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Amazon Prime Still Keeps Growing

19 Feb

As we know, Amazon dominates the world of online retailing. And it is a very creative firm.  Think about the Kindle, the Kindle Fire, Alexa, and Amazon Prime. [Click here to read more.] Also, it leads online retailers in customer service, including returns, Because Amazon Prime is the basis for a lot of the firm’s success, today’s post deals with Amazon Prime still keeps growing.

Clearly, Amazon itself has been a true marketing innovator. Think of its 2018 Super Bowl Ad for Alexa. Many observers chose it as the best commercial during the game.

And we know that Amazon Prime has been a brilliant program. See Amazon Creates Its Own “Prime” Holiday and Amazon Prime: A Loyalty Program That Really Pays Off .

Thus, it is no wonder that Amazon is the largest online retailer. As well as the number two retailer in overall sales (trailing only Walmart).

 

Amazon Prime Still Keeps Growing

As reported by eMarketer:

“New data from Kantar Consulting estimate that an impressive 45% of households in the US are willing to fork over membership fees to Amazon in exchange for the promise of free two-day shipping on eligible items, along with ancillary benefits like access to Amazon’s library of streamable content. That’s a figure Kantar said is equal to about 56.9 million homes.”

And “According to a report from Consumer Intelligence Research Partners (CIRP) released in October 2017, Amazon Prime members spent an average of almost $1,300 per year on the platform, compared with $700 for nonsubscribers.”

Now, take a look at these two charts developed by eMarketer.

 

The Growth of Amazon Prime

Amazon Primes for More

 

Frequency of Purchases via Amazon Prime

Amazon Primes for More
 

Social Media and E-Commerce Interesting Facts

16 Feb

As we have noted before, social media and E-commerce are booming. So, lets a look at a detailed infographic with social media and E-commerce interesting facts.

Previous posts include:

 

We Are Living in a Social World

Thanks to Josh Wardini for authoring this section of today’s post.

Twenty years ago, we were all living in a material world according to Madonna. While that can still be said to be true, the focus has shifted somewhat. It would be more apt to say that we live in a social world now. As a result, if you have a business, marketing these day means more than just offering a few discounts and running promos. These things are still important marketing tools but only when used as a part of social commerce strategy.

Today’s consumers want more out of businesses than just the best prices. They want to engage with a brand and know that they are valued by that brand. Social commerce is a fairly new concept but one that you really have to get right. It’s about having a defined presence on social media, but it encompasses a lot more than that as well. Social commerce makes it as easy as possible for your clients to buy from you – more and more brands are incorporating sales apps into their social media pages.

It’s also about using client data to examine exactly what your clients want and what they might need in future. In essence, it’s about knowing what they want before they do. And, if you get it right, it’s about skyrocketing your sales because you can meet their needs at exactly the right time.

 

An Infographic on Social Media and E-Commerce Interesting Facts

According to 16best.com: As outlined in the infographic below, major social media platforms are becoming more commercial, while eCommerce platforms are becoming more social, and the social commerce trend is gaining in popularity with each passing day.”

 

Social Media and E-Commerce Interesting Facts
 

Consistency Makes Good Customer Experiences Better

15 Feb

Consistency makes good customer experiences better for all parties. Thus, we must ask. Are firms doing well with customer service (the customer experience). Or is it just hype? Some firms are doing well, other not so much. And consistency of the customer experience is essential for their loyalty. As a result, customers must be satisfied EVERY TIME they interact with a firm.

According to Forrester:

“Today, there are growing consumer expectations, rising customer churn rates, and more options with lower barriers to switch. Therefore,  a firm’s customer experience (CX) moves to center stage. And CX leaders grow revenue faster than CX laggards. In addition, they drive higher brand preference. Also, they can charge more for their products.”

Before moving to today’s topic, look at these posts:

 

Consistency Makes Good Customer Experiences Better

For this section, we turn to observations by Connie Harrington for Customer Think. First are some insights. Then, we show a few graphics:

“Creating a single standout customer experience (CX) may get a customer’s attention — but does it win their loyalty? Not always. Companies that have made progress along the CX path recognize that delivering consistent experiences across multiple interactions helps fortify customer loyalty. Fostering consistency in experiences is becoming essential as customers use multiple channels to engage with brands.”

 

“According to 2017 research from Forrester, 95% of customers use three or more channels to connect with a company in a single service interaction, with 62% using more than one device. And Accenture research has found that 65% of customers expressed frustration over inconsistent experiences or information presented across channels.”

Consistency Makes Good Customer Experiences Better

Image Source: SlideShare

 

“Today, consumers are more likely to conduct research—and consider multiple brands or products–before making purchases. A recent study found that two-third of customers research products online before shopping for them in a brick-and-mortar store. Over half follow this research online, buy offline process frequently or every time they shop. Many consumers do the reverse as well. In the same study, more than half of surveyed consumers said they will go to a store location to see products in person before buying them online.”

Consistency Makes Good Customer Experiences Better

Image Source: Retail Dive

 

Trust and consistency go hand-in-hand. In fact, McKinsey’s research in the financial found that brands that cultivated the strongest feelings of trust were more likely to deliver consistent customer journeys. Cultivating trust can have far-reaching impacts on a business. According to the Edelman Trust Barometer, when customers trust companies, they are more likely to believe positive information about the company—and the opposite is true for companies they distrust.”

Consistency Makes Good Customer Experiences Better

Image Source: Clear Action CX

 

Useful Free TrendWatching Resources

9 Feb

On a regular basis, many of of us anticipate and stay current with the latest trends. And predictions for future trends. As we reported before, TrendWatching represents one valuable source in this area. Thus, today’s post considers useful free TrendWatching resources.

During just this past year, these posts highlighted the importance of studying trends:

 

Background: Useful Free TrendWatching Resources

According to its Web site, TrendWatching describes itself as follows:

“Established in 2002, we have hubs in London, Singapore, New York, Amsterdam, São Paulo, and Lagos. And we help forward-thinking business professionals in 180+ countries understand the new consumer. As a result, they can unlock compelling, profitable innovation opportunities.”

In monitoring trends, the firm uses 2,000+trend spotters and in-house experts across 55 countries. Why? Take a look at this chart. To see a larger version, click on the image.

Useful Free Trendwatching Resources

And click here to access a “3 minute overview” of TrendWatching.

 

Links to Useful Free TrendWatching Resources

Besides to its paid clients, TrendWatching offers a number of FREE resources. And here we cite just some of them:

  • At this page, TrendWatching summarizes its free resources.
  • As an ongoing resource, TrendWatching publishes “TrendWatching Quarterly: the definitive viewpoint on consumerism’s most pressing issues.” For the free signup, click here. [You can also opt to receive “Innovation of the Day .”]
  • Now, click the images to see examples of trends around the globe. To illustrate, featured below are articles on these areas. Overall trends. And trends in Africa. And trends in Asia. In addition, Latin trends. Also, read the stories on brands, the customer experience, truthful consumerism.

These are just a selection of the free resources from TrendWatching. Do not be a copy cat or laggard. Be a trendsetter. And awareness is the key to good strategies.
 

Overall Trends

Useful Free TrendWatching Resources -- Overview
 

Trends in Africa

Useful Free TrendWatching Resources -- Africa
 

Trends in Asia

Useful Free TrendWatching Resources -- Asia
 

Latin Trends

Useful Free TrendWatching Resources -- Latin

 

Brands

Useful Free TrendWatching Resources -- Brands
 

Customer Experience

Useful Free TrendWatching Resources -- Customer Experience
 

Truthful Consumerism

Useful Free TrendWatching Resources -- Truthful Consumerism
 

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