In early 2020, RetailX and Amazon Pay presented a webinar to unlock key learnings from Internet Retailing’s third Brand Index. The annual report, sponsored by Amazon Pay, takes the pulse of the world’s biggest direct-to-consumer and retail brands, to understand how they’re shaping and reacting to the ever-changing retail landscape.
As the report’s editors write, “In part, it’s the story of how a combination of shoppers who lead increasingly busy lives, social media influencers, and changing attitudes are shaping how retail is conducted. But it’s also a story of how retailers of all kinds are having to balance convenience and cost in terms of the kinds of services they provide.”
As we look at the larger findings that the 2020 report reveals, there are three themes in retail transformation that immediately stand out.
While trust is always a critical component of a retailer’s brand image, consumer confidence is particularly important as brands and businesses expand into new regions. Consumers need to be confident that their credit card and shipping information will not be compromised; that the products they order are authentic and in good condition; and that products are delivered on time.
For retailers fighting to convert new customers and regions, solving that deficiency can often reap significant dividends. This is where merchants can leverage the trust of Amazon’s checkout purchase experience through Amazon Pay.
To cite one example, the B2B uniform and workwear supplier Simon Jersey opened up a direct-to-consumer channel in order to expand their customer base. Despite generating new traffic to their website, the company found it difficult to convert this new traffic into customers. After implementing Amazon Pay, Simon Jersey helped remedy the difficulty in being a largely unknown, untrusted name in the consumer marketplace. Today, an impressive 90% of the new buyers that land on their site choose Amazon Pay to complete their checkout.
As RetailX’s strategic overview reports, “For today’s online shoppers, convenience is key…” and there can be few bigger inconveniences in the online shopper’s experience than trying to remember login details or struggle to input seemingly endless form fields. A positive user experience is critical to removing any points of friction that might lead to cart abandonment.
For Amazon Pay, convenience and user experience are at the heart of what we do, helping shoppers speed through checkout in the fastest way possible. With Amazon Pay, customers no longer need to remember another set of login credentials as they can just check out with the details stored in their Amazon account.
For example, our recent campaign with British-based retailer AllSaints brought the convenience of Amazon Prime to their online shopping site. Amazon Prime members who choose to buy on the AllSaints site received free, one-day shipping in the U.K. and two-day shipping in the U.S. And the positive UX Amazon Pay offers has also had a marked impact: AllSaints has found that checkout times are 70 seconds faster and as a result conversion rates increased 34% since introducing the Amazon Pay option.
As consumers become more demanding and selective in how they choose to buy, retailers that embrace innovative, customer-centric experiences will be the ones to drive growth in the industry.
The emergence of voice commerce is the perfect example of a commerce channel that is quickly gaining traction among consumers. Amazon Pay is helping retailers embrace this next-generation technology today through a variety of interactive consumer experiences. Delivery notifications are available via Alexa devices for Amazon Pay merchants, allowing shoppers to know the status of a delivery via the yellow ring displayed on their Alexa device. The British Heart Foundation uses Amazon Pay and Alexa to empower people to make donations simply using their voice, and London Theatre Direct makes it possible to buy tickets with Alexa.
You can download the full RetailX Brand Index right here and watch the webinar here. And if you’d like to learn more about how these findings can improve the retail experience you offer customers, you can get a full recap from our 10in20 webinar on tips on optimising your site for mobile shoppers.