BE LIKE AMAZON
You may already know that Amazon has recently become the world’s most valuable company overtaking Google and Apple this year after a 52% increase over last year. The eCommerce giant is now worth a whopping $315.5 billion! With impressive numbers like these, it is only natural to ask what are they doing to get this kind of results? Not everyone can build a massive brand like Amazon. However, we can certainly take away strategies that may increase our company’s bottom line.
So what does Amazon do so well? Honestly, so many things – we are still amazed by the magic of one-click one-day shipping (how do they do that?). We drilled down to a few ideas that can help a broad spectrum of business types, so here we go:
1. Reduce Barriers
Amazon has streamlined its checkout process by identifying the issues behind cart abandonment. According to the Baymard Institute, customer cart abandonment is at nearly 70%. Amazon saw a huge financial opportunity and took steps to reduce purchasing barriers for its customers. Amazon places its iconic orange checkout button clearly above the fold of the webpage. No one ever has to search the site to make their final purchase, removing this obvious but sometimes overlooked barrier.
2. Make it Feel Easy
Amazon has mastered the process of a multi-step form. Studies have shown that having too many visible fields on your forms can deter conversions. Prioritizing your must-have customer information and converting a single sheet form to a multi-step process can increase conversion by up to 743%. Creating multiple short steps helps the customer feel that they are making progress and that the process is simple. Who doesn’t love to see the little line moving up on a progress bar?
3. Create a Buzz with Reviews
A recent study by the Baymard Institute found that 95% of people rely on reviews to make purchasing decisions. 95%! That number is staggering, and Amazon knows and embraces it. Amazon has integrated obtaining customer reviews directly into the purchasing process. They also incentivize customers with everything from badges to free products to support their massive customer review engine. So, as we have said before, gather customer reviews for your products and services wherever and whenever you can.
4. Keep it Consistent
There is no question that consistent branding matters. Amazon takes this seriously ensuring that all of its imagery from the website to emails to social media ads are harmonious. Amazon extends this concept well beyond brand imagery by keeping the simple easy-to-use feel of its eCommerce engine across platforms into email marketing. When you receive an email from Amazon requesting a review or recommending a purchase, the process feels the same. This consistency and trust are what over 100 million Amazon prime users have grown to know and love.
In the US alone, 41% of consumers receive up to two packages a week from Amazon. An internal poll at Woodchuck Arts shows a considerably higher package delivery rate for our staff 😂. There is no question why Amazon is at the top of its game. Every strategy Amazon deploys on its site and in marketing comes down to a straightforward concept: Focus on the customer’s needs and work up from there.
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