Are we experiencing Black Friday in the middle of July? No, it’s Amazon’s third annual Prime Day, which takes place for over 30 hours, and provides thousands of deals to please consumers. After last year’s “holiday of savings” broke sales records, this year, Amazon’s prices are expected to rival, if not beat those seen during Black Friday and Cyber Monday as the company cements its place in the industry.
Competing with retail giants like Amazon may seem futile, but other retail brands have a strength that these megastores don’t –specialization. Not only is Prime Day only available to Amazon Prime subscribers, but the sales may not be all they seem when you’re forced to settle for an off-brand TV just because it’s a few dollars cheaper than the one you really want. By being a jack-of-all-trades retailer, these megastores miss out on the opportunity to provide their consumers with products they actually want.
Other retailers who take advantage of their niche place in the industry and focus on creating high-quality, low cost products that they know their consumers will love, will find it much easier not just to survive, but thrive in the years to come. To do so, they will need to implement predictive plans and support agile teams by using collaborative digital solutions that will keep them ahead of the curve as they work to bring products to market faster – matching the speed of the consumer.
With same day shipping and an expansion into physical retail locations, Amazon is setting the standard for instant delivery. Other retailers need to adopt innovative digital technologies to replace their outdated sourcing solutions, which are simply too slow for today’s retail world. Many retailers have invested in front-of-store technology to improve the user experience, but the same effort needs to be invested in the backend. Consumers expect that retailers will provide an online experience that saves them time, simplifies the shopping process and produces faster results. The only way for retailers to compete in an Amazon era is to embrace their specialty and implement technology that allows them to provide their products, fast, and at a low price.
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