Ah, ecommerce. It used to be so simple. Fire up your dial-up modem, go to your CompuServe marketplace, flip through your print catalog to the product you’re interested in, and…
Sorry, what decade are we in?
For those of us who remember the dark, early ages of internet shopping—nigh about 20, 30 years ago—from pop-ups to banners to those quaint Google Ads, there’s never been a better time to be a globally connected consumer.
Reams of product information—and glorious photographs—are at your fingertips. You browse customer reviews, submit your own questions, and count on free and speedy shipping, all within one platform.
For brands looking to drive worldwide sales, ensuring great customer experience, increasingly, begins and ends with Amazon.
Indeed, according to eMarketer, 49% of US shoppers start their product searches right on Amazon, compared to 22% on Google, a rate that shoots up to 80% if you’re an Amazon Prime member.
The vast majority of shoppers won’t even buy that item until they price-check on Amazon—90%, according to BloomReach.
And yet, half of businesses don’t have a website, according to CNBC. Which is probably the reason why ecommerce still accounts for just 14% of global retail. But that’s going to change, just as we ditched our modems and traded them in for handy mobile apps.
Predictions for the future: by 2040, ecommerce will account for 95% of all global retail, according to Nasdaq. Time for your business to get online. And Amazon, along with other online marketplaces, including eBay, Walmart, and China’s Tmall—reigning champ for biggest of them all—offer an irresistible value proposition.
In a recent webinar, I took a nostalgic tour of ecommerce past, and the tantalizing present, while my co-presenter, Mark Power, founder and CEO of Podean Marketplace Marketing, shared a treasure trove of insights and tips for opening your brand to global audiences on Amazon.
The Seattle-based powerhouse boasts 350 million users globally—half of them Prime members—and 700 million monthly global visits, and it scores first position in nearly all markets globally, save runner-up status in Australia, while being off the board in China and Russia, respectively.
Power identified key emerging markets that brands can capitalize on in Amazon, including Australia, Singapore, the Netherlands, United Arab Emirates, Egypt, and Saudi Arabia. The mix of low CPMs (cost per thousand impressions), lack of sophisticated competition, and potential for high share of voice makes these countries a great launch pad for further expansion, Power said. Plus: Amazon is more likely to lavish attention on your brand as they work to develop these regions.
So how to develop your game plan? Power walked through key steps in formulating a holistic marketplace strategy, from identifying where you sell and firming up your global supply chain, to considering your model for fulfillment by Amazon or with your own resources.
Not surprisingly, getting localization right is a big part of doing business with other countries, and Power responded to our audience’s questions on investing in emerging content, like video, and taking advantage of features like A+ content to make your offerings stand out.
Tune in HERE to download the webinar, and follow our full discussion and extensive question-and-answer period. If you’d like to discuss your marketplace optimization strategy further, contact us HERE.
My thanks to Mark for his partnership and the valuable insights he shared. We’ve come a long way from the early days of ecommerce. Harnessing the potential of platforms like Amazon has never been more promising—and the world never closer within reach.