what b2b merchants can learn from amazon prime day
Amazon continues to scale Prime Day to record-breaking heights every year, and businesses should pay attention. Every year Amazon creates an influx of new members while cementing its relationship with loyal customers and making room in its warehouses just in time for Q4. B2B sellers need to take note of these 7 things.
Key Takeaways
Embrace the Power of Personalization
Optimize the User Experience
Leverage Cross-Selling and Upselling Opportunities
Harness the Power of Data Analytics
Give the People What They Want
Customer Service at Its Best
Reliable and Transparent Inventory
With the excitement building up for the upcoming Amazon Prime Day next month, it's the perfect time for B2B companies to explore the valuable lessons and strategies they can learn from this annual shopping extravaganza. As the ecommerce industry continues to evolve, forward-thinking businesses constantly seek new ways to enhance their online presence and maximize sales opportunities.
Amazon Prime Day, known for its personalized experiences, seamless user experience, and effective marketing tactics, provides actionable insights that can be applied to B2B strategies. This insight will delve into the world of Amazon Prime Day and explore how B2B companies, especially those leveraging Znode, can unleash its power and drive success. As manufacturers and distributors invest in ecommerce, these companies constantly seek new strategies to enhance their online presence and maximize sales opportunities. One event that has truly revolutionized the ecommerce landscape is Amazon Prime Day. This annual shopping extravaganza provides valuable insights and actionable lessons businesses can apply to their strategies. This insight delves into the world of Amazon Prime Day and explores how B2B companies, particularly those leveraging Znode's robust B2B ecommerce platform, can learn from this remarkable event.
Embrace the Power of Personalization
One of the most striking aspects of Amazon Prime Day is its ability to deliver highly personalized experiences to millions of shoppers. A study by The Relevancy Group found that businesses using advanced personalization see up to a $20 return on every $1 invested. Advanced personalization is defined as real-time data, live inventory data and rules-based personalization. In B2B ecommerce, personalization is a little different and is based upon traditional business contract terms and may include:
- catalog(s)
- pricing
- payment options
- terms
- shipping
- inventory
B2B companies can pair Znode's B2B personalization capabilities with the ability to manage traditional B2B contract rules at a profile level, an account level and even a user level. By tailoring the shopping experience to individual buyers, manufacturers and distributors can foster loyalty, increase conversions, and drive repeat business.
Optimize the User Experience
Amazon Prime Day is synonymous with a seamless and enjoyable user experience. B2B companies can take note and ensure that their ecommerce platforms prioritize user-friendliness and intuitive navigation. By providing a unified and streamlined user experience, B2B companies can empower their customers to find products quickly, place orders effortlessly, and ultimately boost customer satisfaction.
According to a survey conducted by Baymard Institute, 68.6% of online shopping carts are abandoned before the purchase is completed. By optimizing the user experience, manufacturers and distributors can reduce cart abandonment rates and increase conversions. Znode's headless platform allows businesses to create a seamless buying journey no matter the channel, ensuring that buyers can easily find what they need and complete their purchases.
Leverage Cross-Selling and Upselling Opportunities
During Amazon Prime Day, cross-selling and upselling techniques are effectively deployed. B2B companies can adopt similar strategies by utilizing Znode's advanced merchandising capabilities. With Znode, businesses can create product bundles, recommend related items, and display personalized upsell offers based on buyers' browsing and purchase history. By maximizing cross-selling and upselling opportunities, B2B companies can increase their average order value and maximize revenue.
Consumers are more likely to purchase from a retailer that recognizes them by name, recommends options based on past purchases, or knows their purchase history. B2B ecommerce can be more unique. Customers may not desire an endless aisle or recommendations and want to find the right product quickly. B2B buyers need to find exactly what they are looking for without wading through a sea of options. Znode’s catalog management capabilities, combined with its personalization capabilities, enable merchants to serve the correct assortment of products at an account, profile, and user basis.
Harness the Power of Data Analytics
Amazon Prime Day is an excellent example of data-driven decision-making. B2B companies can leverage comprehensive analytics to gain valuable insights into customer behavior, purchasing patterns, and overall performance. By analyzing this data, businesses can identify trends, optimize marketing campaigns, and make informed inventory, pricing, and promotions decisions. Znode's ability to connect with powerful analytics tools like Microsoft BI equips B2B companies with the knowledge they need to stay ahead in a competitive market.
By using Znode's Commerce Connector to integrate with data and analytics tools, B2B companies can gain a deeper understanding of customers, identify areas for improvement, and make data-driven decisions that drive growth and profitability.
Give the People What They Want
Amazon harnesses the power of site search to drive success on Prime Day. As one of the most significant shopping events globally, Amazon Prime Day relies heavily on site search to cater to the diverse demands of millions of shoppers. By employing advanced algorithms and machine learning, Amazon ensures its site search functionality is finely tuned to accurately understand and interpret shoppers' search queries.
In the fast-paced realm of B2B commerce, site search has emerged as a pivotal tool for merchants to elevate their merchandising strategies and cater to the unique preferences of buyers. By leveraging site search capabilities, B2B merchants can deliver exactly what buyers are looking for, streamlining the purchasing process and enhancing customer satisfaction.
Znode’s native site search allows B2B merchants to optimize search across channels and web stores. Search can be managed down to a catalog level which is crucial when managing B2B contract rules, including procured catalogs. B2B merchants can present buyers with a curated selection that aligns exactly with business needs, boosting conversion rates and fostering long-term customer loyalty.
Customer Service at Its Best
Amazon Prime Day was in the dog house when customers saw more dogs (their error page mascots) than deals. Even a powerhouse like Amazon was unprepared for the initial incredible increase in traffic. What saved Amazon? The answer is twofold. First, Amazon has established brand trust with successful Prime Days, and buyers were willing to give the ecommerce store another chance. Second, Amazon has incredible customer service.
Establishing a reputation takes time, but all businesses need to focus on ensuring buyer concerns are heard, and reports are handled quickly. One-on-one chats or capable chatbots, quick response times, and transparent communication acknowledging issues mitigate losses and build trust.
Reliable and Transparent Inventory
Amazon does an incredible job at keeping inventory updated in real-time and sticks to the adage under-promise, over-deliver (no pun intended). Business reputations are damaged when buyer expectations are not met and when buyers feel deceived. Real-time inventory data prevents negative experiences and customer service incidents of unfulfilled orders. If an item does sell out, Amazon offers options of pre-ordering and restock notifications or fulfillment dates in the future, all in the name of service. B2B sellers need to keep inventory and fulfillment transparent in real-time, especially when dealing with high volumes or 3rd party distributors.
Amazon Prime Day's success is an inspiration for B2B companies striving to elevate their ecommerce strategies. Businesses can drive growth and increase customer satisfaction by embracing personalization, optimizing the user experience, leveraging cross-selling and upselling opportunities, harnessing data analytics, and offering excellent customer service and reliable purchasing information. With Znode, businesses can unlock the full potential of these strategies and take their online sales to new heights.