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🗣️ 10 SECRETS from JEFF BEZOS

Jeff Bezos once said:

"You can be grinding for 4 years with no results, and in the 5th year, become the biggest thing on the planet. The power of not giving up is real."

1. Do hard things

Go the extra mile. There is no substitute for hard work in life.

"A brand for a company is like a reputation for a person. You earn a reputation by trying to do hard things well."

2. Try new things

To stand still is to go backward. You should always keep improving and innovating.

"If you double the number of experiments you do per year, you're going to double your inventiveness."

3. Focus on brand power

The best companies in the world have a very strong brand.

"Your brand is what other people say about you when you're not in the room."

4. Failure is good for you

If you’ve never failed, you’ve probably never tried anything new.

"I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying."

5. Be flexible

Seek a good balance between stubbornness and flexibility to be successful in life.

"If you’re not stubborn, you’ll give up on experiments too soon. And if you’re not flexible, you’ll pound your head against the wall and you won’t see a different solution to a problem you’re trying to solve."

6. Start with why

What’s your purpose? Always have clear goals.

"The common question that gets asked in business is, 'why?' That's a good question, but an equally valid question is, 'why not?'"

7. Put the customer first

What made Amazon so successful is its customer obsession. When your customers are happy, your business will thrive.

"We see our customers as guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better."

8. Understand customer needs

Having a successful business is not just about creating something new or innovative. Successful innovation is about whether customers embrace and adapt that innovation.

"Invention is not disruptive. Only customer adoption is disruptive."

9. Make progress every day

Jeff Bezos always says it’s still Day 1 for Amazon. Make progress every single day.

"We are stubborn on vision. We are flexible on details."

10. Interests should be aligned

Never underestimate the power of incentives. Invest in companies where the customer interests are aligned with the ones of you as a shareholder.

"If you're long-term oriented, customer interests and shareholder interests are aligned."

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💰 WHAT WE DON’T KNOW ABOUT PRIME DAY

Here’s what we don’t know about Prime Day 2024.

Amazon says the event was global but famously provides no revenue details. We’re left with estimates by Adobe and others of U.S. purchases.

Prime Day effects on a product’s sales (from Jungle Scout):

Adobe findings:

• 49.2% of purchases were on mobile devices, up 18.6% from 2023.

• Sales of back-to-school goods (backpacks, lunchboxes, supplies) increased by 216% from last year, presumably owing to the event occurring a week later than in 2023.

• Electronics sales increased 61% due to “product refresh cycles” wherein consumers upgrade their devices.

• Housewares, furniture, and appliance sales were strong, with increases in kitchen appliances (up 76%) and cookware (up 26%) leading the category.

• Categories with the top discounts from list prices were electronics (23% off), apparel (20% off), home goods/furniture (16% off), television (16% off), and toys (15% off).

Top Sellers on Amazon Prime Day 2024

1. Amazon Fire TV Stick

   • Estimated Units Sold: 2.5 million units

2. Bissell Little Green Cleaner

   • Estimated Units Sold: 1.8 million units

3. Apple AirPods (3rd Generation)

   • Estimated Units Sold: 1.5 million units

4. Crest 3D Whitestrips

   • Estimated Units Sold: 1.2 million units

5. CHAMBERLAIN Smart Garage Control

   • Estimated Units Sold: 1.0 million units

6. Shark NV352 Navigator Lift Away Upright Vacuum

   • Estimated Units Sold: 900,000 units

7. Vital Proteins Collagen Peptides

   • Estimated Units Sold: 850,000 units

8. Yeti Rambler Tumblers

   • Estimated Units Sold: 800,000 units

9. Premier Protein Shakes

   • Estimated Units Sold: 750,000 units

10. Liquid I.V. Hydration Multiplier

    • Estimated Units Sold: 700,000 units

Overall Sales Insights

• Total Items Sold: Over 375 million items worldwide

• Total Sales Revenue: Approximately $14.2 billion globally

• Average Order Value: $57.97

• Average Household Spend: $152.33

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✌🏼 See you again on Thursday …

The answer to today’s STUMP BEZOS is
70% abandon their shopping cart