45% of them are Amazon Prime members.
There are ~150 million Amazon Prime subscribers in the U.S. (For comparison, the second-ranking shopping app, Walmart, had a monthly mobile app audience of only ~76 million users.)
87% of customers agree that they are more likely to buy products from Amazon than other eCommerce sites (Source: Feedvisor, 2019).
Amazon brought in $75.5 billion in sales revenue during the first quarter of 2020 (Source: Amazon, 2020).
There’s no way that it was $75.5 billion.
To be fair, Amazon is an incredibly diversified company that draws revenue from a myriad of sources. …
It’s a result of the processes happening within us — the oxidation of our blood, the beating of our heart, the circulation through our body.
First responders ask, “Does he/she have a pulse?” the moment that they arrive on the scene.
Doctors take a patient’s pulse as a normal part of office visits.
We even check our own pulse — on a device or by hand — after a significant event like exercising or experiencing a new symptom.
Our pulse, our heart rate, is an indicator of our personal wellness. We may not have the time or ability to go…
Shopping online has undeniable advantages — like unbeatable convenience, broader selections, better prices, and quicker comparison between retailers. At the same time, online shopping has its challenges — and those became glaringly apparent with the acceleration of eCommerce and “online as only” retail channel shift this year.
Consumer confidence has proven to be one of the most significant roadblocks. There are items that people are more confident about purchasing online than others. The inability to touch, try-on, and experience presented a struggle for consumers and retailers alike — leading to higher rates of cart abandonment and returns.
With that said…
Shifting realities resulted in shifting consumer expectations.
These shifting expectations caused many brands to face an existential crisis: “Evolve or face extinction.”
In this case, “pivoting” is broadly defined as “shifting to a new strategy or approach.” Shifting consumer needs, expectations, and realities are often a catalyst for making a “pivot” — a.k.a. making a change.
When you start running, you observe that there are only two or three other runners — and, you’re the fastest in the bunch. Feeling a slight sense of self-satisfaction, you put your head down and keep going at the same pace.
Thirty minutes later…
It’s a strange analogy. Bear with me.
Gone are the days when our options were limited by where we lived, what high school we went to, or who our friends were. When the main way we got to know someone was through conversation, and the only way to communicate with our crush was by call, letter, or even AOL chat. We’ve said “sayonara” to the time when people were content with their choices because they’d picked the best person around for them— and, the means didn’t exist to know if there was perhaps something better out there.
Modern romance is…
Merriam-Webster’s Dictionary defines “trust” in both noun and verb forms. In noun form, “trust” is “assured reliance on the character, ability, strength, or truth of someone or something.” In verb form, “trust” means “to rely on the truthfulness or accuracy of ____.” A synonym for the verb “trust” is “believe.”
As humans, we have relationships built on trust. We put our trust in other people. We become frustrated when others betray our trust.
And what is a company? It’s a collection of employees — or people. By that definition, consumers’ relationships with companies can be viewed as relational — human-to-human…
For a company, there are many ways to measure customer value — from average order value to conversion rates.
But none is perhaps as important as Customer Lifetime Value (CLV). A customer’s lifetime value measures how valuable a customer is to a company over the course of their entire relationship, instead of on a transaction-by-transaction basis.
As many executives know, it’s five times more expensive to attract a new customer than keep an existing one. The same survey shows that the probability of selling to an existing customer is 60–70%, compared to 5–20% for new customers. …
While it’s easy to focus on the negative, 2020 also brought with it a flood of positive innovations and advancements for the retail industry. As the proverb goes, “Necessity is the mother of invention.” To quote Trendwatching, “Disruption allows new ideas to take hold.” This year, consumers had new needs and it became necessary for brands to consider how to meet those evolving needs in new ways.
In 2020, brands made their experiences more seamless, intuitive, and delightful. They considered how to deliver additional value to customers at every stage of the purchase process. …
From the mythical age to the modern era, leaders have longed for a “crystal ball view” into what’s coming next that will enable them to plan out their resources, protect their “high ground”, and place themselves in a winning position.
Today, “executive” is, of course, another word for “leader.” Executives lead the charge to deliver value for their customers and propel their companies forward.
As the leaders of long ago, executives today still long to see “what’s next.” …
INTO Agency: Strategy Director // Life Mantra: Live epic, every day.