What comes to your mind when you first hear about the most prominent online retailer in the world? AMAZON. What must be the reason? Its strategic approach to selling the goods to every kind of consumer. Jeff Bezos founded Amazon on 5th July 1994 with the motive to sell books online and compete with the existing retail book market.
Later on, when books sold successfully on this platform, he was approached asking to sell various other products online like DVDs and gadgets and stuff. Twenty-eight years later, Amazon rules the roost in eCommerce globally because of the availability of products that can be sectioned into 30 different categories.
Here is why it is the king of the online retailing market:
1. Customer Focused Approach
The customer is still a king and will always be. Because customers exist, Amazon exists. It will fail the day they won’t have a single customer, and that day won’t come. This is because people never stop shopping online. Hence, Amazon always tries to make the experience customer-centric. This has benefited them over the years and still continues to do so.
2. Never Stop Inventing
Alexa is evolving, and it is one of those products that progress constantly. And so is the Amazon fire Stick. Also, they have found Amazon Prime, which is again a progressive product. Hence, Amazon provides consumers with products they never thought they needed. And once they get used to such products, they cannot live without them.
Hence, Amazon never stops investing in Research and Development, and that is why they never fail to disappoint people.
3. Extra Benefits/Rewards
Amazon introduced Amazon Prime in 2005 and did it a paid service wherein people get special discounts, free deliveries, free shipping rates, and so on. And Amazon Pay Later is a convenient option for people who need to buy certain products urgently but cannot make the payment immediately.
4. Product Assortment
Keeping one or two products doesn’t make sense because people need variety. They need as many options as they get. When people are introduced to the prospects is when they know what they are getting, and the scope is pretty huge. Having many SKUs and variations will increase sales and revenue.
5. Personalized Shopping
Amazon has a market for everyone, and every customer is precious to them, which is why they have personalized shopping on the basis of specific algorithms and clicks. They keep track of what people click on, and based on that, they provide recommendations of the products that people are likely to buy. After all, who doesn’t like to be taken care of, right?
6. Trend Forecasting in Advance
Amazon forecasts various trends well in advance because it keeps up with the market of every country they are present in. Their team is powerful enough to figure out how the market is going to be, and that is why they adapt to changes pretty quickly, giving people time to get used to those changes.
Thus, by the time the trend hits the market in full–fledged manner, people have been thoroughly accepting of that. The added advantage of it is that they get the crème response before the market does.
7. App Development
Amazon understands the importance of mobile responsiveness. Hence, as mentioned above, they have been fast in forecasting the trends; they have created an app for amazon where people can easily access all the features that are available on the Amazon website. How to make a successful Ecommerce App is one such article that gives you tips on different ways to make an eCommerce app that will become a huge success.
8. Feedbacks And Reviews
Feedbacks and Reviews add to the credibility of the product. When people see that other people have bought the item and used it and are happy with the results, they will be tempted to purchase the products. Amazon ensures that once the product is delivered, they ask for the feedback. And many do not review the product, but those who do are a big help to people who are planning to buy the product.
Reviews and Feedbacks also increase the credibility of the website. People put their faith in the quality and price of the product if they order from Amazon because they have credible reviews and an excellent return policy.
Also, people are likely to buy more if they are suggested products on the basis of their liking. According to Oberlo, 88% of people consult the reviews before buying. Thus, people will favor the product more if it has more online reviews – despite them being negative or positive.
9. Multiple Payment Getaway Methods
Limited payment getaways are one of the reasons Amazon has succeeded globally. Be it credit card, debit card, UPI transfer, cash acceptance, or another payment model Amazon offers all. On the top of that with, Amazon Pay Later is a feature by Amazon to ensure people can buy the stuff and pay next month when their salary is credited.
10. Retail Readiness
Retail Readiness – as the name suggests, is the list of products that are retail ready. These product listings should be crisp and full of finesse so that it becomes difficult for the consumer to reject them. Detailed description, HD quality images, budgeted price, applied discounts, videos, reviews, and feedback make the product retail ready.
This is further explained in detail in this article – retail readiness and its importance.
If you are thinking of selling on Amazon and have questions or want us to help you on your Amazon journey, don’t hesitate to contact the BellaVix Team.
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