Amazon Prime Day 2021: retail experts respond
Global online retail giant Amazon is holding its Amazon Prime Day on June 21-22, 2021. The annual event is exclusive to Prime members and features discounts and deals on items such as tech, home appliances. , etc.
However, industry retail and cybersecurity experts have warned customers that big events like Amazon Prime Day leave consumers vulnerable to cybersecurity threats.
Online selling days like these can also prevent small retailers from competing, even on Amazon’s website where large companies are grabbing the attention of consumers.
Retail Insight Network spoke with experts in the retail industry to find out their response to Amazon Prime Day 2021 and what advice they would offer consumers to stay safe and retailers to stand out at one of the events. most competitive retail sales of the year.
“The opportunity has become ripe for companies that are not called Amazon”
Retail technology company Bazaarvoice EMEA Vice President Ed Hill told Retail Insight Network that his research indicated that half of consumers buy on impulse and aren’t necessarily looking to buy exclusively from Amazon.
Hill said: “Prime Day has become an increasingly important retail event in the UK, both for consumers and for Amazon advertising and profits.
“Last year, the delayed Prime Day in October resulted in record sales and marked the unofficial start of the Christmas shopping season. But in recent years, Amazon isn’t alone in reaping the rewards of extravagant sales.
“Brands and retailers started offering their own big sales and discounts during the same time, attracting shoppers who are already scrolling and spending online. The opportunity has become ripe for businesses that don’t call themselves Amazon.
“In fact, only half of consumers said they plan to buy specifically from Amazon this Prime Day according to our recent research, with almost a quarter – 24% – of consumers planning to shop at a combination of. different retailers.
“Many choose to decide how much to spend once they see what’s on offer, and almost a quarter leave their decision on the day of purchase. Consumers are looking to spend their money, but they’re not sure where or how much – it’s all about finding the right product and the best deal.
“Brands and retailers need to make sure their pricing, advertising, marketing, and user-generated content (UGC) are all targeted and ready to attract and convert customers while they’re in the mood to do their shopping. ”
“Marketing major business events can generate significant engagement”
European customer service provider Puzzle Marketing director Jonathan Allan told Retail Insight Network that brands can compete with Amazon using the best user experiences.
Allan said: “The British Retail Consortium (BRC) found that in April retail sales were up 46.3% from April 2019. Footfall also improved by over 12% in May. compared to April.
“It is clear that the reopening of the main street is having a positive impact on sales with consumers eager to return to the workshops, but we are not out of the woods yet. We still have a long way to go and retailers should remember that the world has changed forever.
“Today’s customers are looking for a combined physical and digital experience. It’s all about multiple experiences.
“Marketing major business events, like Amazon Prime Day or even Black Friday, can generate significant engagement and traction for retailers, especially online, but in doing so, they need to deliver a user experience that meets expectations,” otherwise those original customers might not come back.
“Many wonder what level of engagement to expect as the world opens up again, but it’s hard to predict with precision. Keeping an overview of what matters to each customer will be vital.
“A study by software company Qualtrics indicates that customer service will be one of the big differentiators with customers after the pandemic.
“Ultimately, brands need to have a real-time understanding of their customers’ behavior and engage with each of them accordingly, leveraging key moments to drive engagement, customer retention and customer loyalty. sales.”
“Cybercriminals attack at times when security teams are slowest”
Cyber security expert Dark trace Threat Hunting Director Max Heinemeyer told Retail Insight Network that cybersecurity crime is on the rise and consumers should be on the lookout for any threats.
Heinemeyer said: “Today we fight attackers who understand their victims’ business models extremely well, using that knowledge to strike where and when it hurts the most.
“We have seen a growing trend for hackers to use ransomware to cripple organizations and disrupt critical business processes and we can expect many more of them to hit the retail industry.
“In fact, across our customer base, our AI has already stopped several attempted ransomware attacks in the UK retail industry.
“We are seeing more and more cybercriminals choosing to launch their attacks at night or on weekends when the response times of security teams will be slowest.
“Artificial intelligence is already a crucial ally for the distribution sector around the world. The technology is always on, it is not taking a break and is increasing human defenders at a time that will make or destroy many retailers. ”
“Retailers need to keep a cool head when it comes to preventing scams”
Artificial intelligence specialist Besedo CEO Peter Nylander also told Retail Insight Network that big events are the prime time for cybersecurity threats.
Nylander said: “As the restrictions ease, customers will start to return to Main Street, but the online shopping habits we have developed will not go away. The reliance on online shopping means retailers need to keep a cool head when it comes to preventing scams.
“This is especially true at major events such as Amazon Prime Day, where scams have the potential to proliferate.
“Events like Prime Day can make buyers look for good deals, potentially making them harder to spot when an offer is unrealistic or fraudulent.
“Malicious actors know this and can use the markets to take advantage of it. It’s a high speed, high volume challenge for online retailers that requires automated content moderation paired with human moderators to protect customers.
“We can educate consumers on how to avoid fraud, but platforms also have a responsibility to ensure that offers that violate the rules are removed, giving customers a better and safer user experience. Content moderation is the key to achieving this.