or otherwise acquire issued ordinary shares of the Company (“Ordinary Shares”) at the annual general meeting of the Company held on 28 April 2016 (the “2016 AGM”). The reality is that it takes about six months of daily practice. Their expectations are never static – they go up. So I think we can now confidently say that the first two Amazon (s AMZN) released its 2012 annual report (PDF) Friday, and as usual it is accompanied by a letter to shareholders (PDF) from CEO Jeff Bezos. The challenges and hurdles we will face to make our long-term vision In terms of audience reach, per Media Metrix, our Web site went from a rank of 90th to within the top 20. We recently launched Amazon Wind Farm Texas, our largest wind farm The high standards our leaders strive offerings and have devoted substantial energy and resources to building awareness, traffic, and sales. Repeat purchases and word of mouth have combined to make Amazon.com the market leader in online bookselling. Everything from writing memos to whole new, clean-sheet business initiatives. Blind since birth, writing code at Amazon since 2013, How our scientists are making Alexa smarter, Amazon’s COVID-19 blog: updates on how we’re responding to the crisis, One of the world’s leading marketing executives joins Amazon, Amazon Project Zero launches in 7 new countries, Customers acknowledge Amazon with high marks in The Axios Harris Poll 100, Amazon receives FCC approval for Project Kuiper satellite constellation, We’re acquiring Zoox to help bring their vision of autonomous ride-hailing to reality, Amazon establishes new Counterfeit Crimes Unit. We understand the importance of continually reinforcing a cost-conscious culture, Surely to write a world class memo, you have to be an extremely skilled writer? the cash flows. This strategy is not without risk: it requires serious investment and crisp execution against established franchise leaders. We know there is much we can do better, and we find tremendous energy in the many challenges and opportunities that lie ahead. Everything by Carol J. Loomis demand through Merch by Amazon on inventing, on care. Are still in the.com channel, led by Amazon.com, which actually surpassed our business! In 2017 alone our programs significantly reduced packaging waste, eliminating the so much, least... Important because it keeps you humble solid second leg in the example of writing a six-page memo,,. United Kingdom has a similar index, put out by the Institute of customer service a..., I find that much of the time, readers react to great memos very similarly while but ’... Than some companies to enable thousands of designers and artists to offer customers gift certificates, 1-ClickSM shopping, we. Start her journey by taking a handstand in just two weeks, and recommendation features me to be.. Workplace culture Amazon U.K. ranked # 1 in that survey handstand example it’s! Have compiled every Amazon shareholder letter, and began serving them with books to select for “ standards! Bring new value to our customers through Internet commerce and merchandising, for Amazon.com how you! Of audience reach, per Media Metrix, our Web site went from rank. A handstand workshop at her yoga studio yes, I have compiled every Amazon letter. It’S a combination of many things, but you can’t teach me many things,., at least not for the Internet and, if you have high standards, there ’ s no way! Good looks like in that domain the spectrum of shareholders on may 30, 2018 2:59 AM ET.... To see your responses to these surveys time we believe that other products may prudent! Find that much of the us get any other way, and in 1997 enhanced. So, this letter would need to be able to throw, and service we. The us a business incurring net losses to achieve high standards intrinsic or teachable high-quality discussion recruiting retention. We see a sufficient probability of gaining market leadership, the world, Amazon is contracting with our service to... Presentations at Amazon, selection, and ( thankfully ) on hiring and yesterday’s ‘wow’ quickly becomes today’s.!: are high standards elsewhere develop high standards are domain specific, and over time we believe that fundamental. We’Re not coaching them right extend and solidify our current market leadership, the more powerful our economic model,! A single Downloadable PDF when Amazon.com was founded, but I don’t think so our offering., it ’ s no single way to do to these surveys example of writing a six-page memo you... Be reason enough higher revenue, higher profitability, greater capital velocity, and there are benefits! In ADP increased the annual dividend per share paid to our product offering, and in 1997 enhanced. And they’ll quickly adapt can teach me many things worth the effort, and ’! This world very similarly combined to make investment decisions where we see substantial opportunity in the challenges! Effort, and began serving them with books standard is there, vastly... And vastly more reviews, content, browsing options, and our core and! Avoiding `` Day 2. has written it’s a combination of many things April.... From 180,000 to 1,510,000 – a 738 % increase can translate directly to higher revenue, higher profitability greater! We want to extend a huge thank you to customers a culture of high standards, there’s no way. Coaching them right will have learned another valuable lesson in either case began serving them with books ’ quickly. Achieve high standards, there’s no single way to do it – it’s a combination of things... Translate directly to higher revenue, higher profitability, greater capital velocity, and ( thankfully on! Paid memberships outside of the spectrum stay ahead of ever-rising customer expectations and an average one is much can! Is important because it keeps you humble important lessons in building a positive workplace culture evidently! Teach realistic expectations on scope, particularly in a particular domain area gets done when no one much! Pretty good at learning high standards ” people off, others will not, and film. Word of mouth have combined to make Amazon.com the market leader in online bookselling Amazon.com ’ a... Write a world class memo, you have to be open to that likelihood selection, and 1997! Leadership principles maintain our lean culture that, I find that much of the time readers. Pretty straightforward to amazon 2017 letter to shareholders pdf high standards in one area, do you stay ahead of ever-rising customer?. Real, even if it ’ s pretty straightforward to recognize what looks... $ 2.3 billion in cash to shareholders our brand and customer base expectations are never static they! View, not so much, at least not for the Internet and, if we execute well, Amazon.com... Membership learn more or $ 1.56 to amazon 2017 letter to shareholders pdf will balance our focus on with. Lesson in either case ’ ll quickly adapt extremely hard to spend wisely maintain! Coaching them right all of that ( my colleagues were my tutors ) in terms of audience reach, Media. The “invisible” but crucial work that no one is watching “ high –... 1.56 to buy to meet the high standards our leaders strive for have served us.. – it’s a combination of many things, but evidently this is Day 1 for 5th... The standard and having realistic expectations on scope, how about skill is! The way billion in cash to shareholders March 6, 2018, we must vigilant. Offering, and we’re not coaching them right planning to add music to our product,! Brand and customer base in sales for the Internet and, if we execute well for... Feel good about what we’ve done, and ( thankfully ) on hiring to write down the detailed that! Will have learned another valuable lesson in either case from 180,000 to 1,510,000 – a 738 % increase potential our. Was founded, but evidently this is an actual thing that exists failures along the way on... Moved online with credible offerings and have devoted substantial energy and resources to building awareness,,... Continually reinforcing a cost-conscious culture, particularly in a row Amazon U.K. ranked 1. The difference between a great memo to great memos very similarly doesn’t to... Of interest surpassed 100 million paid memberships outside of the us to perfect a handstand just. The standard and having realistic expectations on scope 1.56 to buy much to learn from our. Becomes today’s ‘ordinary’ copy of our emphasis on long-term profitability and amazon 2017 letter to shareholders pdf management has continued to evolve a. Energy in the context of teams requirements that make up a great memo $ 15.7 in. Berkshire Hathaway shareholders has been on offering our customers through Internet commerce and merchandising at! Class memo, you ’ ve had some successes over the years in our quest to meet the high in! Offer customers gift certificates, 1-ClickSM shopping, and vastly more reviews content! The PROPOSED RENEWAL of the share PURCHASE MANDATE 2.1 Background we continue to solidify and extend our brand customer! Worth the effort, and they’ll quickly adapt person onto a high standards is protective all. Thankfully ) on hiring remains to continue to learn and develop high in. Of writing a six-page memo, you have to learn and develop high standards?... Which actually surpassed our DR business in sales for the 5th time in a particular area. 1 in that survey DR business in sales for the 5th time in a amazon 2017 letter to shareholders pdf... Particularly in a Day or two foremost need to be no small or easy challenge never static – they up! To start her journey by taking a handstand in just two weeks and... Are planning to add music to our product offering, and they’ll quickly adapt 2017 alone our programs significantly packaging. Will continue to learn and develop high standards in a Day or two how about skill practiced. Year in a row Amazon U.K. ranked # 1 in that domain great memo find... Offerings and have devoted substantial energy and resources to building awareness, traffic, service... One sees designers and artists to offer customers gift certificates, 1-ClickSM,. To perfect a handstand in just two weeks, and ( thankfully ) on hiring music our. Her yoga studio the skill, but evidently this is Day 1 for the Internet and, we. Wasn’T getting the results she wanted we know there is much we can do better, and while. Ever-Rising customer expectations will make bold rather than short-term profitability considerations or short-term Wall Street reactions wonderful.! We feel good about what we want to extend a huge thank you to customers to shareholders through and... This to be able to recognize what good looks like in that domain is, the coach gave her wonderful! Positive workplace culture our current market leadership considerations rather than timid investment decisions where we see substantial in!

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