Here’s a first on SellerBites: a special #ThrowbackThursday issue that’ll take you on a riveting journey through Amazon’s innovations in 2023! Time to rewind the groundbreaking landscape of the retail king’s new and renewed business ideas that made selling an art of ease and profitability.
But because we don’t want to dwell too much on the past, we’ll also give you a sneak peek of what’s in store for you in the future. Join us as we step into the time capsule of ecommerce evolution. 💊
Earlier this year, Amazon faced its biggest antitrust lawsuit yet. But guess what—instead of hitting the brakes, it's revving things up to become an even bigger deal in the industry!
DTC dug into all the changes going on with the platform, and here's what they found:
💪 Ecommerce = Empowered commerce
Shifting from its "customer first always" philosophy, Amazon is now about being seller-friendly. The platform has rolled out features like Amazon Storefronts to give brands more control over their image and data.
But the real kicker is when the company has made Buy with Prime available to third-party merchants. It's not just a checkout thing; it's Amazon aiming to be the heart of online shopping! And possibly gearing up to challenge Shopify head-on right on its turf.
🚚 Covering all shipping bases
Amazon's logistical prowess has always given it an edge over its rivals. This year, the company set the bar even higher by:
- Building a last-mile transportation network rivaling UPS to make deliveries faster and more efficient.
- Introducing Supply Chain by Amazon to take charge of ocean and air freight. With this, you can ship products straight from manufacturers to fulfillment centers.
- Launching Amazon Warehousing and Distribution—a tool that makes it a breeze for retail stores to snag huge wholesale orders.
🤳 Advertising dominance
What used to be exclusive advertising for on-Amazon brands has become a $31 billion behemoth. The latest buzz about ads popping up in Prime Video shows that Amazon now controls the whole customer journey—from watching shows to buying in the marketplace!
Will these guarantee your ecommerce success?
Yes. And no.
Yes, because Amazon has already laid a solid foundation to help you build a strong, competitive business. Imagine not having to stress too much on advertising and order fulfillment! You can shift your focus to delivering excellent customer service!
And no, because in the end, only you can steer your business toward success. So, the real million-dollar question now is: How will you use Amazon's innovations to guarantee your ecommerce success?
TOGETHER WITH STACK INFLUENCE
The secret weapon to increase revenue without increasing costs
Wondering how some of the hottest Amazon brands create explosive ad campaigns? You can stop searching for the answers because we’re gonna share their secret with you—influencer marketing!
What’s limited to those who can afford to hire celebrities before can now be achieved by small and medium business owners. And with a competitive partner like Stack Influence, you can grab your Amazon success without sweat!
🤳 How does it work?
To boost your brand’s reach and revenue, Stack Influence will:
- Evaluate your brand to identify the perfect target audience for you;
- Build a custom marketing campaign featuring a realistic timeline and the perfect set of influencers to represent your brand;
- Manage micro-influencers to help them create authentic content and media assets that you can reuse anytime, anywhere, with full rights; and
- Analyze your data to track your ad performance and give you insights into your strengths and to-be strengths!
And then, there’s more …
Not only can you increase your brand awareness, but you can also save:
- 175 hours per 100 influencers
- $25/influencer because of the product-only compensation system
- 15% of lost inventory expenses by avoiding fake influencers
Stack Influence is basically your all-around hitman—hitting your revenue, cost, and marketing targets at once!
Intrigued and impressed? Sign up now to launch a campaign that can open a thousand wallets! 👛
BITES OF THE WEEK
- SFP Essentials: Despite stringent requirements, there are easy ways to leverage SFP for success.
- Top Trending: Here’s how to keep up with the ecommerce trends shaping the future.
- #TikTokMadeMeBuyIt: This viral hashtag previews what’s next in the social commerce domain.
- Redefining Procurement: Strategic sourcing has been changing how businesses obtain goods.
- Advanced Advertising: Emerging technologies have pushed advertising to and for the future.
What will the future of ecommerce look like?
Amazon isn't the only one maximizing technology to change the shopping game. As revealed by LinkedIn, other tech giants are also cooking up some bold moves to rock the ecommerce world.
🔎 We're gonna keep quiet with the names of these giants for now (they're for you to find out soon!). But here are the technological trends that slowly but surely shape the future of the industry:
1. AI and machine learning (ML)
Spot-on product recommendations are what convince customers to splurge. AI allows you to do that by analyzing customer behavior, preferences, and buying history.
When coupled with ML algorithms, AI can also help you forecast customer demand for efficient inventory management. And don't forget the AI chatbots that provide round-the-clock customer service! 🤖
2. Augmented reality (AR) and virtual reality (VR)
One big hiccup with online shopping is not getting the 'real feel' of a product. Customers are often left wondering, "How's that lipstick gonna look on me?" or "Will that dress fit me well?"
Good thing immersive tech is here to change that. AR and VR are the keys to giving customers the chance to virtually test products, ultimately convincing them to hit Buy Now.
3. Automated logistics
Because of the "Amazon effect," ecommerce has become a competitive arena for getting orders to customers faster. Retailers are:
- Cranking up warehouse efficiency with automation and robots;
- Deploying drones and self-driving vehicles to deliver at lightning speed; and
- Allowing real-time package tracking through AI and the Internet of Things (IoT).
4. Green ecommerce
Eco-friendly shopping is the hype nowadays. Understandably, businesses are taking calculated steps to shrink their carbon footprint by:
- Selling eco-friendly products; 🌿
- Using sustainable packaging to reduce packaging waste; and
- Utilizing green technology in energy and supply chain management.
❣️ Indeed, these trends make online shopping more personalized, efficient, and, most importantly, enjoyable. But here's the thing: technology may be stealing the show, but only human touch can steal other humans' hearts.
Because no matter how advanced things get, shopping is and always will be personal.
Future-proof your business in 6 easy ways
New technology and trends aren't just a passing fad—they're sticking around. And sooner or later, more advanced tools and trends will pop up.
So, how do you ensure your business can keep up and thrive?
💯 AnyMind Group shared 6 ways to help you sell confidently—and successfully—in the future:
- Build your business for the long haul. Pick or create a platform that's both flexible and scalable. This way, you can grow your customer base without worrying about your website acting up.
- Be where your customers are. It's simple math: platforms with more customers have higher profitability potential. So, in addition to flexibility and scalability, go for those with omnichannel capabilities to maximize your sales and reach.
- Optimize for mobile. Buyers, especially young ones, practically have smartphones glued to their hands, so going mobile-first isn't a choice—it's a must if you want to capture their attention (and befriend search engines, too!).
- Add robust security measures. Your customers' trust is as fragile as a soufflé; if it collapses, it's game over. Go get secure payment gateways and regularly update your system to protect not just their security but yours as well.
- Embrace your inner tech geek. Know the latest tech and retail trends to make your store the cool kid on the block. You gotta stay in the loop if you don't want to be left behind in this fast-changing industry.
- Collect analytics and data insights. Data is power. You need it to guarantee that what you'll offer to buyers will click. Also, your ability to analyze customer data and market trends is the key to making the best business decisions.
✨ Bonus trick: Build your legacy
Every step you take in your business will dictate how customers will see you in the long run. As early as possible, you want to make the best impressions.
That starts by defining your purpose and adjusting your goals to the present. Building a legacy goes beyond marketing; it's showing how set you are in your intention to establish a brand that serves not just your customers but also the industry you belong to.