Jeff Bezos, the Chief Executive Office of Amazon, has released his most recent annual letter that is addressed to the shareholders of the company.
In the said letter, Bezos emphasised the importance of having high standards in operating a business. He said that by establishing high standards, firms will be able to live up to the “ever-rising customer expectations.”
In the letter, Bezos wrote: “How do you stay ahead of ever-rising customer expectations? There’s no single way to do it – it’s a combination of many things. But high standards (widely deployed and at all levels of detail) are certainly a big part of it.”
For the first time, the Amazon CEO also disclosed that Amazon Prime has currently more than 100 million members across the globe. Last year alone, Amazon was able to ship more than five billion items via its Prime service around the world.
The annual letter is published by Bezos every year since 1997. It is widely considered to be a must-read for business professionals because of its rich detail around the management principle and long-term thinking of the Amazon CEO.
You can read the full text of the annual letter that was published by the Amazon CEO here.