JOIN USCustomer obsession has made us what we are: Statement by Amazon's Jeff Bezos to US Congress on antitrust law
Facebook Inc's Mark Zuckerberg, Amazon.com Inc's Jeff Bezos, Alphabet Inc-owned Google's Sundar Pichai and Apple Inc's Tim Cook - who together represent about $5 trillion of the US economy - are set to speak via videoconference before the House Judiciary Committee's antitrust panel.
Amazon, Apple, Google and Facebook are too powerful and will likely emerge from the coronavirus pandemic even stronger, the head of a US congressional antitrust committee said Wednesday.
Amazon.com Inc's CEO Jeff Bezos, in his statement, said that the company's success was anything but preordained.
Bezos, who is the world's richest person, said, "Eighty percent of Americans have a favorable impression of Amazon overall, according to leading independent polls. Who do Americans trust more than Amazon “to do the right thing?” Only their primary physicians and the military, according to a January 2020 Morning Consult survey."
"Since our founding, we have strived to maintain a “Day One” mentality at the company," he said. "In my view, obsessive customer focus is by far the best way to achieve and maintain Day One vitality. Why? Because customers are always beautifully, wonderfully dissatisfied, even when they report being happy and business is great," he added in his statement.
"Amazon accounts for less than 1% of the $25 trillion global retail market and less than 4% of retail in the U.S. Unlike industries that are winner-take-all, there’s room in retail for many winners," he pointed out.
"Every day, Amazon competes against large, established players like Target, Costco, Kroger, and, of course, Walmart—a company more than twice Amazon’s size," said the 56-year-old businessman said.
"Our scale allows us to make a meaningful impact on important societal issues," he said.
He concluded saying Amazon must be scrutinised and that they should "should scrutinize all large institutions, whether they’re companies, government agencies, or non-profits."