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Amazon always was and will be my favourite retailer and there are a lot of reasons going for it. I just thought every retailer out there — whether online or offline — has a lot to learn from the online retail gaint. Here are some of the observations I made that are crucial for any kind of business and not just for retail businesses:
1. Make it Easy for Customers: If you ever walked into a super-market or a mall, you would empathize with me when I can claim that a lot of time is wasted just looking for the things you are already decided on buying. Commodities, your favorite brands and all things that you know you would want without a second thought are still stashed away in an aisle you will have to find. Isn’t it easier to place orders online and have them delivered at home? For me time is crucial and every hour is worth a dollar amount. It seems that I end up losing time (which is money lost) each time I head out to shop — count in the fuel, effort to drive and the actual expenses incurred when doing the purchase.
2. Leverage – in all ways possible: When amazon lists an item in its store, it isn’t actually there in the warehouse; at least it doesn’t have to be. Amazon uses the leverage of the Internet by just using photographs, descriptions, helpful content and e-commerce tools to help you make the purchase and the actualy product is shipped only after you place the order. Dell follows the same demand-pull model. This is pure leverage. Almost no overheads to own, maintain and run huge warehouses full of unsold inventory.
3. Constant Innovation and Focus: Amazon’s home page never looks and feels the same, although it is quite familiar now. The folks are amazon are constantly thinking of new ways to sell their products; they were the first to think of affiliate marketing and helped make many amazon associates thousands of dollars in commissions. Despite their success, they remained focus on retail.
What else do you think can be learned from Amazoon? Did I miss out on anything? Please add your comments here to let me know.
