#MillenniumLive , Podcast , Retail
Amazon: More than an Online Retailer
Anyone who knows Amazon recognizes it as a massive online retailer; the biggest online retailer in the world. Millions and millions of customers are turning to Amazon due to its efficiency, quality, exceptional customer service and diversification of products to include few of many reasons why the online platform is so successful. As the generations raised on the internet continue to enter into adulthood, the way leaders execute their business and market their products will need to change and shift with them. For many of these consumers, online shopping has become nearly fully identified with Amazon. Therefore, if your brand is not on Amazon, it is almost certain that your customers are.
“One of the remarkable things about the company is how widely its properties are used. You’re never too rich or too thin to go on Amazon. Consumers of luxury goods may not be buying perfume on it, but they could be buying electronics, checking out camping gear, or ordering groceries through Amazon Pantry… All this activity generates data that provides insight into your customers’ preferences for advertising, content, and context.” Shane Atchison, Global CEO of Possible, reports.
Now or Never: Changing the Way You Think to Meet Consumer Demands
Brands are fast realizing the value of Amazon as a critical consumer platform. Amazon is no longer merely an online retailer, it is a critical source of information and legitimacy for not only businesses but for their valued customers. When shopping, consumers naturally check for legitimacy and quality in the products they are searching, especially when they are contemplating purchasing a new product. Although a customer may use online platforms such as Google or Facebook to research reviews, Amazon plays a prominent role in product research for most consumers. Reviews offer insight into a product from an unbiased source, aka the other buyers of the product. With the trusted source Amazon provides, the consumer tends to make their initial purchase on Amazon’s website.
“Amazon knows not merely what your customers buy, but also what they enjoy.” Medium reports.
Customers trust Amazon to store their card information safely and are given confidence by the Amazon A-to-Z guarantee, which guarantees consumer confidence with purchases from third-party sellers when payment is made via the Amazon.com website or when a customer uses Amazon Pay for qualified purchases on third-party websites. And if the customer searched for your product and didn’t find it on Amazon? They will almost always move on without making a purchase. That’s how strong Amazon loyalty has become.
Moving to an Amazon Strategy
The power of Amazon is something brands cannot ignore not that we are in 2018. Retailers have seen growth in not only their customer base when implementing Amazon into their strategy, but also in revenue and customer retention. However, some retailers believe that listing their items on Amazon will draw sales from their e-commerce site, ultimately hurting their business in the long run. Nonetheless, one of the more important principles that a brand must understand is that most people will not purchase from a website if they don’t know or trust it, that that can have devastating effects on a business’s success. Nowadays, people do not just buy off of Amazon, they admire and be their trust in every aspect of the wildly successful company. So, if your item is not readily available by being listed and optimized on Amazon, there is a vast wealth of customers who may never buy from you or even hear about your product. If you treat your Amazon listings with as much care and concern as you do your website and stores, you will benefit significantly in both revenue and brand exposure. By implementing Amazon into business strategy, the better your brand will be able to compete with the more agile, digitally-native challengers in your marker, and the easier it will be to stay in step with what Amazon will look like today, tomorrow, and in the future.
ABOUT TRANSFORMATIONAL CMO
This October, the 8th Transformational CMO Assembly in Denver is a unique event that challenges our attendees to learn how to anticipate what’s next for the highly complex marketing environment that has emerged throughout the year through a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions with our industry experts and advisory board over the course of 2 days.
Spaces are reserved for the best in the business. If you’re a CMO looking to stay one step ahead of the digital world, reserve your seat today >
Jenny Schecher is a Client Services Director & Social Media Manager at The Millennium Alliance. Jenny is an avid contributor to our blog, Digital Diary, as well as all social media platforms. When she is not writing about digital transformation and technology, she is working with her team to make visions come to life at our events. (and eating all of NYC's best food.) Follow her on Instagram: @jennyschecs or find her on LinkedIn!
Reach thousands of C-Level
Executives every month.
Do you have content that you feel will
resonate with our audience? We'd love to
welcome you as a guest contributor!
Premium content to our readers
interested in all things business.
Millennium Membership offers Fortune 1000 C-Level executives, leading public sector/government officials, and thought leaders across a variety of disciplines unique and exclusive opportunities to meet their peers, understand industry developments, and receive introductions to new technology and service advancements to help grow their career and overall company value.About Millenium Alliance
Launched in 2017, Digital Diary was created to provide premium content to our members interested in executive education and business transformation. With C-Suite executive and top academic contributors, interviews with industry leaders, and digital transformation insights from technology experts, Digital Diary has all of the professional development tools you need to stay ahead of the curve.
We are dedicated to distributing meaningful opportunities for our reader to increase their personal knowledge, simplify business initiatives, and to have the right information to build their capabilities and leadership skills at every level.
In the midst of disruption across all industries, our members are given the tools they need to digitally transform their organizations.