Amazon Consumers Have The Upmost Power
Consumers historically have always had more power than any monopoly or large enterprise in this country. Amazon is quickly becoming the monopoly of our generation. The fault on this issue is the consumers. We have for over a decade now provided companies like Facebook, Google, and Netflix information about us with no research or questioning. In addition, after this becoming common knowledge we still continued to utilize their services, allowing their data to become stronger.
Everyday individuals are voting on their future. We vote for the companies we want to see in the future everyday. Money is an unlimited resource, trust is not. Yet consumers purchase items from individuals they do not know, companies with core values they are not aware of, and then years later discover in the news a scandal that quickly disappears the next day. All because the price was affordable, the location was close by, or we wish to be apart of the hype.
If consumers continue to perform the same behaviors, the data we have provided them will become increasingly valuable in the market. Every business wants to succeed. When the decision of whether or not that happens is not in their ball park, it forces them to be human. With technology applications like Facebook, Instagram, and YouTube, it has allowed companies to fall back on low prices and data to drive their success.
Thus, does that truly mean consumers own the power?
Consumers can punish companies for not following their values. Even with a company like Amazon. Yes, their objective does not care about the product or service they are providing, but they care about consumers. The more consumers they receive the larger their market of products and services can provide until consumers adopt Amazon to their daily life.
In the YouTube video below, PolyMatter, discuses more in regards to Amazon expansion and business model, in his video called, “The Grand Theory of Amazon.”
In the diagram showcased throughout this video, their is no doubt that consumers hold the upmost power in the Amazon game. They are willing to go in debt just to grow in numbers and provide products at an extremely lower price tag to beat competition.
Millennial Consumers Think More Short Term
One of the major down fall of the power of the consumer is consumers cannot afford to not pick affordable prices. According to Student Loan Hero, in 2018, the student debt amount surpassed $1.48 Trillion Dollars. Majority of millennial's with a total of $29,081 in net worth have approximately over $110,000 in college debt.
The reality is Amazon’s affordable prices in the current estate of the economy forces consumers to rely on them, even if their core values does not match their stakeholders. It causes a future generation to choose to use a website that provides them what they mean in the moment. While contributing to a movement that will destroy their choices in the future.
If millennial's were more knowledgeable in Finance Literacy, they may have not been in debt in the first place, but they would still think short term about purchases, and what companies to buy from. Financial Literacy education only entails the overall basics of finance. Companies like Amazon capitalize on this to compete with companies.
How Do We Return The Power To The World?
If we want to have the upmost power in the world again, we must understand what is being used against us. In this reality, the lack of financial literacy is a real dilemma. Even though we have economic classes in high school and college, the depth focus of these courses are shifted towards the track, not knowledge spread into real life.
We need to teach more individuals about the reality of Financial Literacy beyond credit scores. Currently no space teaches these values. We strive to change that. But we need YOUR help!
Follow the movement: https://instagram.com/theeconology
Lets continue to educate and move forward.
