Thanks to the existence of Amazon, the world of shopping and retail industry had changed drastically. Gone are the days when we needed to go to a brick and mortar store and stand in a long queue just to check out and buy our favorite products.
Now, it feels like shopping is available 24/7. We can check the products or items we want to buy in just a few clicks and get it shipped right to our doorstep. That’s why the popularity and convenience of Amazon shopping dominate worldwide. Because of this, there’s no doubt that Amazon CEO Jeff Bezos also became one of the richest men in the world. It seems his popularity and net worth just keep on increasing, especially with the recent debut release of its latest Amazon feature, the Amazon Go.
What is Amazon Go?
Amazon Go Enables the First Cashless Brick and Mortar Shopping
Even with the soaring popularity and patriotism, Amazon experienced around the world, there is still a significant portion of the world’s population that patronizes the brick and mortar store. The main problem with the physical store is the long queues, especially when it’s peak season. That’s why he aims to improve the customer services of a brick and mortar store by launching Amazon Go. For those who don’t have the liberty to shop online (especially some Third World Countries who have a poor internet connection), they can now shop at any Amazon local store through Amazon Go.
How Does Amazon Go Works?
Like in any physical store, you can go to the nearest Amazon branch and shop there. However, as you shop for products and pick them from the shelves, your Amazon account automatically updates too! That’s right! With Amazon Go, all the items or products stocked on shelves are already recorded in the database. The software will also incorporate a face recognition technology in order to recognize the user’s account. So that the moment you get something out of the shelves, it’ll automatically calculate and bill your account. The same is true when you remove a product and put it back on the shelves, it’ll deduct from your bills.
What’s more, you don’t have to go to a cashier just to pay for your goods. That’s the greatest feature of Amazon Go. It is a physical store with a cashless system. You can simply check out your products on your Amazon account on your phone and leave the store like a boss. Ever since its debut last week, the said app was warmly and widely accepted worldwide. This caused the net profit of CEO Jeff Bezos to surge as high as $2.8 Billion.
According to Forbes, Jeff Bezos’ e-commerce Giant stock had increased by 2.5% Since the Release of Amazon Go App
Jeff Bezos also reached a new-record breaking when it comes to net assets and worth after the release. The Amazon CEO now has a whopping $113.5 billion, his highest net worth ever. This stunning net worth increase enables him to surpass our top three richest men in the world like Warren Buffett and Bill Gates, who only has $92.3 billion and $92.5 billion, respectively. This currently made Jeff Bezos land on the top spot as the richest man in the world.
Jeff Bezos dominated the top list in Forbe's Richest Men In The World
Furthermore, it can be remembered that Jeff recently started sharing his wealth and fortune, so there’s no limit to how much his fortune can still climb over the next couple of years. Aside from his giant online retail business, Jeff is also the owner of The Washington Post, which handles most of Amazon’s PR and promotion activities. We can say that it’s a perfect combination for a booming business! Aside from that, Jeff is also venturing into a new startup business called Blue Origin. Jeff Bezos is still in the planning phase as he asked good philanthropic ideas from his Twitter followers. So we’ll just have to wait and see what kind of advocacy and foundation Jeff will build in the future.
Amazon Go Will Shape the New Brick and Mortar Shopping Industry
Being the first cashless brick and mortar store, it is no doubt that this feature was received with nothing but great feedback. The only question that leaves us now is where will an Amazon Go branch go next? Time can only tell. In the meantime, maybe we can make some guess as Jeff gave us a hint when it acquired an organic grocery retailer named Whole Foods.