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Can UK Retailers Operate Like Amazon?
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UK millennials are setting the pace for a whole new kind of digital shopping experience. With a distinct preference to pore over their mobile phones to make a purchase, this technophile demographic presents a massive opportunity not only for Amazon, but UK retailers as well. For UK retailers looking to stay competitive, the answer could lie in customer data.
UK retailers who want to differentiate themselves from retailer giants like Amazon need to leverage data about their customers. This starts with tracking their customers’ digital footprints at different touch-points across the buying journey. Tapping into this type of data allows retailers to strategically create better shopping experiences for their customers.
3 strategic ways UK retailers can leverage customer data to gain a competitive edge
1. Automate operational processes
Just like Amazon, which automates logistical processes on the ground with its fulfillment warehouses and robotic shelves, retailers need to step up their day-to-day business operations to ensure maximum productivity. Using automation tools and the right technology can help to streamline time-consuming business activities, specifically data-related ones such as sales, inventory, and replenishment analysis.
2. Create a seamless shopping journey
From clicks to bricks and vice versa, retailers need to understand the changing needs and expectations of the digital age shopper. A shopping experience that streamlines the best in-store with the best online experience will not only help retailers better serve their customers’ evolving needs but also rise above the competition.
3. Personalize the customer experience
Outstanding customer service has always been Amazon’s bread and butter, and answering at 3P sellers’ beck and call — be it with 24-hour call centers or automated services — is crucial. If retailers want their customers to remain loyal and come back, they need to step up their game. The pressure is on for retailers to deliver speedy and relevant information for today’s busy customer. By cracking the data about their customers, retailers can tailor offerings according to individual tastes and preferences and deliver their customers exactly what they want, when they want.
UK retailers need to adopt a data-driven mindset or they’ll miss out
According to Internet Retailing, retailers who unlock the value of their customer data, “can deliver data-driven relevance, personalized marketing and authentic, seamless experiences — increasing the chances of making the sale over a competitor.”
By applying Amazon’s best practices and weeding out relevant customer data using AI architecture such as Feedvisor’s award-winning Amazon repricer, UK retailers can derive intelligent insights to automate further operations and realign their business strategy to stay competitive.