如何寻找超级成长股？世界首富24封股东信“吐露天机”：现金流比利润更重要(13)

Traditional stores face a time-tested tradeoff between offering high-touch customer experience on the one hand and the lowest possible prices on the other。 How can Amazon.com be trying to do both？
答案在于，我们将改善我们客户体验的成本相当大程度转化为固定成本，比如不匹配的搜索，延展产品信息，个性化建议和其他新软件功能。当改善客户体验的成本被固化后，提升客户体验的成本在总体销售收入中的占比会随着业务规模扩大而快速缩小，而且改善客户体验中的可变成本，比如配送成本，会随着我们模型中错误的修正而减少，修正错误在提升客户体验的同时也降低了成本。
The answer is that we transform much of customer experience—such as unmatched selection， extensive product information， personalized recommendations， and other new software features—into largely a fixed expense。 With customer experience costs largely fixed (more like a publishing model than a retailing model)， our costs as a percentage of sales can shrink rapidly as we grow our business。
Moreover， customer experience costs that remain variable—such as the variable portion of fulfillment costs—improve in our model as we reduce defects。 Eliminating defects improves costs and leads to better customer experience。