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BizReport : Ecommerce : June 28, 2016

Study IDs how retailers can compete with Amazon

The holiday season is rapidly approaching, and many retailers are wondering just how big a chunk of their revenue online giants like Amazon will take. No surprise since nearly half (42%) of consumers recently surveyed said they would turn to Amazon to make gift purchases.

by Kristina Knight

Researchers with Signal surveyed more than 1,500 consumers about their holiday buying plans. Shoppers are fairly evening split between desktop (36%) and in-store (33%) buying, but about one-fifth say they'll use mobile devices for purchases. Those buying via mobile device or computer are likely to turn to retailers like Amazon out of convenience.

"The retail environment is a complicated battleground, with mega-competitors like Amazon and demanding consumers who want to shop when they want, how they want. But retailers don't have to be Amazon to succeed, as 40% of consumers say they primarily shop elsewhere for holiday gifts. Instead, they can use the wealth of knowledge available in first-party data to understand their customers better than anyone else, gaining the edge they need to design personalized experiences that will delight holiday shoppers," said Mike Sands, CEO, Signal.

According to Sands there are three things retailers can do to better compete with the online giant.

First, don't think channel - make it simple for shoppers to find what they want whether they are in a store or online, and give them shipping options - to the home, to the store, etc.

Second, make things relevant. According to the Signal report nearly half (46%) of those surveyed said relevant deals/discounts would influence their purchases this year.

Finally, offer cross- and up-sell options, based on the array of customer data at hand. This data can help merchants understand what their customers want, and that can make their experience - in store or online - more seamless.

Tags: ecommerce, ecommerce trends, Signal

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