Retailers can best Amazon by finding its service gaps
For most brick-and-mortar – and even ecommerce – retailers, Amazon has been a pain in their point-of-sale systems, causing prices to drop and even prompting some customers to move online.
However, as much as retailers may not want to admit, the online giant has seen extraordinary success and can offer them many lessons in winning the retail competition, including how to poke holes in its business model.
U.K. retailers John Lewis and Aurora have already found a few ways to set themselves apart from Amazon by doing things the retailer is unable to do. For example, department store John Lewis has built a reputation for customer service, Retail Week reports.
Smaller or brick-and-mortar retailers shouldn’t panic over Amazon, as every period has had its major competitor. "There are ways to compete with Amazon and I'm sure retailers will find a way to do that," Michael Jary, partner at QC&C Strategy Consultants. "Ten or 15 years ago, everyone was panicking about not being able to compete with Walmart. It has indeed changed the industry, but retailers have also found ways to compete with it."
Multi-channel operations are also providing businesses with success, enabling them to reach a wider array of customers.
