Amazon’s reach is undeniable with 43% of total US online retail spend occurring on its website. With an ever-expanding market presence Amazon is affecting every business in one way or another. This leaves many retailers grappling with how to evolve appropriately to retain and gain market share in the age of Amazon.
In this video Stacey Hawes, President, Data at Epsilon and Warren Storey, Senior Vice President of Products, join Innovation Pavilion’s Data Geniuses series to discuss recent Epsilon research that uncovers the profile and behaviors of the typical Amazon shopper. The insights help retailers determine how to handle Amazon by revealing who shops at Amazon, how much they’re spending across retailers and information about how they shop across channels.
Amazon has shifted customer expectations and turned up the heat on retailers. Customers now expect seamless and personalized customer experiences with fast and convenient service on their terms. Retailers looking to compete with Amazon must talk to and market to consumers in the right way through personalized customer experiences that include offerings like: free shipping, timely delivery, easy returns, intuitive website navigation, and a connected customer experience.
But the reality of the situation is consumers shopping on Amazon, are shopping elsewhere too. In general consumers who spend more on Amazon are also spending more with other retailers. Epsilon’s research on Amazon consumers found that high spending Amazon shoppers are spending 2x more than the average consumer across all categories (when looking across Epsilon’s Abacus Cooperative).
Amazon is not going away. Rather than trying to compete and win back individual sales from Amazon your business should be focused on trying to develop long term relationships with customers. For a deeper dive on how to compete and win in the age of Amazon and uncover where and why consumers are shopping check out this video:
To learn more download the report: Amazon doesn't mean the decline of your brand