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BI 374: The Future of Selling on Amazon (Ft John Ghiorso)

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station description On the Bright Ideas eCommerce podcast, Trent Dyrsmid interviews today's most succes... read more
The Bright Ideas eCommerce Business Podcast | Proven Entrepreneur Success Stories
Duration: 40:01
Flowster Live Demo https://flowster.app/live-demo/ Episode Highlights [05:07] – John introduces himself John is the CEO and founder of Orca Pacific. His company has transitioned from a full-service agency focused on Amazon to global eCommerce. Orca Pacific has merged with global marketing f
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Flowster Live Demo https://flowster.app/live-demo/ Episode Highlights [05:07] – John introduces himself John is the CEO and founder of Orca Pacific. His company has transitioned from a full-service agency focused on Amazon to global eCommerce. Orca Pacific has merged with global marketing firms, MightyHive and S4 Capital. [06:39] – eCommerce and Amazon Trends COVID has influenced consumer demand and the global acceleration of the adoption of eCommerce. eCommerce is gaining traction; this will stick even post-COVID. One of the most notable Amazon trends in recent years has been the increasing pay-to-play platform. Brick and mortar retailers are starting to adopt retail media as a revenue channel. They do so to increase revenue streams. [08:51] – What is retail media? Retail media is the monetization of traffic by eCommerce retailer marketplaces. They do this by selling ads on their platform. By selling digital real estate, retail media provides eCommerce platforms a second revenue stream. Amazon is the blueprint for retail media. [11:18] – The challenge for brick and mortar retailers Brick-and-mortar stores leverage their scale to pump more money out of their vendors and suppliers. However, they do not present any significant benefits for the brand. Meanwhile, retail media is self-sustaining and has larger financial returns. Paying money to obtain more shelf space is not as direct as getting an ad click. If done correctly, retail media could be beneficial for both the retailer and the brand. [14:07] – The industry’s responses to Amazon trends There is cynicism in that Amazon is finding another way to extract money. The biggest complaint on the pay-to-play shift is the erosion of organic customer attraction. Product quality doesn't matter as much as paying to be advertised. For newer and more aggressive brands, this shift provides opportunities to accelerate their presence. [17:21] – Equipping your ad toolkit Sponsored products are the lowest funnel you can reach for. High-funnel ads target customers that are not necessarily browsing in your category. Mid-funnel ads target customers who might be searching in your category but not specifically looking at the item you're selling. Sponsored videos are effective tools in attracting customers. With its emphasis on creativity, videos can grab customers’ attention in just a few seconds. [19:49] – What is effective creativity? There's a lack of practical creatives in the market. Effective creativity doesn't mean creating top-notch images and videos. It's the practicality of presenting the appropriate information in the right way. People prefer authentic ads over polished ads. [24:56] – Amazon trends to look out for and predictions on its competitors eCommerce could become a more significant channel. The players in the competitive landscape may be maintaining their relative share. Groceries could leapfrog Amazon in eCommerce. Amazon is strong on the hard lines, but they can improve on their fashion categories. Smaller and more niche players could overcome Amazon. Instacart, Shopify, and other direct-to-consumer brands can be a threat to Amazon. [28:55] – Will Instacart and Shopify overtake Amazon? Amazon has built its physical infrastructure for almost three decades. There are no roundabout ways to build it easier and quicker. And so, Amazon’s physical infrastructure is its biggest strength. Instacart is their most interesting competitor because they don't need physical infrastructure. [30:50] – Amazon trends: drones and cashier-less stores Drones will be put into action in five years and only if they’re 100% perfect. Cashier-less stores solve the customer pain point of having to wait in line. These stores minimize the formats of brick-and-mortar stores and monetizing the data streams. [35:26] – Walmart’s customer experience Walmart is starting to treat its physical stores as an asset. It's convenient to buy your groceries online, show up at their store, and have the goods loaded onto your vehicle. Walmart's biggest advantage is the connectivity back to their physical store. Jet was a good investment for Walmart because they picked up many new people, tags, and customers.
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