On 13th and 14th October, Amazon Prime Day is expected to generate an astonishing $10 billion in global sales. One of the reasons behind the success of Amazon Prime Day is through the use of personalised data, which is able to efficiently track the spending activity of their customers and generate deals accordingly. With brick and mortar stores playing catch-up as the high street reopens after lockdown, what options do retailers have to compete with e-commerce behemoths during events such as Amazon Prime Day?
The use of technology, such as that provided by Ubamarket, would certainly see these retailers rise to the challenge. The ability to track in-store purchases and spend data would not only enable retailers to have a clear insight into the shopping habits of their customers, but also allows them to create ultra-personalised offers and deals, giving them the ability to draw in custom in similar ways that Amazon does on Prime Day, increasing spend and customer loyalty. These technological solutions clearly showcase how the high street can usher in a new age of physical retail while rising to the challenges of e-commerce, not only on particular days but all year round.
Will Broome, CEO of Ubamarket, comments on what retailers can learn from Amazon, and how adopting technological solutions can usher in a new age of physical retail:
"The success of Amazon Prime Day has been incomparable over the past few years, and this year will see it reach new heights as we navigate through the Covid climate. The past months have definitely caused a spike in e-commerce and it is important that the high street and physical retail are able to rise to the challenge.
Technological shifts, such as the implementation of an app, would certainly enable retailers to grab the opportunity to increase footfall and their profits. By combining the convenience of shopping online with the satisfaction of shopping in-store, retailers will be able to reach new heights - offering cutting edge features such as the tracking of spend data and in-store navigation will lead consumers to the best deals in-store. In-app payments will not only eliminate the time spent queuing at the tills, but will also help increase safety and hygiene in keeping with the changing retail landscape.
Retailers would do well to recognise the success of e-commerce solutions and see how they can implement changes to go toe-to-toe with giants such as Amazon. With technology, the high-street can build loyalty, increase spend and send hyper-personalised offers to increase footfall and sales and be a viable alternative to the large internet-only offerings in the long term."