How do you compete with Amazon?
With double-digit annual revenue growth, $107 billion in sales, an ever-expanding array of product categories, innovations and fulfillment options, retailers might be tempted to throw up their hands and succumb to the notion that, well, you just can’t build brand loyalty in the age of Amazon.
That’s just not true.
While Amazon may be setting a challengingly high bar with low prices, wide selection of merchandise, continuous innovations, personalization, etc., brick-and-mortar retailers and ecommerce specialists actually have many levers to pull to build sustainable brand loyalty with consumers.
To this end, experts from Demandware and Radial (formerly known as eBay Enterprise) produced this whitepaper to debunk the top ten misconceptions about building brand loyalty in the age of Amazon.
Here’s a sneak peak at what we uncovered:
Misconception: You must compete on price to beat Amazon
Reality: Competing on price is a losing proposition. For most retailers, there’s simply no way to win against a huge, price-driven company like Amazon, which changes its prices more than 2.5 million times per day.2 Rather than offer the lowest price, focus instead on providing the best consumer experience. A few ways to do this: create better content; focus on customer service; leverage stores for an omnichannel shopping experience.
Misconception: Amazon knows your customers better than you do
Reality: You can deliver at least the same (and often better) shopping experiences to your customers. Every new visitor, every abandoned cart, every sale, every customer service interaction, and every return is an opportunity to collect and leverage valuable data so you can create more personalized experiences that will boost sales, increase loyalty, and improve your bottom line. Here’s an overview of predictive intelligence technologies that accomplish this.
Misconception: You need dozens of expensive warehouses to compete on fullfillment
Reality: Many retailers with brick-and-mortar stores have shown that you don’t need a network of warehouses to fulfill digital orders quickly. Instead, you can turn your stores into mini distribution centers so customers can get their orders when and how they want them.
To learn more about all Ten Misconceptions About Building Brand Loyalty in the Age of Amazon download the whitepaper now.