3 Things Retailers Can Do To Compete With Amazon
Amazon just had another incredibly successful Prime Day. Estimates put sales at more than $1 billion with a decided focus on furthering the growth and strength of their ecosystem. The day may be over, but there are still lessons to be learned and strategies to consider as competing with Amazon is now a must for most retailers. The online retailer’s growth is being driven by that of Amazon Prime, which now reportedly has half of American households. Add to that the rapid penetration of Alexa driven artificial intelligence (AI) devices, which sold at seven times the rate of last year’s Prime Day and not only is Amazon building sales, they are strengthening their ecosystem. Amazon has also announced deals to sell Nike on their site and Kenmore appliances, which will be equipped with Alexa AI. Oh, and they’re buying Whole Foods, which is perhaps just a starting point for the rapid growth of brick and mortar. Many retailers are quick to declare, “It’s just a flesh wound” when discussing their battle with Amazon, a reference to King Arthur’s battle with the Black Night in Monty Python’s Holy Grail. But we believe the situation is more dire than that and the flesh wounds are quickly turning fatal. Read more at Retail Dive.
