Amazon has launched a new feature called Your Books that will compete head-on with Good Reads.
👉 Background: Amazon launched the Kindle back in 2007 as the revolutionary device to carry thousands of books at once. And then in 2013, Amazon acquired a book tracking and recommendation platform called Good Reads for $150 million USD. It was essentially a review platform with millions of reviews on books.
👉 What happened: Now, Amazon has launched a new feature called Your Books that will compete head-on with Good Reads. It will organise all the books you've bought, borrowed, or saved. And, it will use data to give you recommendations on the next book you should read.
👉 What else: Clearly, Amazon is shifting from open-source reviews to a more personalised book experience.
💡Personalised experiences are rapidly replacing traditional, general browsing. This trend started with platforms like Spotify in music, and then grew in the video streaming space too.
💡Now, Amazon is looking to use personalised algorithms to guide users towards content that aligns closely with their past interactions.
💡A McKinsey report found that companies that use personalisation drive their revenue 40% higher than their slower-moving counterparts. So, it's out with the Good Reads and in with the Your Books.
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