This morning, Amazon shared the results of yesterday’s Prime Day, calling it the “Biggest Global Shopping Event in Amazon History.” Amazon Prime is on track to surpass the number of households who have cable TV, so the pool of participants in this epic shopping day is no small matter.
While nary a business conversation exists without mention of Amazon, it’s not surprising that thought leaders had a lot to say about Amazon’s success and what it means for sellers, other retailers, brands and shoppers. Most notable is that Amazon Prime Day has already become the norm, establishing itself as one of the newest and most anticipated micro-holidays.
Adrien Nussenbaum, U.S. CEO and co-founder, Mirakl, global marketplace solutions provider
“Amazon has realized the importance of letting its third-party sellers positively contribute to the customer experience by promoting great offers and deals. In years past, Prime Day has mostly benefited Amazon, as the company more heavily promoted its own inventory. But, the power of the marketplace model has shown through and Amazon learned that Prime Day is even better and more compelling when third-party sellers have an equal opportunity for every sale.”
Tushar Patel, CMO, Kibo, cloud-based unified commerce platform provider
“At this point, if a retailer is not capitalizing on Amazon Prime Day, they are passing up a huge opportunity. Strategically, it is a no-brainer to go head-to-head with the retail juggernaut because, for three years now, shoppers have been systematically ‘trained’ to not only anticipate the best deals and promotions from Amazon but to also assume they will see the same ‘sales frenzy’ from other leading retailers come mid-July. Even as Amazon gears up to offer customers more product availability via its acquisition of Whole Foods, many retailers still have the jump on Amazon simply because of their own distribution networks. We’ve always told our customers they must utilize their omnichannel fulfillment capabilities to create their own Prime Day success stories. Their inventory is literally everywhere, and oftentimes much closer to customers than a large fulfillment center. For example, if I needed a new piece of luggage for an upcoming trip, Amazon may not be the best option for me because it may take longer to ship, and I can likely find the same piece of luggage during Prime Day in the store of my favorite local retailer, buy it online and pick it up in the store that same day.
We believe that Amazon Prime Day has already become the norm, already establishing itself as one of the newest and most anticipated ‘micro-holidays’. In fact, we have read several reports that indicate Prime Day will have better deals than Black Friday. It is important that retailers not underestimate what Amazon will do to take advantage of their customers’ loyalty, by either expanding their footprint with more brick and mortar stores or expanding into more retail categories. Retailers must quickly establish their own Prime Day-driven events, as well, continuing to focus on individualizing their customers’ experiences with personalization technology.”
Luke Starbuck, VP of Marketing, Linc, customer service and retention platform provider
“This year’s Amazon Prime Day not only showcased the retailer’s ability to dominate the market, but also displayed the retail industry’s continued movement toward voice-assisted shopping. For example, Amazon leveraged Prime Day to go heavy on their voice assistant – the steep discounts on the devices showed Amazon’s push for adoption, along with the voice-only special deals they offered. Voice-based search is skyrocketing and with the number of households equipped with Echo devices increasing, voice-assisted shopping will continue to increase. There’s a good reason for this, as voice is fast, convenient, easy and avoids all the digital ‘noise’ that a consumer finds on their phone these days. Consumers are becoming more comfortable with shopping by voice every day, and the Echo being tied to Amazon’s marketplace makes this incredibly easy.
The race is on for the in-home voice assistant position, as households across the US are now putting these devices in place. A recent survey from Raymond James, shows 14% of iPhone owners plan to buy Apple’s new in-home device, so Amazon may have strategically pushed Prime Day Deals via its Echo device to get ahead of those plans and lock up more households with its platform, as its generally expected for a household to stick with one platform for ease-of-use. For other brands and retailers to compete, they are going to need to establish their presence on voice platforms as a matter of urgency. The time is now to engage directly with consumers on the Echo platform and additional platforms including Google’s and Apple’s in-home devices.”