The Marketplace 50 Hall of Fame 2023 Honoree
Jeff Bezos is an entrepreneur, businessman, founder, and chairman of Amazon. He has played a vital role in the growth of global e-commerce as the CEO Of Amazon.com Inc, an American multinational technology company focused on e-commerce, cloud computing, online advertising, digital streaming, and artificial intelligence. Under his guidance, Amazon became the largest retailer on the web by perfecting the model of internet sales and later adopting the platform business model.
In 1994, Jeff started Amazon in his garage in Seattle with just a handful of employees. Internet growth rate at the point was 2000 percent per year; Jeff quit his investment banking position at D.E. Shaw & Co. to start an online bookstore. Amazon had its IPO by 1997, valuing it at $560 million. By 2013 Amazon had become the largest online shopping retailer in the world.
Having built a trillion-dollar business empire, Jeff Bezos’s leadership is the stuff of legends. Amazon has averaged a compound annual growth rate of 52% for the last two decades. In the last decade, the Amazon Marketplace has seen a 100% increase in sales from its third-party sellers. Gross merchandise volume (GMV), total sales on all Amazon websites, grew to $335 billion in 2019, a YOY growth of 21%. In the 25 years since Amazon opened shop, it has become America’s online retailer and a household name. Each year it further cements its leadership position across markets and categories by sourcing new products, developing service offerings, and enlarging its customer base.
We are happy to induct Jeff Bezos into the Marketplace 50 Hall of Fame as an individual whose contributions to global digital commerce and the third-party marketplace space have set the tone for the entire industry and helped the platform model grow by leaps and bounds. Amazon is not only the gold standard for many ecommerce operators, it’s one of the most prominent examples of the power of the platform economy. More than 3.4 billion products were sold by third party merchants on the Amazon Marketplace in 2021 from more than 2.5 million individual businesses worldwide.