Amazon has come a long way since their birth in 1994, when they first began as a humble e-commerce store selling just books, before they grew into the online retail giant they are today. Many are fascinated with the level of their success, while businesses are wary of the trail they are blazing as they try to keep up with the changing landscape.
So, how does Amazon manage to stay on top? And more importantly, how can you compete and leverage their success simultaneously?
Here are the three lessons that you can learn from Amazon and implement within your own business to maximize your success and compete in the Age of Amazon.
Be obsessed with your customers
Being customer-obsessed means working tirelessly to earn and maintain your customer’s trust. Successful businesses like Amazon start with the customer and then work their way backward. Although it is important to pay attention to the industry landscape and your competitors, you need to obsess over your customers to ensure that they receive the best experience possible.
That starts with understanding your consumer. Research has shown that 76% of consumers expect companies to understand their needs and expectations. They expect connected journeys, great experiences, and swift, responsive services.
By being ‘obsessed’ with your customer, you will meet their expectations and build a good reputation, which gains customer retention and ROI.
Insist on maintaining the highest standard possible
Maintaining a high standard establishes your business as a reliable one. This is critical because it can either make or break your business, as many customers now expect services and products to be of high-quality.
When your company upholds a high standard, it brings in more customers, as people are drawn to a good product, service and business. According to e-commerce research, around 55.3% of customers are loyal to a brand or business because of a high-quality product. It can also generate good word of mouth. 80% of customers that are satisfied with great customer service tend to recommend a business to friends and family. Additionally, 40% of those happy customers will document their experience on social media.
Amazon’s CEO, Jeff Bezos, stressed the importance of having high standards because customer expectations are never static. “Yesterday’s ‘wow’ quickly becomes today’s ‘ordinary’”, stated Bezos.
From a seamless user experience on an app to the description of a product’s online store-front, customers expect the same level of detail at each stage in their experience with your product or service. By meeting their expectations and providing them exceptional value, you’re building your business for future success.
Ship faster and smarter
Thanks to Amazon’s guaranteed two-day and one-day shipping service, many consumers have come to expect fast shipping on their online orders. In fact, customers are so used to two-day shipping that a fast delivery option can make all the difference in getting the business. 75% of customers say they feel same-day or one-day delivery should be offered by all online retailers.
Because many customers are used to receiving quality products quickly, businesses have been scrambling to keep up with that demand. How does one stay in the game with Amazon? Well, it’s easy.
Offering this kind fast but also cost-effective shipping is only made possible through a selection of carriers and streamlined processes. Luckily, Pacejet can help you keep up with competitive shipping timelines by utilizing a variety of carriers including regional carriers and comparing for lower rates.
By finding regional carriers and shipping services, you can cut your costs by 20% to 40% because they are often less expensive in order to remain competitive and more flexible when compared to global carriers. Pacejet customers not only experience savings from rate shopping carriers, they have also experienced savings on labor costs due to increased process efficiencies and modified workflows.
When you compare rates, you keep your shipping costs down and have the potential for a great ROI on your shipping. If you are interested in learning more about what your business could be saving, we’ve created an interactive tool to help you along. Visit our ROI Calculator by clicking the button below. Answer a few quick questions and we’ll help you uncover your possible savings through Pacejet’s shipping automation, specialty services, and fully connected platform.
Shipping plays a major part in helping you stay competitive in the e-commerce game. Finding new ways to adapt to the Age of Amazon will satisfy your customers, meet their rising expectations and facilitate business growth.
The bottom line
These three simple lessons were compiled to help you succeed during the Age of Amazon. They demonstrate how success comes from knowing your customer well and maintaining a high standard in order to meet consumer expectations. When you add in streamlined shipping processes to the mix, your business will be able to stay ahead and stand out in a large crowd of competitors.