Amazon is HOT.
In fact, it’s scorching.
According to Statista, Amazon’s net sales revenue was about $136 billion USD in 2016, making it the leading e-retailer in the US.
With 300 million active customers that’s 130 million more than eBay.
But it hasn’t been all hunky dory…
With Amazon’s enormous popularity, the e-commerce giant has been blamed for the death of many US retails stores.
Retail giants such as J.C. Penney, Macy’s, and Sears are shutting down hundreds of stores and many others have filed for bankruptcy.
Thousands of workers will likely lose their jobs.
So is Amazon to blame for all of this?
Is this the beginning of the end of the retail industry?
Although online shopping has exploded in popularity (and will continue to do in the foreseeable future), shoppers still prefer physical stores 75% of the time, according to Cowen research.
But I do think that most retail stores have to step up their game and adapt if they hope to survive in today’s changing marketplace.
Because let’s face it: most retail stores are just plain boring.
There’s nothing that sets stores such as Macy’s or JC Penny apart from the other of hundreds bland department stores.
They’re all pretty much the same.
They fail to realize that simply offering products isn’t enough anymore.
Customers know they can buy a flat-screen TV or coffee marker at any number of places.
They have more choices today than have had at any time in history.
Many people prefer online shopping because it offers more benefits than having to go to the store.
Shopping online offers convenience, great prices, and plenty of choices. All without having to leave your home.
Which means that in order for your business to succeed on Amazon (or any platform for that matter) you will have to continue to innovate and find ways to stand out from the crowd.
You’re going to have to offer more value to your customers.
One way to provide more value is by offering a strong money-back guarantee.
A strong money-back guarantee is a great way to increase sales since it eliminates the customer’s worry if something is wrong with the product.
Another way to boost your value is to include a free gift or bonus as part of your customer’s purchase.
For example, if you’re selling an electronic product, you can include an instruction manual for shoppers so that they can get the most use out of their product.
By adding these extra bonuses, you’re providing more value while differentiating your product from your competitors.
If you want to learn more tips to stand out from your competitors, hit me up for a free 1-on-1 consult.
I’ll help you find easy ways to provide value to shoppers so that you stand out in the overly crowded marketplace.
It doesn’t get much easier than that.
Alex WongYour profit-boosting coach