Competing with Amazon—How to Differentiate Your Business and Win

6/21/2018

While the threat of Amazon is absolutely real, independent retailers continue to gain ground in the retail market. A recent Forbes article stated that retail physical store openings actually grew by more than 50 percent year-over-year. 

According to most estimates, about 91 percent of all retail sales last year were still transacted in a brick-and-mortar location. And despite the anticipated continued rapid growth of online shopping, more than 80 percent of all retail sales will likely still be done in actual physical stores in the year 2025.Competing with Amazon—How to Differentiate Your Business and Win

In addition, the Small Business Association reported that more than half (54 percent) of U.S. sales are generated by small businesses, and that figure could likely rise. 

That’s all great news, but the fact remains that today’s retail is different. So, what can you do to help differentiate your business, beat the competition, and grow revenue? 

Gaining insights from your Epicor Eagle® analytics is critical to improve your understanding of shopping habits of your customers. Once you’ve analyzed the data you can create more focused and effective marketing efforts to support ideas like these:

  1. Elevate Engagement—Buyers, including younger shoppers, like to know the store owner and feel invested in his/her success. When you invite shoppers into your store, make time to interact with them and get to know them. 
  2. Speed it Up—According to the report "State of Shipping in Commerce" by the fulfillment software firm Temando, more than 40 percent of consumers want "hyper-local" delivery, with control over how, when, and where their products ship. Of those shoppers, 38 percent said they’ll pay for it—but just 24 percent of retailers offer it. Is that an opportunity for your business?
  3. Keep the Local Edge—Connect with and capitalize on local trends and events. Feature unique products (or local artists) that customers can’t get elsewhere. Create a special customer experience or event to draw customers into your store. What are you doing differently to help your business compete, not just locally, but with online stores, like Amazon? 

Independent retailers can learn from large online retailers like Amazon. Create your own version of Amazon Prime day. Maybe offer this special event only to your loyalty members as a reward to existing members and as an incentive for potential members.

Whatever ideas you decide to implement, you need the analytical tools that can help you identify your best customers and your top loyalty members. Then, work relentlessly to reward those customers, re-engage your shoppers, and recoup mind and wallet share.

To learn more about various Epicor Eagle analytics tools, please visit www.epicor.com/products/epicor-eagle-n-series.aspx.








 

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