2000 - Ouch.

This letter must have been tough to compose. Jeff starts off with an “ouch” and proceeds to describe good performance, despite the 80% drop in Amazon’s price-per-share from the bust of the dot-com bubble. Jeff then talks about physical vs. online stores and the efficiencies found in online stores via improvements in technology. I found it interesting that Jeff, even back in 2000, had the forethought to understand that technology would be more than just basic browsing and shopping, but would also include online-only features such as real-time personalization.

In the physical world, retailers will continue to use technology to reduce costs, but not to transform the customer experience. We too will use technology to reduce costs, but the bigger effect will be using technology to drive adoption and revenue.
— Jeff Bezos