Until July, Amazon.com had been primarily built on two pillars of customer experience: selection and convenience. In July, as I already discussed, we added a third customer experience pillar: relentlessly lowering prices.
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It is difficult for us to imagine that ten years from now, customers will want higher prices, less selection, or slower delivery. Our belief in the durability of these pillars gives us the confidence required to invest in strengthening them.
If we can arrange things in such a way that our interests are aligned with our customers, then in the long term that will work out really well for customers and it will work out really well for Amazon.
Amazon is not too big to fail ... If we start to focus on ourselves, instead of focusing on our customers, that will be the beginning of the end ... We have to try and delay that day for as long as possible.
We've done price elasticity studies, and the answer is always that we should raise prices. We don't do that because we believe, and we have to take this as an article of faith, that by keeping our prices very, very low, we earn trust with customers over time, and that actually does maximize free cash flow over the long term.
AWS is customer obsessed, inventive and experimental, long-term oriented, and cares deeply about operational excellence.
I constantly remind our employees to be afraid, to wake up every morning terrified. Not of our competition, but of our customers.
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