Amazon and The Online Market
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As an organization we had a chance to visit our partners at Amazon based in Seattle, Washington this week, to attend their home furnishings partner summit. This was our opportunity to understand the vision the online giant has for this category of business and how we can become a bigger part of helping them drive this business. Amazon truly is a customer centric organization, their mantra of “start with the customer and work backwards” is apparent in everything they do. After selling everything from high definition televisions to toothpaste, they have sights set on the growing online segment of home furnishings and home décor.
It is estimated that this category will achieve $29 billion in sales by the year 2021 in the online segment, normally a trend and style driven industry seems to be gaining traction like everything else when it comes to consumers shopping on their desktops and mobile devices. Amazon is set up for success for multiple reasons.
Over half of the online shoppers in U.S. start their online research for goods on this platform, with hundreds of millions of visitors shopping an endless aisle of products.
The Prime membership service model has now grown to over 40% of the U.S. households, meaning that customers can freely shop their needs and wants daily without the hassle of paying shipping for every order they place. This allows even the value segment and lower priced goods to become appealing online, removing any friction or hesitation.
Online giant continues to disrupt and innovate, providing services like treasure truck in the local Seattle market where you can shop for deals and instantly get your product through an app that allows you to track the whereabouts of this fun mobile store.
Above all else Amazon knows consumers better than any other retailer due to its ability to decipher loads and loads of data, offering predictable patterns that allow the e-tailer to know what product will sell, when and where.
Online shopping continues to impact consumer behaviour, making Amazon the largest seller of consumer goods in the World. They pioneered building a platform for customers and suppliers to have access to each other, giving them the ability to gather data that helps them continuously refine and improve their business. With a maniacal focus on the customer and drive to innovate there is no doubt that the momentum they have around the globe will not slow down anytime soon. We look forward to being a part of that growth and ability to reach new customers World Wide.