Among its almost 208 million subscribers, its original content is very popular. Which is broadcast at an average rate of just over one original title per day . In the streaming video space have cut their market shares in the US, Netflix still retains a hefty 20%. To the e-commerce space, another big company is Rakuten , founded in 1997 in Tokyo, Japan. However, calling Rakuten just an e-commerce company would be a mistake. Its ecosystem includes a streaming service (Rakuten TV) , banking and payment services, telecommunications. And even health and life insurance. As you can see from the picture. Rakuten has a very different business model when it comes to its retail strategy.

It uses a cash-back system to encourage customers. To shop through Rakuten instead of directly with the brands. This model (as well as its entrepreneurial ecosystem). Has earned it a net income of 1.5 trillion Japanese yen (just over 13.6 billion dollars). And a year-on-year growth of 15.2% in 2020. How can small businesses compete with Amazon? Now you know which big companies compete with Amazon and how their advantages make them stand out. Next, we are going to see how small companies can take on the giants without being multi-million dollar multinationals or undercutting their prices.

While Many Rising Competitors

Switch to omnichannel Advertise in the markets. Create Brazil phone number a great loyalty program Be an active presence in the community. Provide an amazing customer experience One of the biggest advantages to a small business is knowing your customers as people, not just order reference numbers. According to a recent report from Segment , 71% of consumers surveyed are frustrated by impersonal shopping experiences. However, 44% would likely repeat the purchase after having a personalized experience with a brand. Some simple ways to create great customer experiences are.

Brazil phone number

Write handwritten thank you notes with your orders Talk to them directly and ask for their opinion Send relevant personalized emails Resolve customer complaints promptly and with meaningful resolutions Switch to omnichannel This point applies to both physical and digital stores. When it comes to capturing new customers and retaining existing ones, having an omnichannel experience is essential to gaining an edge over the competition. Our study shows that 73% of shoppers use multiple channels before making a purchase. Retailers who sell through multiple channels (marketplaces, mobile, social, and brick-and-mortar) increase revenue by 190% on average.

Provide An Amazing Customer Experience

Omnichannel retailing doesn’t require you to be everywhere, it requires your customers to be everywhere. It involves integrating every touch point to give customers exactly what they need, when they need it, on any device. Not only that, but they say that having an omnichannel strategy has the following benefits : Improve customer lifetime value Reach new customer segments Increases operational efficiency increase sales Improve inventory turnover Advertise in the markets Amazon isn’t the only marketplace on the web where you can list, or even host, your products. You can use other existing marketplaces that customers are already familiar with and trust (just keep in mind that there will be a cost to use them).

Here are some of the most popular ones, but you should also consider searching for a specific market for your niche: Etsy , for DIY items eBay , for almost everything Todocollection, in Spain Mercado Libre, for almost everything and in Latin America Carrefour, for almost everything Bonanza , based in Seattle and featuring unique items You may even have noticed the rise of social media shopping features such as Facebook Shops and Instagram shopping in recent years. If you’re not thrilled with the idea of ​​setting up your own store (which can sometimes come with significant overhead), any of these options can be a great choice and comes with its own built-in audience.

Leave a Reply

Your email address will not be published.