Staying Competitive: Keeping Up With Amazon
As retail catapults into the future, companies can’t afford to get left behind. Leading the way in industry influence, Amazon shapes global retail standards and shopping habits. To stay competitive, more retailers and consumer packaged goods (CPG) suppliers are taking specific actions to emulate Amazon’s signature inventiveness and customer obsession.
Let’s see how retailers are keeping up with Amazon, plus the capabilities retailers are looking for, which CPG suppliers should pitch to stand out and sell more.
Retailers invest in technology for efficiency
Many retailers are scrambling to digitize their processes to keep up with the e-commerce giant. The following tech trends are helping retailers accelerate the pace of their omnichannel service.
Artificial intelligence (AI)
AI powers many retail processes, including Amazon’s personalized recommendations, assortment planning, and Just Walk Out technology for cashierless in-store service. Now retailers are doubling down on AI for faster processes that make the customer experience more convenient.
Walmart added AI to its fulfillment processes to fill online orders faster. 1 Redman, Russell. Walmart to build local fulfillment centers at dozens of stores. Supermarket News. January 27, 2021. Neiman Marcus uses AI to match product and customer data for personalized product recommendations. 2 Goldberg, Jason. AI’s …