Before the days of Amazon, retail marketing was pretty simple. You reach out to as many consumers as possible and get them to come to your store. However, Amazon has disrupted and changed retail for good.
Amazon has set the bar for digital commerce by curating an assortment of both product and expectation. This way, consumers are satisfied whenever and wherever.
The all-encompassing nature of Amazon’s approach to retail is all the rage today. With that, let’s take a look at a few ways in which Amazon has changed the retail industry for good!
1. Predictive and Accurate Product Searches
What happens when you have a giant catalog of products? While most retailers focus on paid and organic reach, Amazon has no need for such channels. 55% of shoppers say that they begin their product searches on Amazon itself.
Amazon has become the go-to for product searches today. It is quick, easy and fulfilling to consumers looking to make exact purchases. Why search around a shopping mall when Amazon can fulfill requests at even better prices – then have it delivered to you within a short time period.
2. Two-Day Shipping [restrict]
The retail industry has relied on shipping delivery since the dawn of trade. Amazon has taken that to a new level. Their two-day shipping for Prime members has become a major game-changer in the global era. The supply chain may never be the same.
Amazon truly holds a monopoly over the current market. From the point of view of supply-chain management and distribution, the company is impenetrable from internal competitors. Besides shipping, the e-commerce giants own trucks and airplanes that ensure the timely fulfillment of orders.
3. Big Data and Personalization
Big data is all the rage nowadays, and Amazon shows us just why. Customers insights derived from personal data allows for a personalized shopping experience. Simple. In this case, Amazon has truly paved the way for the functions of shopping, suggestions, ratings and sales data.
Amazon is a pioneer for predictive and personalized offerings in the retail industry. Where traditional retail had suppliers carving customer segments from their products, Amazon is now able to segment their consumers first, then provide offerings to fulfill the need of those particular segments.
Indeed, this is the standard algorithm-based personalization.
Conclusion
It is estimated that Amazon currently has 80 million Amazon Prime members, the equivalent of 64% of U.S households. Amazon is taking over retail. Yes, that is a fact. 43% of online sales in the U.S go to Amazon. 80% of online sales growth also comes from Amazon.
Actionable Takeaway:
Hopefully this article has given you insights into the landscape of retail. By utilizing some of the things that Amazon has done right on a smaller scale, you too can begin to push the boundaries of retail in your own way. Unlike megacorps, small business owners lack the resources to redefine aspects of retail on such a larger scale. This shouldn’t get in the way of you wanting to make advancements for your own business!
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