There’s no hiding from it: Amazon Prime day is here, and this year it’s running for 30-hours straight. In 2016, Amazon recorded over $2.5 billion worth of sales from Prime Day alone, and this year they are set to break their own record.
Not all retailers and brands will be heading down the Amazon Prime Day path, but there are some key lessons and learnings from the retail behemoth’s top reported sales day that can be added into your own retail operation, in order to drive both revenue and profit.
1. Concentrate on both actions and measures
Amazon only measures metrics that are actionable. If a measure it not actionable or practically useful, it is ignored. This is a powerful lesson for retailers.
Looking at metrics that don’t drive actions is simply a waste of time. Looking at individual metrics on their own will often not give a clear picture on what’s going on.
By triangulating more than one data clue, you’ll be better equipped to understand what has happened and then forge an action plan on how to test and improve on it.
2. Forget averages and focus on the weird
Focus on outliers and anomalies, not averages.
Amazon understands that unexpected events are the ones that hold the promise of improvement, and so should you.
3. Exploit your retail stores
If you have stores, you’re one up on Amazon already.
Having a physical retail space allows you to extend your online brand into something a customer can see, hear, feel and even smell! Stores offer customers the chance to interact with your brand on another level, through discussions with passionate, well-trained staff, or through having a coffee and piece of cake at the in-store café.
Interlinking digital and data-lead thinking from your online business with your store operation can help yield increased sales across your brand. It provides customers a seamless experience they have now come to want and expect.
4. Focus on long-term revenue and profit
Forget about short-term fluctuations, losses in profit and competitor boom-bust trajectories. Focus on long-term revenue and profit figures. If the profit line is trending upwards, you know you’re heading in the right direction.
For the full list insightful lessons, check out Michael Ross’s (DynamicAction’s Co-founder and Chief Scientist) latest white paper, How Amazon Does Data, that was recently published in one of U.K.’s most well respected resources, Retail Week.