Amazon – Redefining the 80:20 rule

 

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The 80:20 rule is oft bandied around in the retail world and Amazon, not content with disrupting numerous retail industries and the very way we shop have even taken an established business saying and turned it on its head.

Amazon uses the 80:20 rule to demonstrate their approach to product decision making – they base selections 80% on data and 20% on experience and gut feel, whereas traditionally decisions in retail are entirely the other way around, with 20% being based on data and 80% on gut feel.

No-one can argue that the 80:20 model isn’t working well for Amazon as the company announced a near doubling of their profits for the first quarter of 2019 as it continues its expansion into new categories by using the data they generate from selling 3d party products.

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A growing number of people are getting rich selling T-shirts online – with no overhead, no inventory, and no investment

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Nearly every night after dinner for eight straight months, Glen Zubia brewed a cup of coffee, turned on heavy metal music, and made T-shirts.

On Mondays he did research, scouring the Internet for funny slogans, like the one where Santa Claus asks, “Where My Ho’s At?”

On Tuesdays and Wednesdays he designed in Adobe Illustrator. On Thursdays he saved his creations in the correct image format—a process that takes longer than you’d think—and on Fridays and Saturdays he uploaded them to Amazon.

Then, sending up a prayer that they’d sell, he started all over again.

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Apple turns over its entire inventory once every 5 days

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Apple’s supply chain is ranked best in the world.

Apple’s supply chain is ranked best in the world by the technology research firm Gartner.  According to a new report by Gartner. part of the reason is Apple turns over its inventory once every five days.  If you think about that’s pretty amazing.  Apple ells hundreds of millions of hardware gadgets all over the world and yet it doesn’t actually need to stockpile its goods.

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