Amazon Prime Day Deals: Retail Rivals Offer Similar Deals

Amazon.com will kick off its fourth annual Prime Day today, at 3:00 EST. There will be millions of products exclusively available for Prime members during the 36-hour period. Amazon.com’s main competitors have launched their own online sales in anticipation of the event. There is no $119 membership fee. Target, for instance, said Friday that it will offer “red-hot summer discounts” July 17. Target will offer a six-month free membership to customers who spend over $100 on Tuesday. eBay also stated that it will offer “thousands” of exclusive deals on Tuesday. eBay, like Target, claims that “no membership is required…ever.” This Tuesday, Kohl’s hosted a one-day sale called “It’s a Big Deal “. CNBC reported that Macy’s and Bed Bath & Beyond are also using Prime Day specials to draw shoppers.

Total Retail’s View: It makes sense that retailers get involved in the Amazon Prime Day mania. Amazon reported that Prime Day saw a record number of Prime members make purchases. Amazon’s annual shopping holiday, which it created by itself, is expected to grow in size this year. It will last 36 hours, six more hours than the 30-hour sale last year. Prime Day sales will extend to Whole Foods Markets, where Prime members can get an additional 10 percent discount on a variety of products. Coresight Research estimates that Prime Day 2018 sales will reach minimum $3.34 billion worldwide, breaking yet another record. Coresight CEO Deborah Weinswig, Founder, said that if this threshold is reached, July 17 will be the largest shopping day for Amazon in terms revenue, surpassing Cyber Monday 2017. Other retailers cannot afford to miss the opportunity to make sales with so much traffic expected online over these next two days. This is especially important as Amazon continues to pose a greater threat to businesses.

source https://www.mytotalretail.com/article/retail-rivals-offering-deals-to-compete-with-amazon-prime-day/

Retail’s Future is in Consistency — Online and in Person

While some might argue that retail is dying off, e-commerce is booming. E-commerce was only 3.6 percent of retail sales in 2008. Now, it is at 9.46 percent. The annual average growth rate is 15.75% and shows no signs that it will slow down.

The shift to online shopping began in the apparel and consumer packaged goods worlds. However, it has now been extended to grocery and vehicle shopping. As tech-savvy retailers offer more delivery options, the evolution of online shopping is likely to continue for many decades.

Clothes are a popular e-commerce product, but some customers prefer to shop in-store for clothing because they can see the items firsthand. This advantage may be ending, thanks to Warby Parker technology, which allows customers to upload photos and see what glasses will look like on their faces.

Retail is ultimately about satisfying consumers’ needs. The shopping experience has been made easier, quicker and more efficient by technology. Brick-and-mortar stores of all types should be aware and strive to improve their shopping experience.

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E-Commerce: The Evolution

Shopping used to require a long trip to the mall, where you could spend hours browsing through stores and trying on clothes. If you purchased something, but then decided to return it, you would have to go back to the mall and spend more money. You were likely to be left with store credit, provided that you have the receipt.

If you’re like 88% of consumers according to the 2017 United States Ecommerce Country Report you will likely start by looking online for your favorite products. Read reviews and compare prices. It is possible to visit a physical store to see the product before ordering online.

In four years, or five years, price comparisons and product research will still be available. However, they will be followed by brand activation for you or your network. Participants will be able to touch and try the products before purchasing. Influencers will promote the products and consumers like yourself will be more prepared to purchase online.

According to Harris Group, experiences are becoming more popular, particularly among millennials. Mall activations are a great fit. Brands that create an engaging, personal experience in-person will increase their sales.

Create a hands-on experience

Shopping is a business that involves price. It drives product sales and generates revenue. But price will not replace the stories that brands tell through activations and marketing. Stories are what build lasting loyalty. The brands that tell a consistent story and cater to customers’ desires to touch and look at products will thrive in the future.

It is crucial to ensure seamless customer experience across all channels. Best Buy achieved this flawlessly by focusing solely on driving traffic to their website and offering consistent, personal service in-store. What did it produce? The result? You can take a leaf from Best Buy’s book to integrate your e-tail experience with retail right away.

Brands that are online-only must offer consumers the chance to touch products in person. Pop-up retail locations or experiential activations are a great way to make a difference. To secure a space for your activation, reach out to the shopping centers that target your target audience to ensure that you have a place that will allow influential customers to interact with your products. They will then share their stories.

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The experience economy is important for both brick-and-mortar and online retailers. While online shopping will continue to trend, brands that tell consistent stories online and in person will be more popular, no matter how customers make their purchases, will still enjoy loyalty.

source https://www.mytotalretail.com/article/the-future-of-retail-lies-in-consistency-in-person-and-online/

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